Safe Strategies for Financial Freedom and the average American credit card debt, when growing your money, it may feel better to stick to tried-and-true techniques that will help your cash increase without much risk. The key to abundance for the risk averse is saving, followed by refusing to take on new debt or use credit. These methods don’t make a person wealthy right away, but they’ll work out in the long run. For additional banking options and guidance visit https://www.wecu.com/business-banking/.
1.Pay Yourself First – The safest way to start getting free of debt is to save. That means transferring a little bit of your pay into a savings account as soon as you get it– maybe even before. The easiest way to do this is to make the most of your job’s direct deposit program. 2.Resist the Lure of Credit – Credit card usage costs extra money in more ways than pesky interest charges. In fact, the cash spent on interest could be sitting in a CD earning a return, rather than lining the pockets of a bank. 3.Look Into Safe Investments – Even though the stock market may look tumultuous, investments are one of the basic methods of building financial wealth. The Motley Fool recommends two investments that cost little: the DRIP (Dividend Reinvestment Plan) or index fund. 4.Resist Lifestyle Inflation – Superfluous cash due to a bonus, gift or plain luck can seem fun, and may lead to a bad habit called “lifestyle inflation.” It’s a reflex to spend more on pleasure purchases during high financial periods in reaction to other months in which money was tight. Don’t do this. To learn more about …
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