Say No to debt

I'll bet you dollars to donuts if you're young at some point someone is going to tell you to get a credit card to "build your credit". I'll also bet the majority of people who take that advice do build credit, but not in a desirable way. Having late payments and maxed out cards is hardly the path to success in life. Developing "good credit" so you can borrow more and more money to go further and further in debt is the antithesis to building wealth. In my opinion, you want to be the guy lending the money, not the guy borrowing it! You want to be the guy getting the interest, not the guy paying it. Instead of "building good credit", I want you to start building actual wealth and building up resources that pay you over time. Credit card companies spend huge amounts of money ensuring a never ending supply of bad advice keeps floating around out there. Why? Because remember that time, heck maybe even 2-3 years straight, when you "made" money off the rewards points? The first time you got behind, they made that back 10 fold in interest and fees.

Don't depend on a credit card for emergencies, that is what an emergency fund is for. Don't be the person paying interest, be the lender. If there is something you want, create a savings plan for it rather than buying it for instant gratification only to double the cost of the item with interest and fees by purchasing with credit. Everyone loves financial advice they want to hear. Everyone loves hearing there is some magic trick. Everyone loves hearing how they will somehow get ahead by buying more stuff. The problem is anyone giving out that advice is either broke or trying to sell you something. Consider the source!