Finance

How to Ensure Your Financial Well-being

Financial Post Of Financewand

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Americans are in household debt worth $13.15 trillion, which is shown in the records of the Federal Reserve Bank of New York as an all-time high. You’ll find it an uphill task to pull out of debt if you’re one of the numerous homeowners that are struggling with debt. By doing a simple research, you may actually make things less complicated and find the right solution to your debt problems.

Ways to Improve Your Financial Situation Are Mentioned Below:

Draw a household budget

A budget is truly helpful in providing you powerful insights. Apart from tracking your expenses and income, they help in identifying your financial strength. All categories of expenses that consume a major portion of your paycheck can be spotted when you accommodate expenses concerning past few months by back-dating your budget. You can make certain adjustments to your lifestyle and eradicate such expenses depending on the categories that they belong to. You may decide on watching less of movies and eat more home-made food just to contain your grocery bill to a certain limit.

Meet the bills with your paycheck

Most of your bill payments seem to have the same due date every month. You’re bound to catch up with the due date whenever you owe money for buying a smart-phone, utilities, and rent. A bi-weekly occurrence of paydays compels you to remember them more often. You’ll rarely find the due dates of your bills to be matching with that of your paydays. If you’re not among those that pay a closer look at their finances, it might leave a severe impact on your finances.

While trudging through a financial crunch you may not have the funds to settle your dues. You may resolve this issue by paying for your bills the sooner you see funds on a payday. You may consider transferring a small portion of your funds over to a different account if you find it tough to repay your dues on time. It will prevent you from using that amount over other things. Make sure you continue to make the minimum payments in case you aren’t able to meet the billed amount entirely within consecutive paychecks.

Create an emergency fund

There’s no point in ignoring your savings although paying your bills is of great importance. Much of your household makeovers and unforeseen damages can be made out of household savings. You may create an emergency fund for your future by setting aside a portion of your 401 (k) or pension. It could of real advantage in case you need extra funds post-retirement.

It might seem challenging to meet your bills and yet save a portion of your returns. You may get in touch with some direct lenders for installment loans to help cope with sudden financial challenges. These loans help you meet your utility bills till you receive your next paycheck. Attempting to create a fund for your unforeseen expenses is certainly the most practical way to handle your unforeseen expenses.

Prioritize all the dues

This is certainly not the first time that you’re borrowing money if you’re an American. You must have a few credit cards in your wallet apart from a few other lines of credit like that of your mortgages, car leases, and student loans. You’ll be overwhelmed by your negative net worth once you sum up all bills.

The sooner you meet all of your debts you’ll contribute more towards financial well-being. Financial experts don’t agree on the best methods of meeting one’s debt. While some of them prefer handling the highest debts ahead of the smaller ones others tend to go the other way round. It’s up to you to decide on whether you’d like to repay a quick loan with a high rate of interest or would like to repay a student loan worth a huge amount first.



Consult a financial expert

A financial advisor can help in ascertaining your financial strength more aptly than others. He possesses the much-needed professional expertise to address all financial issues. They’re an incredible resource for all those that experience debt and can help them by figuring out solutions to issues concerning financial techniques, services, and products. Apart from discussing the advantages of using services like investment apps, online loans, and refinancing, they could even help you develop a debt repayment plan that suits your financial situation.

These are just a few tips on how you can improve your financial strength with time. You must follow a combination of these ways if you’re really inclined towards improving your financial standing. Incorporate all of them into your routine, and you’ll discover more opportunities to meet your dues and gain financial wellness.


How Can Technology Detect Business Finance Fraud?

Detect Business Finance Fraud

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There’s good news and bad news when it comes to financial fraud. The bad news is that UK businesses and households financial fraud to this crime in 2017. That sort of startling figure shows that this is a serious issue that has to be dealt with. However, the good news is that this is falling – that number is down five per cent on 2016 – and that banks and card companies have detected and prevented two thirds of financial fraud.

The threat of financial fraud is increasingly sophisticated and almost exclusively technological. In order to combat this threat, therefore, we need technological solutions every bit as sophisticated to retaliate.

So, how can this help?

