all righty Daniel thank you so much well it's never too late to improve your financial situation because now is the time to look for either an open a CD or high yield savings account to earn more on your money of course it's important to pay down your debt to boost your credit score by taking these steps in March you'll better position yourself for financial success in April May June all of the months and even the years following that so how do you get started we got you covered this morning her
e we are joined by financial adviser Kevin Smiley joining us here Kevin I'm excited to learn about this because I think a lot of people are going to be really affected by this yeah thank you so much for for inviting me first of all and so uh there's a lot of financial issues going on today uh from inflation to uh taxes to uh uh you know national debt there's a lot of items going on right now right I mean credit card debt is the highest that we've ever seen uh it is and so it it it it's it's a si
tuation where where uh inflation is real okay so uh whenever you go to the grocery store you feel it I feel it yes uh and so some people don't have a choice and so so they rely on credit cards which kind of feeds the flame so to speak and so that's how they're coping uh with the higher inflation and so with all of that you know you got debt unfortunately that credit card debt however you're telling me that there is a difference between that good debt and bad debt yeah I think so and so so when w
e look at you know our clientele and we look at uh people's behaviors and so there's a common themes that we have uh observed over the years one is good debt right so good debt you'll think about when you purchase your house right and so whenever you have good debt You're Building Equity right your house will go up in value you're paying down that mortgage and so therefore that is considered a good debt okay bad debt on the other hand right is is where where folks have fall into a trap they will
uh they'll use that credit card just for everyday living expenses and at the end of the day they don't have anything to show for it besides the monthly credit card statement so it's what's going to help you in the long run especially when it comes to that good debt yes exactly you got to think long term you got to think about what's happening uh and so think about the assets that that you are borrowing money against you want those assets to go up in value over the long run well that's good too
because now a lot of us might be getting a lot more money very recently because of your tax returns that's right so what should we be doing to make sure that we're not being Frugal with that money okay so that's a great question I appreciate you asking uh first of all if you're getting a a refund back ask yourself why am I getting a refund am I withholding too much right so if someone now everybody's situation is different right so if if you have a credit card balance and you're getting a refund
here's your opportunity all right let's start fresh let's use the refund pay off those credit card debts okay don't fall into trap saying hey I got a big refund and I'm going to go look to buy whatever right okay and so so use it wisely use it efficiently and think about what is it going to do to improve your overall net worth okay how's it going to improve Us in the long run that's really what it's coming down to what it's coming down to you're exactly right so also just putting that money in
savings too is incredibly important as well it's incredibly important and so so I always call it the rainy day fund right yes and so it happens right uh you know the car will break down right or we need new tires the HVAC system breaks down we always need money as on a on a side right to meet these emergencies there you go Kevin thank you so much for stopping by this morning we always appreciate these tips over here so for all of us at home what we're going to be doing is posting this on our You
Tube page so you can watch it again we'll put your contact information there on my Facebook page later on this morning well don't go anywhere there was another Health crisis and it's rocking Britain's royal family
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