Debt is Bad
A very bad word in the English language is a four letter word. We all know the word. However there exists another four letter word that could be harmful to our financial success, D E B T.
Debt is something that needs no explanation. When you get a price but pay over time usually there are fees and interest. Lenders of all types prey on us all not noticing small fees. Using an ATM and paying even a dollar at a time in fees can add up. Small fees & interest will leave you wondering where all your money went.
This personal finance tip is simple. Pay attention to all fees and costs. Convince yourself to be aware of even the smallest costs. When you can do without debt please do. Look at your spending as liability and assets. Ask yourself, will a purchase or a specific spend increase your bottom line? If the answer is no, then maybe skip the expenditure. Learn to stay no to debt unless absolutely necessary. Life has a way of throwing us all emergencies from time to time so be prepared.
In the last few years investing in stocks has become virtually free. The normal fees associated with the purchase or sale of a stock is now virtually zero. I am mentioning this fact so the next time you want to purchase something with debt you may instead purchase a share or two. Over time , even if you buy a stinker stock, you will have what’s left. With debt you will always have less.
The above small tip may sound simple enough, but drilling home the same idea may help making good financial choices in the future. Not all habits are bad. Avoid financial hardships and falling behind on you road to financial success..
