Avoiding Your Own Credit Crisis
These days it is so easy for anyone to obtain credit, whether it be credit cards personal loans or overdrafts, and getting yourself into financial trouble has never been easier. Unfortunately financial intelligence is not a subject at school and right from day dot we are taught all the wrong things about what to do with our money.
Most of our education comes from banks and financial institutions who advertise their products or hold little courses to teach you how to get the best interest rate on loans that you will pay off for the rest of your life through them! It is all designed to make them more money, however it doesn’t have to be that way.
If only we were taught the basics of money management when we were younger then I believe the world would not be in this financial crisis we are currently in.
The very basics that I believe should be taught at school are;
- Always save 10% of your wage no matter what.
- Only have one credit card for emergencies and always pay it off before the interest free period ends.
- Invest for the long term. Look 10 years ahead when buying property.
