How to become rich

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6 Things That Kill Your Net Worth

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6 Things That Kill Your Net Worth, By Brandon Ballenger. 1. Not having an emergency fund, If you’ve set sufficient money aside, unexpected situations don’t become financial emergencies or debt burdens. 2. Keeping up with the Joneses, As Money Talks News founder Stacy Johnson has said, “You can either look rich or be rich, but you probably won’t live long enough to accomplish both.”. 3. Using debt/borrowing money to buy depreciating assets, You’re likely to end up paying thousands more than you borrowed. This is particularly true for new cars. 4. Buying more house than you need or can afford, Gaining home equity doesn’t mean much if you can’t afford the associated and sometimes hidden homeownership costs, from simple utility bills to property taxes. 5. Making early retirement account withdrawals, You can borrow against your retirement fund without paying financial penalties in certain scenarios, but in general, if you’re under the age of 59 1/2, you should be prepared to pay income taxes on the withdrawn amount and a 10% penalty. 6. Panic selling, Sooner or later, the market is going to crash — and on paper you’ll lose a lot of money. Once you sell, that money is actually gone. If you get scared off, you’re likely to miss out on the upswing

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