- There are six key steps to building lifelong wealth.
- Establish short-, medium- and long-term goals, and never stop making adjustments to them.
- Take care of urgent matters first, important matters second and nice-to-have issues last.
- Pay your entire balance off (on time) every month.
- Always stay under your 30 percent utilization rate to maintain good credit.
- Research your awards programs carefully.
- Leasing limits your mileage, but you don’t tie up cash, you drive a late-model car, repairs are limited, and you don’t have to sell.
- Buy if you’re looking at used vehicles that you plan to drive for three-plus years and you don’t expect major lifestyle changes.
- Four basic components of any type of loan are time, interest rate, loan amount and payment.
- Young adults tend to have four types of loans: student, auto, credit card and mortgage.
- A good credit score will give you much better terms on any type of loan—and save you thousands of dollars over your lifetime.