The growth of artificial intelligence

Artificial intelligence may seem like something from a science fiction novel, but the use of AI in business is becoming more apparent. Especially in the operations and the distribution sector, AI technologies are programmed to automate systems. If this can be trained to spot key signs of fraud then it can act as the ‘eyes and ears’ of a company – flagging concerns and preventing or pausing transactions before they happen.

It’s impossible for human beings to keep a close eye on every single financial transaction, but automated technology allows them to monitor more of what’s going on.

Bitcoin and blockchain

Cryptocurrency uses financial fraud to allow businesses to transfer funds around the world in real time. One of the potential benefits here is security. With blockchain, all transactions are recorded in real time – and records cannot be changed without the agreement of others. Put simply, it’s very hard to doctor information once it’s recorded and there’s a level of transparency around the way payments and transactions are made.

Biometrics

Passwords pose a vulnerability for many technological systems. While most workers might spend half their time trying to remember theirs, they present an opportunity for hackers to get into your software and get their hands on your data and your money.

Biometric technology is allowing for more secure ways of limiting access to systems. Thumb prints, eye scans, and even voice recognition should hopefully make life harder for fraudsters – and easier to detect people who are trying to access your systems when they shouldn’t.

But, use technology in moderation

Although you can lean on technology to help detect fraud, there’s always room for traditional processes too. You should use modern technology and foolproof traditional methods in tandem for maximum effect.

Things such as physical stamps and watermarked documents make it harder to forge documents and use these to defraud your business. As a business, you can custocustomize own self-inking stamp to add your own extra security step, for example. This can be very effective and it’s important not to move away from this sort of activity if it works.

Technology can help to detect business fraud. Automated systems, immutable records and biometric system access are all important developments to do this. Businesses can use a combination of all of those in tandem with tried and tested offline techniques to do their bit to avoid becoming a victim of fraud.

 


Start planning your finances in your 30s – Hoard enough cash for a stress-free life

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Gone are those good old days when you thought that the best way out is to hoard cash in your bank account. This is mainly because the returns that you get from saving money in your bank account will always be less than what you can earn from investing money in FDs, bonds, SIPs, stock market and mutual funds. For all those who wish to remain financially independent, the key is to invest your dollars at the right place.

However only investing your money won’t be enough as you also need to be track your progress so that you can remain invested even in the long term. Financial advisors always recommend people to start investing early during their 30s so that they have enough time to measure their success and learn worthy financial lessons. Here are few tips which can let you invest more, spend less and save more.

  • Don’t fall into the trap of collecting quick profits

As per what Warren Buffet has to say, one should invest only in those assets which he knows best. He even added that if someone invests in things which he doesn’t know, he is actually gambling. It is not that you will always require being an expert to accomplish investment returns which are satisfactory. But in case you want to become an expert, you can seek help of an investment advisor or follow a course to which you can gradually respond.

  • Bear in mind the philosophy of the rich and the poor

There is a famous perception that financial planning entails saving a little but after spending and then investing that little savings. If you have to understand the philosophy of the rich and poor, you’ll have to know that the rich usually invest their dollars and then spend the little amount that is left and this habit makes them even richer. On the other hand, the poor people spend their money and then invest the amount which is left over.

  • Understand the frugality approach

Are you often overcome with guilt and shame during the end of the month because of the fact that you think you’ve spent too much on something that you could do without? Do you think this is the right approach that you should have towards your expenses? Adopt frugality. Frugality is not just cutting down on your expenses but it is about selecting the things you love and spending on them and cutting down on those which you don’t love.



  • Cut down on borrowing money from people and lenders

Credit cards are certainly attractive options. When you borrow money which isn’t affordable now, it becomes affordable within a few months time. Warren Buffet says that he has seen most people fail on leverage – which is borrowed money. He thinks that the world could run in the same way even when so much leverage is not taken. In fact, you can make lot of money if you don’t borrow money so much.

Hence, if you’re wondering about the reasons behind saving and investing money, take into account the tips and advices shared in this post. Start off early so that you can get enough time to take care of your finances.


5 Simple Ways to Improve Your Financial Stability

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It’s quite natural for all of us to pass through situations in life wherein it gets tough to maintain financial stability. Many of you are into a job that’s not worthy of your skill sets and you’re already aware of it. You may try out a few simple things to improve your financial situation.

