Final answer:
Staying debt-free is considered the top strategy for wealth building in the Forbes 400 survey. This includes timely payment of bills and careful use of credit. Strategies for wealth accumulation also include advanced education and early savings, while understanding the concept of fungibility can influence financial decisions.
Step-by-step explanation:
According to the Forbes 400 survey, the #1 key to wealth building is cited as staying debt-free. To improve one’s financial situation, it is recommended to pay all your bills on time and to avoid using too much of the available credit you have to spend. This approach helps in maintaining a good credit score, which is crucial for financial health.
It is noted that students who graduate from college often begin their careers in debt, illustrating the challenges and importance of early financial planning. To accumulate personal wealth, certain strategies can be highly beneficial, such as further education and training post-high school and beginning to save money early in life.
The concept of fungibility in economics suggests that each dollar is the same as any other dollar, thus paying off debt should logically be a priority over saving, as it improves net worth.