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5 Money Habits to Leave in the Past: A Fresh Start for 2023
I was walking the streets of YouTube a couple of weeks ago and stumbled on this video. The video tells of how a 26 year old living in Washington D.C spends his $45,000/year salary. I have now watched all the episodes of the series “millennial money” by CNBC Make it and these are my biggest takeaways especially as we look toward a new year.
- Credit cards — a double edged sword
As an immigrant, one of the things I received when I opened up my first bank account was a credit card. With minimal explanations on the cons and major emphasis on the pros, I was mailed a credit card to my delight. According to Experian, in 2019 the average American household carried $6,194 in credit card debt. Short term debt such as credit card debt can cause high levels of stress and anxiety in one’s life. Interest rates on credit cards also tend to be higher as such, you end up paying a higher price for whatever item purchased if the balance is not repaid when due.
But, some people have found a way to make credit cards work for them by capitalizing on the perks from some of these credit cards. This can range from cash back cards to reward/travel points you can redeem for merchandise or reduced airfares. Some cards also give you access to exclusive offers like VIP lounges and the likes. The key here however is to be…
