Things You Should Do and You Shouldn’t When You Increase Your Income

While we should live within our means, most people would make very different choices if money wasn’t an option. Having said that, money should never be the end goal.

Things You SHOULD Do

Pay off Debt

We know we play this tune like a broken record, but paying off your debt as fast as you can is one of the most effective ways of having Money Earned through Money Saved.

The trick with paying off debt at a faster pace than your loan term lies in the fact that any extra you pay goes directly toward the loan balance and not to interest.

For instance, making extra payments on a mortgage could save you upwards of $30,000 in interest and several years on the life of the loan!

Many people make the mistake of waiting to invest. They usually have many expenses (lots of debt), little savings, and things they’d rather spend their money on.

Invest

The 1 Thing You SHOULD NOT Do

the 1 thing you SHOULD NOT do when you begin making more money is accrue more unnecessary debt.

The only possible explanation for this finding is that people are spending way more than they should be on unnecessary things, and often the more money you make the more you spend it.

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Money Saved Is Money Earned!