#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
- Plan your spending
- 6 questions to ask before you borrow
- Pay down debt
- 4 tips to start investing
- Pay down debt or invest calculator
The Universal Truths
#1: Know your money personality
#2: Know what you’re saving for and have a plan to get there
#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
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