Which credit card would you prefer -- one with no annual fees and a high interest rate, or one that has an annual fee but a lower interest rate?
According to Kiplinger's Personal Finance magazine, you actually may need both.
Use the high-interest card to charge items you plan to pay off in full during the card's grace period. As long as you don't carry a balance from one month to the next, no interest charges will apply.
The card with the lower interest rate -- probably about 14 percent -- can be used to buy items that you can't pay off in one month.
Whether you have one card or two, the best deal is to pay cash whenever possible.
Education pays. And here's proof: High school dropouts earn an average of $458 a month, while high school graduates average )) $967, according to the U.S. Census Bureau.
People with four-year college degrees earn an average of $1,804, and those with master's degrees pull down about $2,317.
You don't have to be a rocket scientist to buy stock or bonds through a mutual fund. But understanding a mutual fund prospectus does take some effort.
The Investment Company Institute, a trade association for the mutual fund industry, has a free booklet that walks you through a typical prospectus.
To get a copy, write to: Prospectus, ICI, 1600 M St. N.W., Suite 600, Washington, D.C. 20036.