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This is the best thing to do with your money
©Danetha Doe
Danetha Doefounder of financial education company Money and Mimosashas helped entrepreneurs raise millions of dollars in capital and guided struggling millennials to achieve their financial goals.
No matter where you are on your financial journey or what your individual goals are, Donate – which is one of GOBankingRates’ The most influential women in money – believes that there is a practical rule that everyone should follow.
Here’s what Doe said is always the best money move to make.
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‘Pay yourself first’
Doe believes everyone should dedicate money to their own short- and long-term goals before doing anything else with their funds.
“Everyone should follow the rule of paying yourself first,” she told GOBankingRates. “Whether it’s growing your savings, contributing to your investments, or taking care of your well-being, use your money to take care of yourself first.”
‘Paying yourself first’ will be different for everyone depending on individual circumstances and goals. For example, if your goal is to save more, this will mean setting aside money regularly in a dedicated account.
“My advice is to use a high-yield savings account,” Doe said. “These accounts have higher interest rates and your money will grow faster.”
If your goal is to build wealth, you should look for ways to maximize your returns.
“My advice is to make your money work for you as quickly as possible,” said Doe. “You can do this by investing or building passive income streams.”
Jaime Catmull contributed to the reporting of this article.
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This article originally appeared on GOBankingRates. with: Financial expert Danetha Doe: This is the best thing to do with your money