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Everyone wants to make the best financial decisions possible.
But you have to be careful because theres a lot of bad advice out there.
As Yang pointed out, cryptocurrencies, especially niche ones, are highly volatile.
This means they can dramatically decrease in value very quickly, making themriskier investments than more traditional options.
After all, the average U.S. household with credit card debt owes over $6,000.
You could theoretically avoid a lot of debt by never taking out a credit card.
Yang noted, however, that credit cards arent always bad.
You may even save a little money on your purchases thanks to cash back and other rewards.
He emphasized depreciation, the value an asset, in this case a car, loses over time.
As Yang explained, a new cars value drops dramatically in the first few years.
Yangs recommendation is to buy a used vehicle thats about three to five years old.
However, you may have debt balances with relatively low interest rates.
One commenter said theworst financial advicethey received was to aggressively eliminate these low-interest loans.
Yang acknowledged that there are two sides to this debate.
Yang said, I dont think its theworst financial adviceever to pay off your low-interest mortgage, for example.
Instead, deciding whether to prioritize eliminating low-interest debt is personal and depends on your goals.
Its not all about optimizing every financial decision to thevery last penny.
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