Table of Contents Debt Snowball ApproachDebt Snowball ExampleDebt Snowball ListWho is the Debt Snowball Approach For?AdvantagesDisadvantagesAvalanche ApproachDebt Avalanche ExampleAdvantagesDisadvantagesWho is the Debt Avalanche Approach For? The Third ApproachTakeaways Debt The shackles to your life. The thing holding you back from living your best life. I wish I could say the key to happiness is paying off debt….
How to Get an 800 Credit Score
Table of Contents What is a Credit Score?Credit Score RangesWhat does FICO Stand For?Why do You Have Different Credit Scores?How is your credit score calculated? Payment History (35% of your score)Utilization (30% of your score)Length of Credit History (15% of your score)Credit Mix (10% of your score)New Credit (10% of your score)How to get an…
Why is my House Not an Asset?
There are very compelling arguments for why your house, as well as other “assets” are in fact, not assets at all, they are liabilities. For the purpose of this article, I am focusing on why your house is not an asset. When you purchase shares of stocks, that money is considered an investment. This type…
Net Worth By Age – How Do You Compare?
Table of Contents What is Net Worth?Why is Net Worth Important?How is Net Worth Calculated?What are Assets?What are Liabilities?Where do You Fall?What Your Net Worth Should BeTakeaways What is Net Worth? Net worth is perhaps the most important number in personal finance. Net worth measures the value of your financial position. Wealth is what you…
How to Become a Millionaire
Table of Contents Is it Possible?7 Characteristics of the Wealthy1) Self-made millionaires live well below their means.2) They allocate their time, energy and money efficiently in ways that build wealth.3) They believe financial independence is more important that displaying high social status.4) When self-made millionaires become an adult, they do not receive financial help from…
Should You Invest Or Pay Off Debt?
Table of Contents Should you invest or pay off debt? Emergency FundRetirement PlanningMinimum PaymentsInterest RatesMental HealthRelated ArticlesTakeaways Should you invest or pay off debt? Everyone’s financial situation is different and there is no one-size-fits-all strategy. My answer for whether you should invest or pay off debt depends on several factors. Generally speaking, your ideal financial…
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