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AVOID THESE 5 MONEY MISTAKES IN 5 MINUTES
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These are the 5 biggest money mistakes I see happening in 2018, and how you can avoid them, in 5 minutes and 55 seconds. Enjoy! Add me on Snapchat/Instagram: GPStephan
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Mistake #1: Spending more than you make. It doesn’t matter how much you make, it’s how much you save. It’s important to track your expenses and budget appropriately, and pay yourself first.
Mistake #2: Leaving too much in cash without investing. The sad truth is that with inflation, the money you keep in cash actually loses its buying power year after year. With an average inflation rate of 2%, this means that every $100 you have saved will be worth $98 the year after. While it’s important to keep an emergency fund and not invest the money you’ll need in the short term, everything else should be earning you more money.
Mistake #3: Don’t carry a credit card balance. The average person has $5700 of credit card debt, and the average credit card interest rate is 16.15%. This equates to $920 per YEAR wasted on credit card interest. If you just invested that amount over 30 years at a 10% gross return, that would be equal to $182,000…that’s how much the average person is losing long term over unpaid credit card balances.
Mistake #4: Don’t ignore your credit score. It’s easy not to pay attention to this, but it’s so important. Building your credit score will save you a lot of money when it comes time to get a car loan or mortgage payment. Even the difference of 0.5% per year can add up to a LOT of money. On a 30-year $250,000 mortgage, that 0.5% equates to more than $18,000 EXTRA out of pocket over the term of the loan.
Mistake #5: Don’t invest in something you don’t fully understand. If you’re confused about what you’re investing in, don’t invest in it. Understand the risks with investing and only invest in what you’re comfortable with.
Thank you again for watching! Hope this helps!
Suggested reading:
Favorite Credit Cards:
Join the private Real Estate Facebook Group:
Mistake #1: Spending more than you make. It doesn’t matter how much you make, it’s how much you save. It’s important to track your expenses and budget appropriately, and pay yourself first.
Mistake #2: Leaving too much in cash without investing. The sad truth is that with inflation, the money you keep in cash actually loses its buying power year after year. With an average inflation rate of 2%, this means that every $100 you have saved will be worth $98 the year after. While it’s important to keep an emergency fund and not invest the money you’ll need in the short term, everything else should be earning you more money.
Mistake #3: Don’t carry a credit card balance. The average person has $5700 of credit card debt, and the average credit card interest rate is 16.15%. This equates to $920 per YEAR wasted on credit card interest. If you just invested that amount over 30 years at a 10% gross return, that would be equal to $182,000…that’s how much the average person is losing long term over unpaid credit card balances.
Mistake #4: Don’t ignore your credit score. It’s easy not to pay attention to this, but it’s so important. Building your credit score will save you a lot of money when it comes time to get a car loan or mortgage payment. Even the difference of 0.5% per year can add up to a LOT of money. On a 30-year $250,000 mortgage, that 0.5% equates to more than $18,000 EXTRA out of pocket over the term of the loan.
Mistake #5: Don’t invest in something you don’t fully understand. If you’re confused about what you’re investing in, don’t invest in it. Understand the risks with investing and only invest in what you’re comfortable with.
Thank you again for watching! Hope this helps!
Suggested reading:
Favorite Credit Cards:
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