The 12 signs that you have learned;
- You budget your money fiercely, whether it be monthly income,
lump sum winnings, or inheritance.
- You balance your checkbook every single month.
- Your emergency fund is used for your emergencies only.
- Your debt ratio is kept to a minimum or to zero.
- You carry only two credit cards, maximum.
- You allocate maximum dollar amounts to retirement and
savings accounts.
- You don't purchase major items based on gross income,
but instead, base purchases on net take-home pay. (Ex.
Car,
home, furniture).
- You make extra payments (not
minimum) to credit card
companies monthly.
- You use your credit card only when necessary, and pay
off the bill monthly, or as soon as humanely possible.
- You make sure that you are adequately insured in every
category.
- After getting out of debt, use your previous credit
card interest payments to invest in a simple low cost,
low fee
mutual fund. An example would be an index fund.
- You have a complete understanding
of stocks and mutual funds. Excerpt from the book, "Let's
Get Financial Savvy! From Debt-Free to Investing With Ease" by
Dr. Lois Center-Shabazz, Get paid to buy this book (click
here).
Lois Center-Shabazz is the founder of MsFinancialSavvy.com and author of the
3-time award-winning personal finance book, Let's Get Financial Savvy! ISBN
#0971979502.
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