7 Boring Habits That Can Make You Wealthy

7 Boring Habits That Can Make You Wealthy

Jenny Rose Spaudo  Thu, March 23, 2023

Despite what social media or TV shows may depict, building wealth typically happens slowly as you stick to smart money habits month in and month out. GOBankingRates interviewed several financial experts to uncover the boring habits that can make you wealthy.

Set a Budget and Stick To It

Whether you use a budget app on your smartphone or the old-fashioned envelope method, make sure to plan how you’ll spend your monthly income.

“Set aside a set amount at the beginning of the month and live within that budget,” said Jay Zigmont, CFP and founder of Childfree Wealth. “Envelopes of cash may have been replaced by prepaid debit cards, but the basics are the same and still work.”

How much should you set aside for each line item? That depends on your specific living expenses. Just make sure to leave room for paying off debts and saving if possible.

Pay Off Your Debts One by One

Whittling down your debts can help free up extra cash to go toward saving. Zigmont recommends starting with the loans with the highest interest rates, which usually include consumer debt like credit cards.

“Paying off your debt gives you a tax-free, risk-free return of the interest,” he said. “With credit card interest rates over 20% in many cases, paying off a credit card provides a return that will exceed most investments.”

Put Money in a High-Yield Savings Account

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