Tag: financial literacy
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How to Use Compound Interest to Build Future Wealth
When I first started investing, I learned that compound interest is often called the “eighth wonder of the world”. It’s a powerful force that can greatly accelerate your wealth over time. Simply saving money is a good start but investing with interest is really a cheat code. Understanding how it works is crucial for making…
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How to Start Investing in the U.S. Stock Market as a Beginner
Before becoming serious about investing I would often hear about the companies “going public”, junk bonds and stock market crashes. I also heard it was risky so I didn’t get started out of fear. Looking back, I wish I would have started investing sooner as it’s a great opportunity to build wealth. The U.S. stock…
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How to Choose Between a Checking and Savings Account
I have some strong opinions on bank accounts. When I was a young 19 year old with $50 in my checking account, I would be charged $15 every month for the “priviledge” letting a bank hold my money. Needless to say, I would be known as overdraft boy until I got a full time job.…
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How to Use Credit Cards Responsibly
Credit cards are common in today’s financial landscape, offering convenience and purchasing power. However, they’re often viewed with apprehension, labeled as a path to debt and financial ruin. The truth lies in how they’re used. This article will dissect the pros and cons of credit cards, providing insights to help you decide whether they’re a…
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How to Read and Understand Your Bank Statements
Introduction Bank statements are essential documents that provide a detailed record of all financial transactions within your bank account over a specific period, typically a month. Understanding your bank statement is crucial for effective financial management, budgeting, and identifying potential issues like unauthorized transactions or errors. Key Components of a Bank Statement A typical bank…