Best Financial Advice

[kayt]

Best advice I try to follow is to use cash and if I run out, that's it until next time.

What I do is analyze my income and try to figure out a reasonable amount of cash to take out at the beginning of each month (or end, whenever you want) and that's how much money I'm allowed to use that month for entertainment, grocery shopping, etc. The only times I would use a credit card would be for gas and large amounts of money (like car insurance or TVs or repairs). I've found that it really helps to cut down the amount of money I spend here and there for coffee or donuts or movies.

Now sticking to it is a totally different ballpark. I've veered off track a couple times but I've noticed that when I do, my credit card bills are full of little $3-5 expenses that add up.

[sandrark]

- Marry someone who shares your values. Divorce is expensive - in pain, in assets, in financial progress.

- Start investing for retirement in your 20's. With a 40-year horizon, you can afford to make mistakes.

- Save 15% of your gross income - 10% for retirement at a minimum, and 5% for house downpayment, car replacement, etc.

- Pay cash whenever possible.

- Corollary to the above: take the CCd and debit card out of your wallet. You can't spend with what you don't have.

[YLTL_Dan]

Control your money, or it will control you!

Also, to never ever have a car payment.

[AccountantSalary]

Here's a gem from Mr. Micawber in Charles Dickens' "David Copperfield:"

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

[dontgopoor]

Here's a gem from Mr. Micawber in Charles Dickens' "David Copperfield:"

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

A beautiful and loquacious quote from a great English writer.

My Americanized version: "Spend less then you make"

[CoolHandLuke]

Just kidding.

if you see it, want it, buy it, own it!

Lil' Wayne.

My Father told me to never buy something that you were not already looking for. sounds so simple that it shouldnt even be said right? you'd be suprised! it has actually stuck with me for a long time and helped me several times!

[bjl584]

My Father told me to never buy something that you were not already looking for. sounds so simple that it shouldnt even be said right? you'd be suprised! it has actually stuck with me for a long time and helped me several times!

Except for that Tundra huh?

[Blessed]

The best advice I ever got was when we were pretty young. DO not take more than a 15 year mortgage with a payment= to 1 weeks pay and too strive to pay that off way before those 15 years are up. Going along with this was my dads advice to not let your wants and expenses grow as your income grows. That advice has really let us save $ over the years. Without payments it is easy to save.

[victor06]

For me the best advice i ever heard it to control your self financially,when i was in Finland i use to go in tilitoimistot helsinki to get some advice and most of the advice i lot is that advice.Because even they say that you need to budget it is still up to you.

[UnknownXV]

Use a credit card, but pay off the balance every month.

It's convenient, more protection, and you can get cash back and reward points as well as building up your credit.

But this requires discipline. Never use the credit card unless you have the money to pay it off right away.

[siggy_freud]

Marry rich.

[LuckyRobin]

Be organized and tidy. How many times have you bought a duplicate of something you knew you already had because you didn't know where the original was? How many times have you gone out to eat because you didn't want to do the dishes you put off from the night before? I've even known people who have bought socks and underwear so they could go longer without doing laundry. More than twice.

Meal plan and manage your leftovers. Way, way too much food is thrown out because people don't keep track of their leftovers, and that is money in the garbage, plus paying extra to have more garbage hauled away. Also if you know what you are making for dinner based on what you have on hand you are less likely to go to the store when hungry and impulse buy or to eat out because you have no clue what there is in the house to make to eat.

[Chris Leese]

Invest early (even if just small amounts) to take advantage of the power of compounding.

[Augustine]

"I think it is a man's duty to make all the money he can, keep (save) all that he can, and give away all he can." - John D. Rockefeller, Sr.

- Earn money, save it, invest it and share it

- Give 10% of your income to your church or a charity of your choice

[terry0317]

pay bills on time and make extra cash