Tuesday, February 7, 2023

Creating liberating content

SpaceX Crew-6 prepares to...

The next crewed mission to the International Space Station (ISS), SpaceX Crew-6 mission with...

Google Chrome will block...

Google has announced that it will prevent millions of PCs from downloading the...

Tax refund update: Is...

Some governments, such as California's Middle-Class Tax Refund (MCTR) program, have offered stimulus...

China continues importing chips...

Despite long-standing American export restrictions, China nuclear weapons development agency has purchased American...
HomeLifePersonal finance tips...

Personal finance tips for Gen Z to avoid becoming homeless

The United States may have the largest economy in the world, yet Americans continue to be grossly uneducated in budgeting, saving, and investing, which is an issue for Gen Z.

If you cannot recall the capital of Idaho, the worst that may happen is that you will have to look it up on Google. However, if you continue to be financially illiterate, you may face a more catastrophic outcome, such as a lifetime of debt or even homelessness.

Having Excellent Personal Finance

It is common knowledge that the more wealth one possesses, the more secure one’s life can be. People who earn a half-million dollars a year have confided in me that they are constantly two paychecks away from financial catastrophe.

In other words, these wealthy individuals constantly lie awake at night fretting about their finances, knowing that if they were to lose their jobs, they would be in grave problems. On the other hand, I know numerous $40,000-per-year earners who may starve to death.

If you earn $100,000 a year, you may be able to afford the Tesla, but if you suddenly lost your job, would you be able to keep up with the payments?

One of the best personal finance anecdotes cautioned against succumbing to credit card pitches.

Read more: Why your Social Security benefits could be reduced to $2,500?

Gen Z Shouldn’t Easily Believe Credit Card Offers

Finance-Gen Z-US News
The United States may have the largest economy in the world, yet Americans continue to be grossly uneducated in budgeting, saving, and investing, which is an issue for Gen Z.

The lesson here is not to be seduced into accepting a high-interest credit card offer due to the presence of a free present (whether it be Frisbees or “points”).

The long-term expense will be significantly more than the short-term incentive. You should only use high-interest credit cards to pay for basics if you have no other options.

People with a healthy financial situation will not pay Apple first, regardless of how wonderful the new phone is. After paying for necessities (food, rent, and medicine), they will pay off bills and high-interest loans with the balance.

If they have excess pay, they will deposit it into their savings account or invest it. They will spend $1,000 on a new iPhone only once their savings account has grown substantially.

Someone once defined insanity as “repeatedly doing the same thing and expecting a different outcome.” If you are not financially where you want to be, it is time to start changing your financial habits – PAY YOURSELF FIRST.

Read more: SSI payments worth $914 to arrive in 4 weeks; Who’s the first to receive them?

Get notified whenever we post something new!

spot_img

Create a website from scratch

Just drag and drop elements in a page to get started with Newspaper Theme.

Continue reading

Gold giant Newmont makes $17 billion bid for Australia’s Newcrest Mining Ltd.

Newmont Corp. has made a $17 billion offer to buy Australia's Newcrest Mining Ltd., strengthening the US mining powerhouse's position in copper and gold. According to Bloomberg data, if finalized, the takeover would be the largest in the world this...

Alternative for eggs as prices continue soaring

Eggs are currently expensive. If you can find them in the store. According to the Bureau of Labor Statistics, the price of eggs increased by 49.1% between December 2021 and November 2022. It's due to a variety of issues, including...

FTX: Sam Bankman-Fried urges to earn back his political donations

Before his FTX company crashed last November, Sam Bankman-Fried showered lawmakers with tens of millions of dollars in political contributions. The failed cryptocurrency exchange now wants that money back. FTX Group announced on Sunday that it is sending "secret letters"...

Enjoy exclusive access to all of our content

Get an online subscription and you can unlock any article you come across.