According to LendingTree, 36% of Americans took on holiday debt this season, averaging nearly $1,200.
Ross Mac, host of Yahoo Finance podcast Financial Freestyle, joins Brad Smith on Wealth to share five key steps for financial success in 2025.
Mac notes that individuals must first and foremost make a budget to control their inflows and outflows and be knowledgeable about their annual expenses. The second step is to save $1,000 as soon as possible, followed by paying off bad debt, building an emergency fund, and starting to invest.
"It’s very important that you understand you can’t save your way to wealth; you have to start investing at a bare minimum," Mac explains, adding that the goal is to outpace inflation.
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