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Personal finance expert and author Ben Stein kept track of the best ways to do just that.
Here are somebad decisions that will lead to financial instability.
Dont Educate Yourself
Its no secret that personal finance isnt a priority in schools.
Purchasing things to impress others often results in living beyond your means.
Stein explains that spending more than you earn is an unsustainable practice that will drive you to debt.
Stein points out that one terrible financial decision is to collect credit cards and swipe them often.
If you do rack up credit card debt, its important to pay down as much as you might.
Payingmore than the monthly minimummeans youll save money in the long run and get out of debt faster.
While getting rich quickly can be tempting, Stein warns not to try and outsmart the market.
Instead of day trading and trying to time the market, make long-term investments.
These benefit from compound interest.
In the first year, youll make $700.
In the second year, youll earn 7% on $10,700, which earns you $749.
Over time, compound interest adds up.
To confirm you dont fall into one of these categories, its important to start saving for retirement early.
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