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Settinggood financial goalsis one thing, but avoiding financial planning myths adds a different dimension to building yournet worth.
Ramsey Solutions Take:If you believe youre always going to be broke, youre probably right.
And guess what what you believe has a direct influence on what you do.
These are often investments in your future, helping you acquireskills or propertythat can appreciate over time.
By 2025, experts predict a growing understanding of how to strategically leverage debt tobuild wealth.
If you do find yourself in the bad jot down of debt, there is always a way out.
But the credit score really only judges you based on your relationship with debt.
Suze Ormans Take:If you suddenly find yourself withunpaid credit card balances, dont panic.
Get control over your spending today, and you will have amuch better future.
In reality, retirement savings depend more on consistency and good habits than on how much you earn.
Ramsey Solutions Take:The key to building a solid future with your money starts with budgeting and saving.
And it doesnt start when you make more money it starts today.
But thats a dangerous assumption.
The reality is that many people are laid off from career jobs in their 50s.
Just something to consider.
Social Security is designed to supplement retirement income, not fully replace it.
Lets say you decide to takeearly retirement benefitsat age 62.
That means your monthly benefits payment would be $1,349.
But what if you waited until age 70?
Then, Social Security would send you monthly checks worth $2,389.
Suze Ormans Take:I also want you to know about an even bigger potential Social Security payoff.
Thats a guaranteed 8%.
There is no investment out there today that offers you a risk-free 8% guaranteed return.
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