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He stressed the importance of building an emergency fund before diving into investments.
This provides a financial safety net, giving the security to invest for the long term and grow wealth.
High-interest consumer debt should be cleared first.
After eliminating high-interest debt, Faulkenberry encouraged focusing on savings strategies.
These are best for short-term goals, such as building an emergency fund.
These investments often lead to compounding benefits, providing both immediate and long-term returns.
One of most frequent mistakes people make with tax refunds is failing to plan.
This often leads to impulsive spending that doesnt align with financial goals.
Having a clear plan acts as a roadmap to achieving financial freedom.
A thoughtful allocation of funds allows for balance.
While enjoying some of the money is fine, securing a financial future should take priority.
Caitlyn Moorheadcontributed to the reporting for this article.
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