Consider 5 different ways to become more stable financially:

1) Sell off all unnecessary things

There are a number of unnecessary things that you purchase very often. If you aren’t using them, you may consider selling them at eBay. All of these unwanted items can help you bring in more money. So, you must create a list of such items.

2) Pay off debts faster

Your debts might grow if you’re not paying much attention. Many people tend to opt for a loan with much higher interests; they would often end up applying for another loan to pay off the first one. You may have to take out loans during a financial crisis. But it’s in your best interest to pay them back as soon as possible. It will help you in lowering the rate of interest, which would otherwise keep increasing. You might prefer a few online loans with simple repayment terms over your other options.

3) Cut down your monthly expenses

Have you been able to check out your outstanding bills that are recurring in nature? Although it’s a small payment, you might forget it every time the due date gets nearer. You must read through every item that you’re being billed for and strike off things that aren’t necessary. Now, for this, you’ll need to spend some time and be more attentive.

4) Start saving at the beginning of every month

Get a portion of your earnings transferred to a savings account right at the beginning of every month. By putting money aside, you’ll be left with a small budget to continue for the entire month. This way, you’ll be able to avoid making any impulsive purchase that might lower the amount of savings. Once you get wiser about saving money, your monthly budget will reflect a much smaller amount going towards these Burger Kings and McDonald’s.



5) Start making some passive income

Apart from earning your salary, you may consider some form of passive income that helps you bring extra money. You may check out a few online options like that of writing content or developing your free website if you wish to earn more without investing anything initially. You may even earn an extra amount by way of banner advertising after setting up your YouTube channel. The online outlets will often provide a few opportunities that let you convert your hobbies into a form of passive income.

You can save or make money by utilizing every opportunity that comes your way. You must save money out of every opportunity that comes your way. Apart from that, you must also work towards creating new opportunities that help you pursue your end objectives. You’ll always achieve a few things that you deserve by working hard. You’re bound to experience more of financial stability when you work sincerely and relentlessly.


Warning To Business Leaders: Bad Habits You Need To Avoid 100 Percent

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Business Leaders

We all suffer from bad habits; some of which are caused by a lack of self-awareness. Sometimes, feedback is key, enabling us to pick up on the habits that are harming us. This is especially true in business, where some bad habits could lead to problems in your operations. Now, we aren’t talking about picking your nose in front of customers (though you should probably avoid that), but there are other habits that need to be brought to your awareness.

Consider the following:

Bad Habit #1: Failing to delegate to others

You aren’t a master at everything, no matter how much control you try to retain. Delegating to others gives you a break, and it also shifts some of your work over to other staff matters who may be better at a specific task than you are. Your team will probably appreciate the added responsibility too, and will be grateful for the trust you have bestowed.

Bad Habit #2: Spending too much money

This is something we can be guilty of in our personal lives, but it also spills over into our professional lives too. Whether it’s those unnecessary expenses, such as office lunches or spending way over the odds on tech that you don’t particularly need, you do need to curb the temptation to spend if you ever want to see the fruit of your profits.

Bad Habit #3: Not taking time out to learn

You may have been to business school, and taken courses such as an msc in management. Does that mean your learning is over? Of course not. It pays to brush up on your skills, especially when it comes to sorting out your weaknesses. You should also remember that in business nothing stays the same, so focus on your learning to keep up with industry and consumer demands. After all, you don’t want to be left in the dust by your nearest competitors.

Bad Habit #4: Not listening to complaining customers

Okay, so you probably nod your head and appease your customers whenever they have a complaint. However, you need to REALLY listen to them, as their feedback is invaluable. Good customer care will skyrocket your business, so make them the center of everything you are doing, and if action is needed after you have listened to yet another grumble, get on it straight away. Word of mouth is everything in business, and your reputation will plummet if your customers grumble about you elsewhere.

Bad Habit #5: Working too hard

There is so much to do in the day, so it’s unsurprising if you fall into the trap of pushing yourself to your limits at times. However, life is about more than work, and you will only make yourself ill if you continue to spend all your days working. Again, this is where delegation comes in, as do time-management skills. Get out of the office more, enjoy your family and leisure activities, and better organize your time at work.

