— Have a plan to build wealth and pay off debt. — Know how credit works. — Know what passive income is and how to create it.
Accredited financial counselor Bret Anderson of Morrison, Colorado, has spent much of his career helping incarcerated veterans get back on their feet and has also advised high-wealth clients. He says five things frequently predict who will manage money successfully. Self-assessments, like this quiz adapted from the Financial Health Network, as well as personal finance books and websites can help shine a light on what you don’t know.
Two habits — saving and investing — are crucial, he says. Good money managers also: IDENTIFYING THE GAPS
— Saving. It’s an essential habit. — Budgeting. If you don’t have a formal budget, check online for help creating one . Before you add complexities, be sure you are:
NAIL THE BASICS, THEN KEEP LEARNING If anything on that list is unfamiliar to you, that suggests a starting point for research. “There are plenty of resources just a Google search away,” says Heather Winston, assistant director of advice and financial planning at Principal Financial Group.
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