Everyone's Talkin' Money How to Kill Debt, Master Credit and Protect Your Wealth - 40 Money Lessons at 40, Part 3
Sep 24, 2025
Turning 40 sparks reflections on real financial lessons, focusing on boring but crucial strategies. Discover why eliminating high-interest debt is one of the smartest financial moves you can make. Learn to spot lifestyle creep and how it can quietly drain your savings. Understand the importance of maintaining a zero credit card balance to secure your wealth. Protect yourself from identity theft by freezing your credit and explore the necessity of disability and umbrella insurance. This is all about achieving peace of mind through solid financial choices.
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Eliminate High-Interest Debt First
- Pay off high-interest debt first because it's a guaranteed return higher than almost any investment.
- List debts with interest rates and attack the highest-rate balance regardless of size.
Catch Lifestyle Creep Early
- Lifestyle creep quietly eats raises by increasing spending faster than income.
- Save the incremental income and treat yourself once, then live on your prior budget.
Carry Zero Credit Card Balance
- Pay credit cards in full each month; the magic number is zero.
- Stop using cards while paying down balances and throw extra dollars at them until gone.