Closing

Did any of those bad habits ring true to you? If so, take your finger out of your nose and concentrate on overcoming them. Both you and your business will benefit if you do.


Breaking Into Financial Services: 6 Tips to Get Hired Quickly After Graduation

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The financial services industry is changing rapidly.

For aspiring finance professionals approaching or not far removed from graduation, this is a double-edged sword. On the one hand, independent financial advisory firms are actively hiring qualified young people. On the other, applicants need to refresh their skills faster than ever, lest they fall behind nimbler peers.

Still, there’s plenty of opportunity out there for those who know how to seize it. Follow these six tips to break into the financial services industry ahead of schedule.

1. Understand What You’re in For

Many entry-level finance jobs share something in common: long hours.

Really long hours, actually. It’s not uncommon for first- and second-year associates to put in 70, 80, even 90 hours per week, toiling long into the evenings and eating up weekend time. Needless to say, that’s not ideal for family men and women.

If you’re looking for a slower pace with better work-life balance, focus on boutique firms touting laid-back corporate cultures.

2. Know Your Limits

Take a realistic look at your candidate profile and set your sights accordingly. If you’re graduating from a second-tier school with a middling GPA, you’re not going to have your pick of plum opportunities. But that doesn’t mean no one will hire you, as long as you don’t fritter away your resources on long-shot bids.

3. Network, Network, Network

Definitely upload your resume to finance job websites and check local listings regularly.

Just don’t stop there. Search on Google for high paying jobs in finance sector, some of the most fruitful connections in finance come from old-fashioned networking, not glorified cold-calling. Attend as many mixers, job fairs, conventions, and other industry events as you can; every new setting is a new opportunity.

4. Be Prepared to Change Jobs

Not every finance job pans out. Six or eight months into a new gig, you might find that things aren’t quite as promised. And, as in any dynamic industry, layoffs are common in finance too. Be prepared to seek out greener pastures with little notice.

5. Lean on Friends in Finance and Adjacent Industries

Not all networking involves people you barely know. You probably have friends, older classmates, siblings, and other connections who’ve already broken into the finance industry. Don’t be shy about leaning on them for references, internship opportunities, and tips about yet-to-be-posted openings. There’s no shame in landing a job on the strength of a personal connection: everyone does it, as they say.

6. Invest in Additional Credentials

If you’re not gaining the traction you’d expected, consider investing in additional credentials, like a Series 7 license. You’ll build on the already-strong foundation laid by your finance or business degree and open new, potentially higher-paying doors to boot.

How’s Your Financial (Employment) Plan Doing?

You know better than most just how important it is for adults of any age to have a financial plan in place. For aspiring financial professionals, a financial (employment) plan is equally important.



If you’re not yet practicing what you hope to preach, what are you waiting for? It’s time for you to make and implement a plan to find a career-track job in the financial services industry. Once you’re established, you can help those who follow to do the same.


The dire necessity of having an emergency fund – Few reasons to watch out for

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Are you someone who is always struggling with every single obstacle on road for every unanticipated expense? If yes, it’s high time that you reap benefits from an emergency fund as without this, it is tough to spend a debt-free life. Spending a life without an emergency fund is similar to operating sans savings account. Unless you keep aside few dollars for unpredicted expenses, you may fall in trouble during emergencies.

As it is seen that there are many people who fail to save for their future and you might also be one who is not setting aside funds for your emergency account. This article will tell you about the few good reasons to definitely have an emergency fund.

Reason #1: You’re trying your best to pull yourself out of debt

With each bump that you face on the road, having an emergency fund will help you stop adding to your already existing debt burden. When you have an emergency fund, you can use the proceeds to cover the things which you don’t consider like medical bills and car repairs. It is then that you can utilize this fund to handle such stressful events and feel easier to fall out of debt. When you have a cushion for unpredicted expenses, it’s easier to pay more money towards your debt accounts.

Reason #2: You have begun your budgeting efforts

When you’ve first started off with remodeling costs, you might be leaving off few of the expenses which you require planning for. Your emergency fund will be able to cover few of the expenses during the initial year and later on you could add all of these into your budget while they come up. Such annual expenses could be items like fees, gifts and donations towards organizations.

