In my opinion, Before getting out of Debt, you have to ask yourself…How did I get into this debt mess? We have to STOP the bleeding first! Next, if we haven’t done so yet then we want to set up 2 VERY important pieces in your budget and make them Automatic! Tithe first 10% of your income to your church. Next at least 10% of your income needs to Pay YOU for investment purposes. This is still your money just a different pocket. Then we need to automate these. If you get paid through direct deposit and you know exactly what dates you will be paid then automatically set up AUTO BILL PAY for your tithe. Your church will give you an address. For investments, you need a separate account for this. I recommend setting up an Ameritrade Account. I like Ameritrade because it is also a bank. They have a routing number and account number so you can give to your Employer for direct deposit for your payroll and say I would like 10% of my net income to go to this Ameritrade Account (give them routing number and account number) and 90% of my net income to go to my personal bank account (and provide your routing number and account number). You can move money in and out of your Ameritrade account, but it is also ready to BUY stocks, trade options, etc. If you are looking for a first investment, you may consider an Index fund that has 500 of Top Us Companies like VFINX that since its inception in 1976, it has earned around 11% a year. Or you may consider brk.b which is Warren Buffett’s Berkshire Hathaway which has averaged even a little better. Past performance doesn’t guarantee future results but they are invested over many companies and pretty solid track records! Then, Your goal is to add to these accounts but then look for diversified ways to INVEST your money and get the BEST RATE of RETURN safely. You want this to be LIFE WORK…. LOOK for Safe Diversified High Interest Rates! Small percentage increases can mean a HUGE difference in the long term.
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