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Getting smarter with money often requires no more than developing some new habits.
If youre an average shopper, you make 9.75 impulse buys each month, spending $28.90 per purchase.
Heres how it works: If you see something you want to buy, wait 24 hours.
If you still want the item at the end of the wait period, make the purchase.
Invest for the Long Term
Kamel advises long-term investing and riding out stock market drops, even significant ones.
Even missing out on only a few high-performing days can cost you.
Missing the top 10 performing days dropped that figure to $28,750, a difference of $34,055.
Buy and hold is apassive long-term investing strategyrecommended by many financial experts.
Passive investors often earn higher returns than investors who venture to time the market and frequently buy and sell.
Automate Your Finances
Kamel recommends automating your finances in two ways.
First, set up automatic transfers from your paycheck to your retirement accounts.
That way, as Kamel says, its out ofsight and mind.
Second, put as many bills as possible on autopay so you never miss a payment.
Automation doesnt eliminatebank and billing errors.
So, keeping a close eye on your accounts is another habit that may increase your financial IQ.
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