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Have Extra Money This Month? Here’s What You Should Do With It

Posted by Tae Haahr on Mar 15th, 2019 · 0 Comment

Every once in a while you get a pleasant surprise when you realize you have a tad bit of extra money in your bank account. But before you head out to spend this on your next treat yourself item, there are a few things you should consider doing first! Tae HaahrTae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

Have Extra Money This Month? Here’s What You Should Do With It

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