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What Is My Net Worth?

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You may be spending more than you earn and using credit cards to help you cover expenses. Zero : If you add up all of your assets and liabilities and come up with zero, you are balancing debt and income. Liabilities are debts you owe others, like a loan or a balance on a credit card. What are my liabilities?

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5 Long-Term Financial Goals and How to Achieve Them

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Pay off major debts Expected time: 5+ years Account types: Credit card debt, mortgage, student loans, car loans Getting out of debt is essential to the success of your other long-term financial goals. Building generational wealth for your loved ones helps give them a leg up when you pass away.

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The Biggest Financial Mistakes to Avoid in Your 20s

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Not to mention, low wages, staggering student debt and compounding credit card debt. In the long run, this ignorance is bliss mentality only leads to more problems, whether it’s mounting credit card debt or puny retirement funds. He says, at least initially, 20-somethings’ goals shouldn’t be top-tier salaries.

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Everything You Need to Know About Emergency Funds

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If you’ve ever had to pull out a credit card to deal with a dentist or emergency vet bill, you likely know the pain of wondering how you’ll pay for an unexpected expense. If you have dependents, heavy debt or access to other funds, like a partner’s salary or unemployment insurance, the amount you need to save will vary.

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6 Real-Life Budgeting Tips to Save More Money

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I make an average salary. Growing up, I had a green tin box where I stashed all of my cushion-hunting treasures. When the occasion calls for it, I’ll splurge, but if it’s catching up with a friend, a great happy hour spot works just fine. I contribute to my 401(k) monthly. And I travel abroad every three months. Well, practice.

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3 Common Money Myths Debunked

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In every financial workshop, I hold with 20-somethings, there inevitably comes a point where someone utters the phrase, “But my dad said…” followed by: I should carry a balance on my credit card to improve my credit. TRY THIS: The app Acorns rounds up each of your purchases and invests the spare change.

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The 6 Biggest Financial Mistakes to Avoid in Your 30s

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That keeping up with the Joneses can lead to expenses surpassing income—and the debt that comes with it. The same study from Debt.com found that one in three credit card holders in the U.S. have maxed out their credit cards to cover expenses due to inflation. There are tradeoffs. Mahoney asks.