Kewho Min, Accountant, On Smart Things To Do With Money

Money. We all want it, and most of us work very hard for it, but when we get it, we squander it. We simply don’t know what to do with money. America consistently ranks as one of the most financially illiterate countries in the world. Unfortunately, our education system doesn’t focus on teaching children about the importance of understanding money and finance. But, it’s never too late to learn how to handle your money. It’s a skill that will always be useful. So, in an effort to provide people with the skills and knowledge to take control of their money, I figured I would highlight a few smart things that you can do with your money.

Create An Emergency Fund
We’ve all been there: you’re working a long, hard day and while walking, you accidentally roll your ankle, which prevents you from working. You don’t have any sick leave and you have bills to pay (not including a brand new hospital bill for your ankle). You have no emergency funds and you are going to struggle for the next couple of weeks. This exact situation can be avoided by planning accordingly. A great way to save your money is by having a set amount of money from your paycheck go straight into your savings account. This way, it is all done for you and you never have to remember to do so. Then, after several months of doing this, you will have a nice and healthy savings account for those unpredictable rainy days.

Get Rid Of Your Credit Card Debt
If you’re like most American adults, you probably own a credit card. And according to a recent study, credit card debt has reached an astronomical high ($1 trillion-worth. You’re more than likely part of that trillion, so, if you have any extra income, why not invest it into getting rid of those unnecessary debts? Chances are you have a mortgage, car, insurance and student loans to pay; why add to your plate with a credit card payment? What’s more, you can also improve your credit score, which can drastically affect your next large purchase.

Buy A Car
One of the greatest investments any person can make is purchasing a car. The ability to get from point A to point B on your own is taken for granted too often. Take any extra income you have and invest it into a car. You won’t regret it

About Kewho Min

Kewho Min is a seasoned professional accountant with decades of experience in finance and accounting. Currently, Kewho Min serves as the vice president to a high profile financial institution. Outside of work, Kewho Min is an avid fan of sports, particularly football and baseball, and thoroughly enjoys New York City and everything it has to offer.