Listen Now: Want to Be Rich? Avoid These Common Spending Mistakes
Think a big bank account means a major shopping spree? Turns out having a solid bottom line means knowing when to say no.
Being good with money is about habits, not income. So what makes a good habit? Business Insider talked to financial experts and consumers who have accomplished things such as paying off their mortgages early and eliminating debt.
How did they do it? For example, putting the brakes on new cars. A person with extra money in the bank is driving a car that’s five to ten years old. That’s because a new car loses ten percent of its value in the first month, and someone’s who’s money savvy won’t accept that kind of loss.
They also won’t buy things on credit they can’t pay for with cash. Those who are good with money won’t pay interest on credit cards. Put something on your credit card only if you can pay it off within the month, otherwise it’s not worth it.
For more things to avoid buying, read the original article now — and start counting all the money you save.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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