I Follow 6 Straight Forward Money Habits To Avoid Going Broke

Financial ruin was caused by the Pandemic. Small businesses went bankrupt, families relied on a single source of income and millions of people were broke. You can protect your life and finances against going broke, even if you can’t predict what will happen.

The majority of bankruptcies in the west are due to medical bills. Medical insurance won’t cover 100% of your bills, but it will provide respite in serious cases. The simplest strategy is to choose a term life insurance plan for yourself and a health insurance plan that covers your entire family.

Thanks to credit cards, we have become addicted to burning money as it lands in our hands. When you are aware of the cost of living, you will make better decisions.

Most 21-year-olds can invest some of their income. 75% of his total income is invested most months. Since 1980, the S&P 500 has yielded more than the savings bank.

If you don’t have an emergency fund, you’ll have to use debt or sell your investments. 6 to 12 months of expenses can be stashed in a savings bank account or high-security debt fund. The longer the duration, the higher your life’s risk profile is.

Shopaholic is an actual term because consumerism has normalized buying things. It has never been easier to burn money. A simple way to combat this is to ask yourself if you can purchase this twice.

The magic of compounding is against you. The interest rates on credit cards are very high. As your debt drags on, personal loan rates range from 4% to 34%, pushing most to eventual bankruptcy. There are 1100 people in the free forum.