Credit:
What is credit?
Credit is when the customer is given the ability to purchase a good and be trusted to pay it back in the future.
Why does it matter?
Credit is actually humongously important! It will affect the Annual Percentage Rate (APR) of the mortgage you take out, the insurance you buy, etc… which in the long run, you could either save or lose a lot of money! So -- what is APR then? APR is the acronym of Annual Percentage Rate and this means the percentage of interest you have to pay in addition to your monthly premiums.
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What is credit?
Credit is when the customer is given the ability to purchase a good and be trusted to pay it back in the future.
Why does it matter?
Credit is actually humongously important! It will affect the Annual Percentage Rate (APR) of the mortgage you take out, the insurance you buy, etc… which in the long run, you could either save or lose a lot of money! So -- what is APR then? APR is the acronym of Annual Percentage Rate and this means the percentage of interest you have to pay in addition to your monthly premiums.
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How to budget?
1)Identify your income after taxes, and other mandatory expenses. (This income is called the net income.)
2) Create a spending plan based on your net income.
Subtract the monthly utilities fees (gas, electricity, water, WiFi, rent/mortgage, groceries).
Identify how much ‘free’ money you can spend after subtracting the utilities fees.
3) The ‘free’ money that you’ve identified is the maximum amount of money you can spend without cutting off short in your utilities! In other words, this money is the one you should use to buy the things you want!
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1)Identify your income after taxes, and other mandatory expenses. (This income is called the net income.)
2) Create a spending plan based on your net income.
Subtract the monthly utilities fees (gas, electricity, water, WiFi, rent/mortgage, groceries).
Identify how much ‘free’ money you can spend after subtracting the utilities fees.
3) The ‘free’ money that you’ve identified is the maximum amount of money you can spend without cutting off short in your utilities! In other words, this money is the one you should use to buy the things you want!
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Retirement:
How early should you start saving for retirement?
As early as possible! The earlier you save, the more time your money has to grow until your retirement.
What is a 401k?
401k is a retirement savings plan sponsored by the employer where you put part of your paycheck into the account and your employer will contribute the same amount you contribute (up to 3% of your salary only). The amount that you contribute towards your 401k will not be taxed before your savings and investment plans. In other words, you will have the ability to invest money from your paycheck without being taxed. However, when you withdraw the money, it’s the time where you will pay the taxes.
What is an IRA?
A type of savings account that is designed to help you save for retirement and offers many tax advantages. There are two different types of IRAs: Traditional and Roth IRAs.
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How early should you start saving for retirement?
As early as possible! The earlier you save, the more time your money has to grow until your retirement.
What is a 401k?
401k is a retirement savings plan sponsored by the employer where you put part of your paycheck into the account and your employer will contribute the same amount you contribute (up to 3% of your salary only). The amount that you contribute towards your 401k will not be taxed before your savings and investment plans. In other words, you will have the ability to invest money from your paycheck without being taxed. However, when you withdraw the money, it’s the time where you will pay the taxes.
What is an IRA?
A type of savings account that is designed to help you save for retirement and offers many tax advantages. There are two different types of IRAs: Traditional and Roth IRAs.
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