We hope this course has helped to demystify some key financial concepts. Just remember: the best thing you can do for your finances is to be born rich. But if that ship has sailed, a little knowledge and caution will go a long way.
- Budgeting is the building block of managing your money because you’ll never get rich if you spend more than you earn.
- Target achievable savings goals and then meet them.
- Taking on debt is OK, but high-rate debt can be dicey.
- Always make all your minimum payments on debt, but after that pay down highest-rate debt first.
- Hold money you might need soon in safe places, such as savings accounts. Money you won’t need for several years can be invested for growth.
- Higher-return investments always come with higher risk.
- You need insurance to protect you against unlikely but awful events.
- Whenever you have a major life change, you probably need new insurance.
- Keeping your finances organized can help you pay less in taxes.