4 Money Secrets to Paying off Debt and Building Wealth

Stop worrying about money — it’s bad for you.

Studies show that financial stress can aggravate all kinds of health issues, like migraines, insomnia, heart disease and weight gain — not to mention our old pals anxiety and depression!

Money worries can rip apart relationships and ruin your peace of mind. If you want to stop worrying, what you need to do is take action. That’s right, TAKE. ACTION. And we’ve got an action plan for you.

You’ll feel better once you take these four simple, strategic steps. They’ll give you a real financial edge, and you’ll be on your way to paying off your debts and building your wealth for real.

1. See if You Can Cut Your Credit Card Interest Rate by 70%

Every month, you make payments toward your credit card debt. But you never seem to make a dent. It’s because of those sky-high interest rates — as much as 24% interest. It can feel impossible to get ahead.

But MoneyLion could help you find offers to cut your interest rate by 70% as soon as tomorrow.

Here’s how it works: MoneyLion can match you with new loan offers at a lower interest rate — as low as 5.20% APR*. That’s 70%* lower than the average credit card interest rate. And it’s the key to finally getting ahead.

You can use this new loan to pay off all your existing credit card debt, leaving you with one (cheaper) monthly payment that will help you get out of debt faster.

If you have a credit score of at least 620, you could get up to $100,000. With no collateral. And terms go up to 144 months.

Worried you won’t qualify? Take two minutes to check online and see if you could cut your credit card interest rate by 70%.

*Based on creditworthiness. Average credit card interest rate is 24.72% as of 8/14/24, according to Forbes Advisor’s weekly credit card rates report.

2. Stop Overpaying for Stuff Online

Wouldn’t it be nice if you got an alert any time you’re shopping online and you’re about to pay more than you need to?

That’s exactly what Capital One Shopping does.

Just add it to your browser for free, and before you check out, it’ll check to see if your item is available for cheaper somewhere else or if you are getting the best price available. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.

Let’s say you’re shopping for a new pair of shoes, and you assume you’ve found the best price. Here’s when you’ll get a pop-up letting you know if that exact pair of shoes is available elsewhere for cheaper.

In the last year, this has saved people $160 million. You can get started in just a few clicks to see if you’re overpaying online.

3. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

4. Leave Your Family up to $1.5M

Oh, to be a millionaire. Look, not all of us have the money to set up trust funds for our loved ones. But you could still leave them up to $1.5 million in life insurance — and you don’t even need to have the money in the bank.

You’re probably thinking: I don’t have the time or money for that. But this takes just minutes — and you could leave your family up to $1.5 million with a company called Bestow.

We hear people are paying as little as $10 a month.* (But every year you wait, this gets more expensive.)

It takes just minutes to get a free quote and see how much life insurance you can leave your loved ones — even if you don’t have seven figures in your bank account.

Mike Brassfield ([email protected]) is a senior writer at The SS. He tries not to worry too much about money — aside from writing about it, of course.

*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility in order to avoid requiring a medical exam. Prices start at $10/month based on an 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary based on underwriting review.