Self ImprovementEvery parent wants to their child to be better off than they were. We try to instill a good work ethic in our children and teach them how to take advantage of the system, we don't want them to have to work as hard as we did. Even with this kind of support, it is easy to stumble and fall if you don't know what you're doing. Here are a few things you can do to shore things up and start building wealth.
Cut out Credit Card Debt
Get rid of the high interest loans first, which will be the credit cards. Then pay off everything else that is considered debt. Now, avoid using credit. If you don't have the cash then you probably don't need it. Yes, there are emergencies that may come up, but other than that credit is no longer an option.
Get rid of the high interest loans first, which will be the credit cards. Then pay off everything else that is considered debt. Now, avoid using credit. If you don't have the cash then you probably don't need it. Yes, there are emergencies that may come up, but other than that credit is no longer an option.
Start Saving
Everyone tries to save money, but most end up spending it. To ensure a saving, invest in a 401k. If you never see the money it can't be spent. If you don't have a 401k, here's an easy and effective trick. Write yourself a check, for the first day of each month of the year for 10% of what you make in a month. Take it seriously, just like you were paying any other bill. To make it easier, some banks do this for you. Talk to them, and get it all set up.
Everyone tries to save money, but most end up spending it. To ensure a saving, invest in a 401k. If you never see the money it can't be spent. If you don't have a 401k, here's an easy and effective trick. Write yourself a check, for the first day of each month of the year for 10% of what you make in a month. Take it seriously, just like you were paying any other bill. To make it easier, some banks do this for you. Talk to them, and get it all set up.
Get an Early Start
The early bird gets the worm, as the saying goes, and it applies to your financial future as well. By getting involved in saving and investing at an early age, you begin accumulating wealth that will add up to a lot more in the long-term than someone who waits for a few years to get involved.
The early bird gets the worm, as the saying goes, and it applies to your financial future as well. By getting involved in saving and investing at an early age, you begin accumulating wealth that will add up to a lot more in the long-term than someone who waits for a few years to get involved.
Don't Imitate Your Parents
If you want to escape the lifestyle your parents lived and do better, it is essential that you do things differently than they did. Don't fall into any prescribed societal pressures that you may feel, blaze your own path and don't be afraid to take risks. Adopted from http://www.lowes.com/lowes/
If you want to escape the lifestyle your parents lived and do better, it is essential that you do things differently than they did. Don't fall into any prescribed societal pressures that you may feel, blaze your own path and don't be afraid to take risks. Adopted from http://www.lowes.com/lowes/
