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Homeownership is part of the American dream — but buying one before you're able can lead to financial disaster."Sometimes it makes sense to own a home," Orman tells Even worse, by taking part of your retirement savings out of commission even temporarily, you'll lose out on significant earnings if markets rise. "You will never, ever, ever have financial freedom if you have debt." Still, she points out that not all debt is the same.Mortgages and student loans can be considered "good debt," because home loans usually have fairly low interest rates and your degree is an investment that should generate a higher income over time.That way, you can grow your savings — maybe into a down payment on that home of your dreams.A good way to get into investing is through an automated investment service like Wealthsimple, which will automatically adjust your portfolio to protect you from market turbulence.
Using this strategy, a bad month for the market becomes a good month to invest.
"I wish for 2008 again," she tells Yahoo Finance, referring to the year of the big market meltdown. That’s when you could buy stocks for pennies on the dollar." If you train yourself to hold on tight through market dips, you’ll continue to build a solid portfolio with long-term earning potential.
It's important to have a financial adviser you can trust.
Our favorite financial guru advises Americans to avoid early retirement for a very good reason: It's worth it to delay taking Social Security until age 70.
"Every year you wait between your normal retirement age and 70, Social Security will add a guaranteed 8% to your eventual monthly payout," she writes, in .
During your vetting process, ask prospective advisers about how they'll be compensated for working with you, and about other services they can offer.