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Rich Habits Podcast
48: The 3 Most Important Financial Mistakes to Avoid in 2024
Jan 22, 2024
Avoid financial mistakes in 2024: credit card debt, borrowing from 401(k), and instant gratification. Tips on building wealth and making smart financial decisions. Recommendations for US ETFs and paying children for Roth IRA investments.
25:57
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Quick takeaways
- Avoid carrying a balance on credit cards to prevent delaying wealth-building journey and prioritize paying off high interest debt.
- Borrowing from 401(k) and repeatedly borrowing can hinder long-term financial success, so let compound interest work for you instead of depleting retirement savings.
Deep dives
Common Mistake #1: Carrying hefty balances on credit cards
One of the most common mistakes people make with their money is carrying hefty balances on their credit cards. This mistake can delay their wealth-building journey. By avoiding this mistake, individuals can give themselves the best chance to retire financially free. Credit cards can rob people of their financial future, and it is important to learn to never carry a balance on a credit card if possible. High interest debt from credit cards can hinder wealth accumulation and should be paid off to prioritize building wealth.
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