- It’s important to know your options in choosing a loan to fund your education as there are big differences between federal and private loans.
- Federal loans have several flexible repayment options whereas private loans do not.
- Paying your first loan payment on time and in full helps build your credit and keep it high so you can reduce interest expense on other loans.
- When getting an auto loan, you want to be sure you know what’s involved so you are not caught off guard with hidden fees or payments.
- The elements to consider when getting an auto loan are your budget, savings, credit score, amortization, depreciation, and buying new or used.
- You can get a loan through a dealership, but be sure to check on deals straight from financial institutions as well.
- You can’t get away from taxes, but people who are well-informed pay less.
- The majority of Americans pay not one but three taxes on their salary—federal, state and payroll.
- There are a myriad of deductions, exemptions and strategies you can use to lessen your tax bite and accumulate wealth from Day One of your working years.
- When investing, always look for tax-deductible, tax-deferred and tax-free options.
- Compound interest, computational skills and amortization are the three key money concepts we all need to master.
- As Einstein observed, compound interest is a saver/investor’s greatest friend and a debtor’s greatest enemy.
- Creating a budget and sticking to it are essential to building wealth and a secure financial future. Budgeting just takes discipline and the basic math skills that you learned in middle school.
- When paying off a long-term loan, pay attention to the principal versus the interest, not just your monthly payment amount.