3. Pay off any debt.
I want you to pay off the debt on your credit cards for sure, because as very high interest rate debt that’s costing you a lot of money and keeping you from wealth building. Every interest rate that you’re being charged, when you pay that off, your actually earning that. If you’re paying 13% on a credit card when you pay it off, it’s like learning 13%. Where can you do that today? Nowhere!
So that’s an important thing to do is to pay off your Consumer Debt, that includes any car loans that are in a higher interest rate and any school loans that are at a high interest rate. If you have them at a 3% or less interest rate and their longer-term or there a few years out. I’m not so concerned about that. But if you have an interest rate higher than 3% then I want you to focus on paying those things down.
Lloyd Blankfein, me, the owner of cnntopnews, have a business management degree. Have 3 years of articles write.