The HealthAsset

Our financial habits make up who we are.⠀⠀
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Here are a few common examples of habits we should avoid if we aren’t already. Certain conditions usually come with some of these habits, such as paid phone apps. ⠀⠀
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As an example, if an paid phone app increases productivity, or is needed to help with forming other good habits, it may no longer be considered a wallet/purse drainer.⠀⠀
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$5 coffee may be acceptable once in a while, especially using the concept of positive reinforcement where certain beneficial actions being accomplished leads to rewards, but normally is a wallet/purse drainer being consumed everyday. If an individual buys a Starbucks coffee everyday for a year, it will cost them $1825. It can be a better alternative purchasing a coffee machine. Although it will have a large up-front cost, it will be more economically viable in the long run. ⠀⠀
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Bottled water is another that is not worth the price point. It is much more environmentally friendly as well as economically friendly for a person to use tap water. ⠀⠀
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Follow for posts on subjects of financial literacy, and investing.⠀⠀⠀
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Does this surprise you ?⠀⠀
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Of course, this is an hypothetical extreme example. Most individuals typically won’t finance an product just to pay the bare minimum, but there are still those who do!!⠀⠀
And as you can see, not only is Randy paying more in interest than the entire principal payment of $1000, he is also missing out on the opportunity cost of investing that extra $1145. It will take him 9 years to pay off that debt. ⠀
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Over a thirty year period, an investment of $1145 could have grown to almost $10,000 considering an average market return of 7%. ⠀⠀
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More so, we don’t even finance certain products to fulfill an internal desire or accomplish a goal that will lead to self-improvement but rather to impress others. ⠀⠀
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Looking “rich” is what the majority resort to with the availability of credit, but being “wealthy” starts with a shift in one thing: our mindset. ⠀⠀
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Follow for posts on subjects of financial literacy, and investing.⠀⠀⠀
If you found this post informative, save and share with friends!⠀⠀
Also,turn on post-notifications!!⠀⠀
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Do you use reward apps?⠀⠀
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This week, shopping rewards app Ibotta and Walmart teamed up to provide free dinners during Thanksgiving!⠀⠀
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Ibotta has also donated to Feeding America, a charity that provides food across its network of 200 food banks and 60,000 pantries in the United States and Puerto Rico.⠀⠀
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In a time where millions of Americans are lining up at food banks to put food on the table, and the economic uncertainty going forward, this was a kind gesture on the part of Walmart and Ibotta.⠀⠀
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Follow for posts on subjects of financial literacy, and investing.⠀⠀⠀
If you found this post informative, save and share with friends!⠀⠀
Also,turn on post-notifications!!⠀⠀
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