YOLO! “You Only Live Once,” so you might as well buy it right? Rapper Dee-1 is making being financially savvy cool, from his hit single “Sallie Mae Back” to new hit “No Car Note,” Dee-1 is taking on challenging topics and starting conversations. Like how is it that, America is one of the wealthiest counties in the world, yet 76% of Americans live paycheck to paycheck (CNN Money)? Financial professionals find that most people are doing poorly financially for one of three reasons. They don’t have a financial education, they don’t have a financial coach, and they don’t have a financial plan. When you don’t know the rules to the money game you can easily be taken advantage of.
A lot of Americans get taken advantage of when it came to purchasing a home, purchasing a car, or saving versus investing their money. Attend home buying workshops before purchasing a home and seek advice from someone who has already been through the process. When purchasing a car its best to not purchase it brand new. You can save thousands of dollars just by purchasing the pre-driven model that is a year older as cars lose value as soon as you drive it off the lot. Learning the Rule of 72 can help you make wise investment options. Once you understand the rule of 72 you will more than likely decide to invest your money as oppose to leaving it in an savings account allowing banks to make tons of interest off your money and paying you pennies if anything.
Imagine if you didn’t have to make that monthly student loan payment. Imagine not having to pay a monthly car note. What could you do? Could you afford a lavish condo? Could you take an amazing trip out of the country? Or maybe you would put your kids in a private school? With more money doesn’t bring more problems, it provides you with more choices. Don’t try to keep up with the Jones’, be like Dee-1 and get rid of that car note.
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