Reason #3: You just have a single source of income

In case you’re someone who has got only one source of income, it is vital for you to certainly have an emergency fund. Through this, you can get through unanticipated job loss which keeps you from working. In case you’re single or you’re the only income provider in your family, you should work hard on maintaining expenses worth a year. If you recently started off with your family, you should invest more on emergency fund. Work hard towards building a fund as early as possible.

Reason #4: You started owning your home

Whenever you own your home, you’ll require paying for the maintenance and repairing of your house. Though you may have to set a fund to cover remodeling costs, you might have unexpected expenses like repairing of air conditioner or plumbing repair costs. During such a situation, you can get help from an emergency fund to handle costs and making owning your home less intimidating.



Reason #5: You have ongoing medical issues

If you have a serious medical condition, this can cause you to increase your deductible every year. You might have to take routine tests which cost you a huge amount and this is when you will need an emergency fund to wade through such challenging times.

Henceforth, whenever you think of taking resort to loans like the Lendgreen online installment loans, you should first ask yourself whether or not you have an emergency account to fall back on. If you don’t, start having one.


3 Ways College Students Can Live Like Kings on a Fixed Income

If you’re like most college students, you’re living on a fixed income from student loans – a very small fixed income.

The good news is that this doesn’t have to mean you spend these years just barely getting by. In fact, you can actually live quite comfortably if you know what you’re doing.

3 Ways to Make the Most of a Fixed Income in College

Even though your student loans do cover living expenses, the following will show you how to spend your college years living like in a king.

1. Live with Your Best Friends and Split the Costs of Your Essentials

After college, you’ll find it becomes harder and harder to see your close friends on a regular basis. So, spend as much time as you can with them during right now.

One way of doing this is by rooming together. The more of your close friends you can get under one roof, the less it’s going to cost you.If you get four or more people together, you can even rent your own home instead of just an apartment.

Your savings don’t have to stop there, though.

Split the price for a Costco or Sam’s Club membership and then buy the things you all need in bulk for even more savings. Get everyone to agree on staying in three or four nights a week and making dinner together and you’ll enjoy a great meal fit for a king without breaking your budget.

2. Never Buy Your Books at the Bookstore

It’s no secret that college textbooks cost a fortune.However, you don’t actually have to buy them at your school’s bookstore, where they are sold at full price.

Instead, once you find out what classes you’re going to take next semester, offer to buy a current student’s textbook for more than the tiny amount they’ll get for selling it back to the bookstore. Then you can put the money you save toward living expenses.

Of course, there are a number ofsites that sell college textbooks, too. If you can’t find a fellow student who’s willing to offer you a bargain, someone online probably will.

 

3. Consider a Side-Income

You may not have enough time in your schedule to add more hours at your job or to even take on a part-time job to begin with.

Fortunately, that doesn’t mean you have to spend your college years living like a pauper. These days, there are countless ways to make money on the side when it fits your schedule best.

Some popular examples include:

  • Drive for Uber
  • Take Up Freelance Work
  • Tutor Other Students

The best part about those last two options is that they will most likely look great on your resume after graduation.

You Don’t Have to “Live Like a College Student”

There are plenty of reasons people miss their college years, but the miniscule budgets definitely isn’t one of them. Fortunately, you now know that just getting by isn’t some mandatory credit you have to complete.


What Is Your Financial Plan Missing For This Year?

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When it comes to your money, you always need to be organized. It can be really tempting to just kind of wing it and hope for the best, but if you really want to improve your finances or try and grow them, organization is key. This means that you’re going to need to have a bit of a financial plan. And no, we’re not necessarily talking about forecasting your financial life for the next five years. While that might be a nice idea to try and do, it’s not always realistic. Because things change. So what we mean is to have a bit of a loose plan to help you control your finances for the rest of the year.

So what should this involve? Well, you’re going to want to work in a few key components and utilize a couple of key tricks and tactics to make sure that your financial life is in check for the rest of the year. But don’t worry, this is going to be a simple plan to both put together and implement. And the best part is, by putting a little bit of work in now, you should find that your finances kind of play there way out throughout the year, which is exactly what you want. So let’s get down to what you need to include.

