Scott AFB - Airman & Family Readiness Center
Scott AFB - Airman & Family Readiness Center

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This site is a public service by the Scott AFB, Airman & Family Readiness Center.

The presence of commercial and external hyperlinks doesn't constitute endorsement by the A&FRC, Scott AFB, AMC, the USAF, or the Department of Defense (DoD), of the external web site, or the information, products or services contained therein.


Eligibility Statement: DoD Personnel & families - including military members, all Service & Guard, Reserve, military retirees, DoD civilians, NAF personnel & immediate family members. Other uniformed services include US Coast Guard, National Oceanic & Atmospheric Administration, uniformed State Department personnel, Public Health Service personnel & members of units assigned or attached to a US installation.



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When it comes to building wealth, it can seem like all of the advice is written for your parents or even their parents. What do you do if you're ready to get moving on your financial future but you're still in high school?

Braden, 17,
called Dave's show to find out. Braden explained that he has a $500 emergency fund in place, college is paid for, and now he wants to know what to do next.

Maybe you're trying to be smart with your money and have been wondering the same thing. Where do you start? As Dave explains it, you really need to follow just five keys to make sure you build wealth over the long haul. Anyone who practices these five principles in life will win as they maximize the good and eliminate the bad!

Stay out of debt.

When you don't owe anything to anyone, you keep your money with you. You also don't pay any interest. If you finance a $20,000 car at 5% over four years, you pay $22,108 for a $20,000 car. That would be like walking up to the dealer and saying you want to pay too much for the car, and you won't take no for an answer. It makes no sense.

Save money.

Money gives you options. If you have $10,000 saved in a money market account for emergencies, then you're prepared when some idiot driving alongside you changes lanes without signaling. If you save money, you can get a deal on that used car or big-ticket item you want by flashing the cash. Saving money year after year in investments will also give you a very comfortable retirement.

Live on less than you make.

How can you ever expect to be wealthy if you earn $4,000 a month but spend $5,000? When you spend more than you make, you dig yourself deeper into a hole. Not only do you have nothing, but you owe something. Live on less than you make, and you'll always have enough.

Make a written budget each month.

A spending plan is like a treasure map. It shows you what to avoid and what path you should take, and it leads you to riches. Before each month begins, write down what you are going to spend that month. Make your income and outgo equal zero. Do it every month because your spending is always different. An April budget won't do you much good in December. Making a plan and sticking to it will also prevent impulse spending, which will sink you in a flash.

Be a giver.

This is probably the one you didn't see coming. Doesn't giving mean you have less money? Technically yes, but giving has valuable benefits. For starters, giving to others makes you more appreciative of what you have, which can actually help curb your spending. Second, people who give tend to find blessings and attract people into their lives who cause them to be blessed more.

These tips for young adults are crucial to building a strong financial foundation. And the longer you apply these principles, the more you'll see that it's worth it—and then some.  You can be a millionaire!!

Did you know that someone with a bachelor's degree will earn $1,000,000 more over their lifetime than someone who only completed high school. Yes, $1 MILLION!


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