The first and more important habit to have is to be debt free. Having no debt means you won’t be paying extra for money you received when you didn’t have it. Have emergency funds for rainy days. When you invest, you can either take risks and make it out big, or go to long term more reliable route. If your employer offers benefits, take advantage of all of them. Utilizing tax deductions is also a very important in staying wealthy.
Key Takeaways:
- Avoid debt at all costs. You get the money before hand, but you will end up paying more in the long run
- Having an emergency fund is essential for long term stress free living
- Invest your money. It may be risky, but if you come out on top, you will be set financially.
“As the financial planners who work with self-made millionaires know, the money habits of the newly rich are practices that just about anyone can learn from, no matter what your financial situation when you first start out.”
Read more: https://www.cnbc.com/select/money-habits-of-self-made-millionaires/
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