Roy4President
100+ Posts
Since many of you have been through some tough stuff and hindsight is 20/20, what financial advice can you give to a 19 year old?
Financial Advice?
- Thread starter Roy4President
- Start date
Don't ever buy a new car. The depreciation will kill you. Don't spend too much on a used car either. It's money down the drain in the long run.
Forget the IRA. The newest trend in retirement is not retiring. Someday you'll have a good job and make lots of money. The funds you've been socking away in an IRA at $3,000 per year will look like pocket change. IRA's are for teachers, postal workers and secretaries who know they will never make a lot of money.
Get a job in an industry were the companies or the bosses or the high acheivers make LOADS of money (think 7 figures a year). If there's a lot of money floating around, some if it may trickle down to you.
Blow all your disposable income on exotic vacations and extreme adventures. That way you'll always have good things to talk about at cocktail parties. You'll be the envy of all your boring *** friends. No one cares what kind of car or sofa you had 10 years ago. If you summited Kilimanjaro, however, that's still pretty damned exciting.
Bernard
Forget the IRA. The newest trend in retirement is not retiring. Someday you'll have a good job and make lots of money. The funds you've been socking away in an IRA at $3,000 per year will look like pocket change. IRA's are for teachers, postal workers and secretaries who know they will never make a lot of money.
Get a job in an industry were the companies or the bosses or the high acheivers make LOADS of money (think 7 figures a year). If there's a lot of money floating around, some if it may trickle down to you.
Blow all your disposable income on exotic vacations and extreme adventures. That way you'll always have good things to talk about at cocktail parties. You'll be the envy of all your boring *** friends. No one cares what kind of car or sofa you had 10 years ago. If you summited Kilimanjaro, however, that's still pretty damned exciting.
Bernard
Roy4President
100+ Posts
I have heard it is good to leave a little amount on your credit card each month? should i do that, or pay it off each month?
MilkmanDan
1,000+ Posts
Pay it off every month.
The only time I ever carry a balance is if it's on an interest-free deal and I always pay it off before the offer expires.
The only time I ever carry a balance is if it's on an interest-free deal and I always pay it off before the offer expires.
FROM SOMEONE WHO HAS MADE LOTS OF MISTAKES
Never try to hit a home run in the stock market, go for base hits and every once in a while the ball will get through for a double (metaphorically speaking).
Stay off the credit cards (advice above is correct).
Don't buy new cars, don't lease either (unless taxes favor you).
Never buy new construction from a tract home builder. If you do...don't take their financing.
When you do buy a home, take out a 30 year mortgage and make one extra payment per year toward principal.
Take up a career in something you enjoy, not what may seem to pay well. i.e. don't go into accounting because thats where the jobs are if you hate accounting.
Do not marry until your late 20's
Never try to hit a home run in the stock market, go for base hits and every once in a while the ball will get through for a double (metaphorically speaking).
Stay off the credit cards (advice above is correct).
Don't buy new cars, don't lease either (unless taxes favor you).
Never buy new construction from a tract home builder. If you do...don't take their financing.
When you do buy a home, take out a 30 year mortgage and make one extra payment per year toward principal.
Take up a career in something you enjoy, not what may seem to pay well. i.e. don't go into accounting because thats where the jobs are if you hate accounting.
Do not marry until your late 20's
tbone's theory of financial advice (similar to tbone's theory of exercise advice):
Your results will be 90% based on the fact that you are doing anything at all, and only 10% based on which method you are pursuing.
Bottom line: Learn to spend less than you make. Save money. Worry less about where to put it and way more on making sure you save some every month.
Your results will be 90% based on the fact that you are doing anything at all, and only 10% based on which method you are pursuing.
Bottom line: Learn to spend less than you make. Save money. Worry less about where to put it and way more on making sure you save some every month.
If you are a risk-taker and expect to get into business on your own one day, ditch the IRA/401(k) idea -- it locks up your money until your in your 60's and you can't use it for starting a business, etc.
Spend 20% less than what you take home and save the 20%. If you do that, you'll be in great shape.
Spend 20% less than what you take home and save the 20%. If you do that, you'll be in great shape.
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