Dont fall behind
Finance charges, interest payments, getting discouraged about your finances all problems that can occur if you let yourself fall behind. Whether its bills, credit cards, or student loan payments, falling behind can be a very difficult problem to come back from. The more you have to pay out in charges, the less you will have to invest in your future.
Set goals
If you dont know where you are headed, how do you get there? In order to accumulate wealth you need a plan. Write out your goals, a way to achieve them, and youll be on your way to an early retirement.
Invest early
The greatest thing you can do to build wealth is start early. Even if you cant invest much, start with what you can and let your money grow over time. As Albert Einstein said, compound interest is the greatest mathematical discovery of all time.
Invest in what you know
Whether you are looking to invest in real estate, stocks, or anything else, make sure you know how the investment works. The great Warren Buffett was often criticized for not investing in technology during the dot-com boom. His answer was simple. If you dont know the business model,...
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