The financial services provider, Primerica, created what they call a Financial Security Scorecard. The scorecard consists of five behaviors or actions that people can, and should, take in order to better secure their financial futures. The idea behind it is if people do all five things, they are more likely to grow their wealth over time.
Unfortunately, when they surveyed people in the US, nearly half of all participants said that they engaged in two or less of the five behaviors. That spells trouble for our collective financial futures.
The first behavior on their list is “making more than the minimum payment on credit card bills every month”. The act of eliminating your debt is one of the most important things that anyone can do to secure their finances.
Click here to learn about the other four things people can do to improve their financial preparedness, and find out how many of these behaviors you are actively doing.