Quote:
Originally Posted by Schneed10
The two smartest financial moves you can make:
- Start saving money TODAY (it's never too late, and definitely never too early)
- STAY OUT OF CREDIT CARD DEBT
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Absolutely true! That's great advice for someone.
It's not just about saving either, it's about saving wisely. Make your money work for you. I know that is cliche, but it's true. Why put your money in a low 1% savings account, when you can put it in an IRA that yields 10-13% annually?
If you don't know how to invest or save, speak with a financial consultant. Edward Jones type people that know how to maximize your money.
About Credit Card debt...that will destroy most families. The debt is almost permanantly stuck to you unless you pay it completely off. It takes like 47 years to pay off at just paying the minimum payment. Best advice is to not buy something unless you have the cash. I know that's tough sometimes, so at the very least, do not borrow on a revolving account (that's a CC type account) borrow on an account that has terms like X amount of monthly payment for 3 or 4 years...like how you woud buy a car. Credit cards may seem better cause of the low monthly payment, but after all is said and done, you've been bent over a barrel.