Debt Free Journey (3 POWERFUL THINGS TO FOCUS ON!)

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So you’re debt free! You are on a debt free journey Your work isn’t done yet! I want to share 3 powerful things you should do. You want to keep the momentum going; so you don’t slide back. These will be new goals to help you grow financially. So watch these videos and it will take you step by step on what to do. Millennials listen up! Don’t you want to be debt free millennials! Debt free life feels so good 🙂

#Debtfree #lifeafterdebt #debtfreemillennials

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1. CHECK YOUR CREDIT
Making a final debt payment can feel freeing, but it won’t necessarily bump up your credit score. Worse, it can actually cause a dip in your score, as counterintuitive as that may be. To know why, it’s important to understand the factors that make up your credit score.

2. CREATE AN EMERGENCY FUND
A 2018 Federal Reserve study noted that 40% of Americans would have trouble coming up with enough cash to cover a $400 emergency expense. The good news for you is that now that you’re not using part of your monthly income to pay down credit card debt, you can set some of that money aside for your emergency fund.

This way, if your car suddenly won’t start, your basement floods or you’re faced with an unexpected job loss, you won’t need to turn to a credit card to cover bills. It’s a critical step to ensuring that you don’t fall back into debt.

And now that you’ve dispensed with those double-digit credit card APRs, consider what else you might do with the money you’ve freed up each month. You could focus your attention on other balances with smaller interest rates — student loans or car loans, for instance — or you could devote more of your paycheck to your retirement nest egg or a child’s college fund.

3.INVEST IN YOURSELF
Retirement may seem like it’s in the distant future, but it can creep up on you sooner than you think. So, would you rather be surprised with a large sum of money when you’re ready to settle down for good, or not have enough to do what you want?

Investing doesn’t have to be difficult or intimidating. Many employers provide what’s called a 401k, which is a type of retirement account. How it generally works is that you elect to set aside a certain amount of money from your paycheck. That money goes into your 401k account before it’s taxed. In some cases, employers will actually match a portion or all of the money your contribute to your 401k account.

If your employer offers a 401k, it’s worth considering it as an option for your future. But if your employer offers a matching contribution, most experts recommend taking full advantage of it — after all, it’s free money.

There are limits to how much you can contribute to your 401k plan each year, but if you’re eligible for employer match, strive to contribute as much as you can to get your full employer’s match.

There are other types of retirement or brokerage accounts you can open to set aside even more money or retirement. How much you want to set aside, as well as the types of account you want to open, will depend entirely on your situation.

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Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in an attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely.