(FinancialHealth.net)- Remember that moment when you were playing video games as a kid? Losing a game is always something you can go back to and try again, even after it says “Game Over”. Unfortunately, life doesn’t work that way. Life can be very unforgiving and mistakes can be costly (at times irreversible).
However, is that any excuse for you to be too afraid to live life to its fullest? Of course, not. Though they say money isn’t everything, the bitter truth is that your financial health is what can ultimately determine how well you’ll do in other aspects of life. We’re going to show you where all the traps are, so you can avoid them. If you’re in your twenties, keep your eyes open because, at this stage in your life, you’re setting your foundations for financial prosperity.
Blunder #1: Thinking That Not Spending is Saving
The first misconception that you need to get out of your head is that saving money is about just leaving it in the bank and not touching it. If you think that’s true, the bank is cheating you and you’re cheating yourself. As the years go by, inflation will force the value of your financial assets into a slow, downward slope. As a result, you’ve got to put your money into action.
Therefore, look for things that’ll make more money. Start reading about investing and look into other ways to expand your wealth. Finally, it’s important to set goals for yourself. Don’t leave yourself to meander through time with no purpose. Find your purpose and pursue it!
Blunder #2: Not Running After Gift Cards
People underestimate the power of gift cards. They do miracles for you, especially with an app called Fetch Rewards. Teaming up with Amazon, Walmart, and other big retailers, Fetch Rewards gives you the opportunity to shop and get rewards. When you shop, you add points and then you get a free gift card.
If it sounds too good to be true, try it. All you have to do is shoot an image and send it to Fetch Rewards. Then, see what happens.
Blunder #3: Not Burning Away All Your Credit Card Debt
Lots of people tend to procrastinate paying off their credit card bills during their 20s. That’s a mistake that will definitely come back to haunt you later on. Debt with high interest will destroy your financial prosperity. Getting rid of your debt needs to be a priority during this stage in your life. Luckily, you can do this with AmOne, which has a lot of credibility for those seeking credit repair.
There are lots of other platforms that give you the same level of flexibility. Hence, it’s important that you explore all your options with an open mind. Remember that saving is not just about tightening your belt!
Blunder #4: Being Too Afraid to Start Investing
Throw your fears out the window and start investing. It’s important for you to understand that financial prosperity is about putting your assets into action. Nothing could be better than the investing world. Believe it or not, the investing world can be pretty welcoming to newcomers. Hence, the best thing to do is start early while you have some savings aside. It’s also important to ensure that you’re close to being debt-free.
You don’t have to worry too much about mastering the technicalities of finance to get started. All you need to do is install some apps on your phone. First, we recommend that you download Robinhood, which is not only great as an investment platform, but also as a learning tool. Take advantage of it to educate yourself on how the market works. Additionally, you should also try Stash. It’s very user-friendly, informative, and easy to understand.
~Here’s to your Financial Health!
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