Setting Some Goals

To make sure that your plan is going to be effective, you really do have to get it into the right shape. You could come up with some good ideas, but unless they have a sense of direction behind them, they’re just not going to work. So this is why setting yourself some financial goals is the best thing to do from the beginning. So work out exactly what you want to get out of your financial plan or for the rest of the year. Then, you can start to work on making it happen.

Managing Your Spending

How are you doing with spending? Even if you’re not necessarily and over-spender, you may find that you don’t really manage things as well as you potentially could. So, the next step in the plan is going to be away to help you keep control of your spending. In an actionable sense, this could be in the form of budgeting or starting to track your spending, so that you can manage it.

Reducing Down Debt

If you do have any debts that you’re owing, you’re then going to want to think about how you can reduce this. Even if the idea of being in a bit amount of debt frightens you, so you prefer to ignore it, don’t. We’re trying to get your financial life in order for the year, and this means tackling your debts. And don’t worry, as soon as you start taking steps to reduce it, you will feel so much better.

Starting To Save

Every good financial plan will include some kind of savings. Even if you have other priorities for the year, it’s good to have some money behind you as a bit of a safety net. You may even want to get into the habit of saving so that you can put money aside for things that you want, like a vacation or treating yourself. But to do this, you have to be able to put the previous three points in place.

Increasing Your Income

Maybe you want to increase your income? Then this can definitely be a key part of your financial plan. When you take steps to increase your income using those ideas, you’ll often then be able to work on some of the other parts of your financial plan much quicker too.

Exhausting Your Other Options

But it’s not just your current paycheck that you could look to increase. You also have the option of finding other income streams. For this, be sure to check in on any money that might be owed to you by heading to this location or somewhere similar. When you have considered these options, you will be able to top up your income for the year too.



Working Towards A Future Goal

Finally, you may also want to work in a few ideas to help you to work towards a future goal too. Because if you want to be able to buy a house or go on a round the world trip, you may need to start saving for that now in order to be able to do it in the future. When you factor this in and start taking steps, you’ll find that your financial plan can actually transform your financial life.


5 Things That Could Turn Your Financial World Around This Year

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Do you ever step back, take a look at your finances, and wonder just where you are going with them? More often than not in life, we tend to just go with the flow. We get up, we go to work, we bring in our money, and it becomes very normal to just live on autopilot. At the same time, you’re dealing with bills, house debts, car payments, and student loans and although you’ll tend to push that all to the back of your mind, you may find that it becomes a weight on your shoulders before long.

As much as we’d all love to have the perfect financial life, most of the time, we want to improve the situation we’re in. If that sounds a little bit like your life, then you’ve come to the right place. Because we’re going to walk through five different things that could help you to really change your financial life around this year.

Becoming Aware Of How You Spend

The first step towards making this happen will always to become much more conscious about your money. It’s just far to easy to spend freely, without really knowing where your money goes. Then, at the end of the money, you don’t really have anything to show for all the work that you’ve done. And it can become tiring. But when you start to track your spending, and then create a budget that you’re happy with, you will only ever spend on the things that you want, which can then allow you to free up more money for other things.

Deciding To Take Control Of Your Debt

If you’re someone that has debt, you’re not alone. It’s so common to go through life owing huge amounts of money. But you can also decide to take control of it. Whether you do debt consolidation or create your own plan to pay it off, starting to manage it better and work towards paying it off will really help you to get in a more positive position in the future.

Working To Add Value To Your Home

Owing money on a mortgage isn’t a bad thing, but you don’t just have to lose money this way. Instead, make your house debts work for you. Think about adding value to your home and moving on so that you can pay off more of your mortgage or even make some money in the process.

Starting Out With Investing

A lot of people believe they can’t invest because they don’t know how. But you don’t always have to be a pro when you start out. You could start off slow or find a broker, such as thinkorswim platform, to help you find your feet. Then, as you start to learn the ropes, you can increase your activity and grow your money over time.

Valuing Compound Interest

When it comes to debt, compound interest can be a bad thing. But when you’re trying to save money, it actually works incredibly well for you. You may be used to hating it, but once you’ve taking control of your debts and you’re working to save money, valuing (and making the most of) compound interest will be a good thing for you.

 


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