TOP DOLLAR INVESTOR

CONTROL OF YOUR WALLET: 4 MONEY MANAGEMENT TIPS FOR BEGINNERS

It’s one thing to make money, but a completely different ball game to make it impact your life. And this is largely dependent on how you manage what you earn.

Without a doubt, money management is a priority for you, but you may struggle with it. Even for the very well-off, it isn’t an easy feat.

Here are ten tips to get you started.

Make a plan to pay off any debts you still owe. Choose the first debt to pay off. One strategy is to pay off the debt with the highest interest rate first while making the minimum payments on all other debts.

1. Pay Off Debt

Get a head start on saving for retirement. Consider enrolling in a workplace retirement plan like a 401(k) or starting your individualized retirement account (IRA).

2. Invest for Your Future

Check your credit report regularly to spot errors and see where to improve. An annual free credit report from each of the three leading credit agencies is available upon request.

3. Review Your Credit Report

The website AnnualCreditReport.com also helps you accomplish this easily.

Lifestyle is a significant roadblock to building wealth and can keep you living paycheck to paycheck — even when those paychecks are much larger than they used to be.

4. Avoid Lifestyle Inflation

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