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These tips are either outdated or no longer applicable in the modern era.
Even those that could technically still work arent as effective as they once were.
Pay Down Debt With a Second Job
Debt is, unfortunately, all too common.
According to a2023 CNBC article, Gen Zs average debt balance was $9,593.
Millennials, on the other hand, owed an average of $78,396.
you might see rising costs in many areas of the world.
What this means is something that cost $100 in 2005 would now cost around $160.
Housing prices are also up.
Just a decade prior, it was $340,400.
There costs, like tuition, have also skyrocketed over the years.
But for many people, the reality is a little different.
So many U.S. workers are already cutting back on expenses to venture to make ends meet.
Oftentimes, younger generations will even set aside money specifically for dining out.
So, theres less of a reason to skip it altogether.
Bureau of Labor Statistics, the average person spends just under $4,000 a year on dining out.
This is about $333 a month.
Being loyal doesnt pay, said Tu.
When we lend money to rich people, we call it leverage.
Debt is not morally good or bad.
Used correctly, debt can end up being rather beneficial.
Some types of debt, however, can be expensive and lead to long-term financial complications.
Credit cards are chief among these bad debts.
Its not about avoiding it outright.
Its about taking it on and repaying it strategically.
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