Borrow Wisely:- Warren Buffett advises against excessive borrowing, such as credit card debt or unnecessary loans.
Some experts divide borrowing money into "good debt" and "bad debt."
• Good debt is investing in your long-term future, such as a mortgage or student loan. Ideally, it should not have a negative impact on your finances.
• Bad debt drains your finances with no prospect for future growth.
Pay Yourself First: Prioritise your savings, not saving what is left after spending.
When budgeting, consider what is necessary to cover your basic needs, then figure out how much you want to save. The leftover is spending money. If it helps, think of your savings and investments as a monthly expense. Don't Underestimate Your Money Habits Many people fall into bad money habits and don't realize it until their habits become hard to manage.
If you want to change your habit, start by breaking it down. ...
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