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Some people are focused on getting debt-free, while others might be all about making the next big investment.
That stress often comes from feeling like theyre not doing things the right way.
Both are valid choices, Kennedy wrote.
The key is to stick to a plan thats achievable.
Balancing Debt and Savings
Some prioritize clearing debt before thinking about saving or investing.
Others balance all three of those things, going at a slower pace, Kennedy explained.
What works for one person may not work for another, and Kennedy said that both approaches are valid.
Some people benefit from the flexibility of renting, while others invest in property for long-term stability and equity.
It all depends on personal circumstances, lifestyle preferences and financial goals.
Building an Emergency Fund
Theres no rule on how big an emergency fund should be.
Financial preparedness looks different for everyone, and thats perfectly okay.
Both strategies work, depending on a persons financial goals.
Jade Warshaw wrote on Ramsey Solutionswebsitethat credit cards are not necessary and its better to live without them.
However, asForbesexplained, credit cards can offer convenience, security, bonuses and rewards.
Making Investment Decisions
Risk tolerance varies significantly from one person to the next, according to Kennedy.
She explained that some may feel confident with more risk, while others would prefer less risk.
A persons comfort level should be the guiding factor in any investment decision.
Financial freedom doesnt mean following someone elses plan.
It means creating a plan that fits personal needs and circumstances.
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