Investing in Yourself
Stay Out of Debt and Build Credit With This Simple Advice:
One message we emphasize here at Madison Monroe: improving your financial situation is all about building a better life for yourself and your family. Here are a few of the best ways you can use your extra income to achieve that purpose.
- 1. Subscribe to a Gym. At an average cost of just $40 per month, this is a great way to look and feel great. It can also be a smart long‐term financial decision, as hospital bills and medical debt can be very limiting. That said, good health is obviously priceless.
2. Pay Off Your Debt. The average annual profit on the stock market is about 4 percent. But the average interest on credit card debt can be as high as 20 percent! From these numbers alone, it should be pretty obvious why paying off your personal debt is one of the smartest choices you can make. Not only will it clear a significant psychological burden, it can also provide lasting financial freedom!
3. Pursue an Education. Feeling disenchanted with the conventional notion that a college degree equals a good job? Even though the economy is undeniably changing, finishing college is still statistically one of the smartest financial decisions anyone can make. If a traditional four year degree isn't for you, then check out this recent Madison Monroe and Associates article on the benefits of vocational school.
4. Buy a Home. Clearly, a certain level of financial stability must be attained before considering this decision. However, if you are in a position to consider buying your first home, the benefits are substantial. After all, you are going to spend money on housing costs anyway, so why not build equity while you're doing it! If you are considering buying a home, this recent blog article offers some important insights on the topic.
Struggling with credit card debt? Visit Madison Monroe and Associates online today and work with us to create a realistic get-out-of-debt strategy.