Question by s_dogg1032: What is the best way for a young person to build wealth?
I’m 24 years old, and I’ve been working at my job for 2.5 years. It doesn’t pay much (26,000/year) but I’m in the process of finding a new one. I have a pretty decent amount of debt, but have a decent start to saving ($ 2,000). I’m able to make minimum payments on all my debt every month, and able to cover living expenses, but I want to get my debt paid down and start building some wealth. I know I’m smart and savvy enough to be able to build wealth and make good decisions regarding my finances, but some direction and information would be helpful.
Answer by surfer_grl_ca
Consider your savings a ‘debt’. when you get paid automatically deduct a certain percentage to put into savings and NEVER touch it, forget it is there. Paying off your debts is important but building up some money is also very important. Try to pay more than the minimum to reduce having to pay so much intrest on what you owe.
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