#6: Be a saver, not a borrower

Borrowing makes sense if it helps you acquire something that boosts your net worthNet worth The value of all your assets, less what you owe.+ read full definition. But over time, paying back debtDebt Money that you have borrowed. You must repay the loan, with interest, by a set date.+ read full definition takes away from your ability to save – even when interest rates are low. Use the Pay off credit cards and debt calculator to figure out how to get debt-free sooner.

Earn more interest than you pay

The Universal Truths

#1: Know your money personality

#2: Know what you’re saving for and have a plan to get there

#3: Know your cash flow

#4: Shop around to get the best value for your money

#5: Care more about your money than anyone else does

#6: Be a saver, not a borrower

#7: Understand when it’s too good to be true

#8: The sooner you start saving, the better off you will be

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