One of the underlying principles of Lifehacker is that not every hack works for every person.
But there are some rules-of-thumb that make sense for pretty much everyone to follow.
But those go without saying, er, writing, right?
You might think that this applies to all debt, but thats not the case.
Theres a difference betweengood debt and bad debt.
But it can also be bad if it oppressively overshadows every financial and career decision you make.
As with all things, there are shades of gray and variations between the two extremes.
Not everyone has access to one or spare cash to put away.
But, theyre also one of the most efficient financial vehicles offered to full-time workers.
As I wrote previously:
You should think of that money as part of your compensation.
Its the same thing with your 401(k) match.
Suddenly your two percent contribution becomes four percent.
If you dont put in enough to get the match, youre essentially forfeiting a portion of your salary.
When I did, I saw that the account tied to my old employer was completely drained of money.
Balance: $0.
I had a momentary freakout, and then texted an old coworker.
Youll save yourself a lot of headaches (and shock).
This is especially true for seniors.
Something else youll want to ignore?Credit card convenience checks.
That means automating your savings from your paycheck, ideally before you even receive it.
Many financial services and products exist solely because they make other people lots of money.
When in doubt,follow Jack Bogle.
Exceptions: Youre already rich and you like to play around with day trading.
Just kidding, dont do that either.
ensure thats spelled out in your lease.
You didnt realize your car loan included an extended warranty.
Your gym automatically renews for a year-long membership after the one-week trial.
Your payday loans costs you significantly more than you understood when you signed up.
Your student loan interest starts accruing while youre still in school.
A credit card you use has a deferred-interest policy that kicks in after a certain number of months.
But as with most things in life, theres a huge caveat: Results arent guaranteed.
No one can actually predict what the stock marketor your bank, boss, spouse, etc.will do.
Thats important to keep in mind when researching any sort of fund, credit card or bank account.
Similarly, know that nothingexcept death and taxesis guaranteed.
Everything changes and nothing stays the same.
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