Ever thought about what separates the well-off from everyone else? Surprise: It isn’t just a massive salary, a fancy degree, or top-tier financial advice. It’s often about nailing the basics and knowing the right people.
McKinsey & Co. recently dished out five major keys to understanding money. This stuff isn’t just for the wealthy; it’s for anyone wanting to get their finances in shape.
- Handling Daily Money Tasks: Loads of people don’t have the basics like checking or savings accounts. So they end up using pricier options, like places that cash checks for a fee or those quick loans. And for those with accounts, hidden fees can eat up savings.
- Getting Some Credit: Wanna own a home? You’ll probably need to borrow money. McKinsey pointed out that loans aren’t always easy to get, especially for certain groups. For example, getting a car can be pricier for some folks due to higher loan rates. And without a car loan, you might be missing out on job opportunities that could change your life.
There are more keys to unlocking the wealth game.
