Wealth Wonk, literally defined, is someone who studies the ins and outs of finances. This is mostly centered around personal finance and investing, and is something everyone who yearns for a stable financial life years down the road should investigate. Knowing what to do when opportunity presents, and how to budget one’s finances, is what separates Wealth Wonks from the rest of the population.

Knowing what constitutes a good investment and what is an investment that should be passed up is what makes a good Wealth Wonk decision. Wealth Wonks will size up investments according to the risk factor, the sum of money required (and if it has to be borrowed or not), and whether or not there will be a say from the government or lender in the situation. Optimally, little interference and low risk are ideal. Having a perfect deal doesn’t always happen, and risk is usually moderate to high- so analyzing an investment to its core is always a solid idea.

Every dollar counts when an investment takes its toll on one’s money supply. One way Wealth Wonks save every dollar possible is through avoiding the credit industry as much as possible. While it’s good to have credit, and to build it over time, depending on it too much will result in hundreds to thousands of dollars each year in lost savings that could have been avoided. Instead of buying a new car outright, consider a slightly aged car or even saving up money for the new car to buy it all at once.
+ READ MORE

• 1 Comment