Imagine that you have gotten you first full-time job. You are now living on your own and managing your money. Since it is your first job, what you are making covers your expenses and leaves you with a little disposable income. What is the BEST next step to help you manage and track your spending?
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• Hire a personal CPA.
• Invest in a variety of stock options.
Set up a personal checking account.
Sign-up for several different credit cards.
Set up a personal checking account.
Setting up a personal checking account will allow you to easily track your income and expenses, as well as provide a clear overview of your financial situation. Additionally, using a checking account can help you establish good financial habits and avoid overspending. Hiring a personal CPA may be expensive and unnecessary at this stage, investing in stock options may be risky for someone just starting out, and having multiple credit cards can lead to overspending and potential debt. A personal checking account is a simple and effective way to start managing and tracking your spending.