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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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best financial advice you can give
not necessarily because of the "economy"... but in general, what's the best advice you can give because you know it works because you do it.
mine is: to make sure you have a 6-month savings cushion for emergencies.
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Posted 6/19/08 7:54 AM  |
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Long Island Weddings
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: best financial advice you can give
make a budget and stick to it!
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| Posted 6/19/08 7:57 AM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: best financial advice you can give
mine i think would be to learn the difference between things you "want" and things you "need"..... and only spend money on the things you need.
you might want that $100 dress to wear to your friends wedding, but you don't NEED it- you can find one for cheaper and save some $$.
or you might want the new stainless steel appliances in your kitchen, but you don't need them because the white ones you have are fine.
i think so many times people get caught up in appearances and "pretty things" and spend so much money on them...
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| Posted 6/19/08 8:01 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: best financial advice you can give
Make a budget and stick with it.
Be mindful of your spending habits.
Try to save as much as possible.
Try to use debit cards instead of credit cards(works well for us over the years)
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| Posted 6/19/08 8:05 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: best financial advice you can give
Live below your means. Even if you HAVE the money, you don't need to buy a McMansion, all the in clothes or the fanciest car. We do very well, but our mortgage is still 15% of our take home pay, we buy used, non-luxury cars, and I bargain shop for clothes at Marshall's, TJMaxx, etc.
This gives us a lot of financial freedom to put $ into savings and retirement every month, take nice trips, and be able to invest our $.
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| Posted 6/19/08 8:09 AM |
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Theresa05
Sofialiciciousssssssssssss
Member since 10/06 4891 total posts
Name:
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Re: best financial advice you can give
Posted by Bxgell2
Live below your means. Even if you HAVE the money, you don't need to buy a McMansion, all the in clothes or the fanciest car. We do very well, but our mortgage is still 15% of our take home pay, we buy used, non-luxury cars, and I bargain shop for clothes at Marshall's, TJMaxx, etc.
This gives us a lot of financial freedom to put $ into savings and retirement every month, take nice trips, and be able to invest our $.
Why don't you have to buy a McMansion if you can afford it?
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| Posted 6/19/08 8:40 AM |
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LInative
LIF Adult
Member since 11/05 1977 total posts
Name:
Cassie
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Re: best financial advice you can give
Save something every month - religiously. Even if it's $5. Then increase the amount as soon as you can.
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| Posted 6/19/08 8:42 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: best financial advice you can give
Don't spend money you don't have.
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| Posted 6/19/08 8:42 AM |
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JP826
=)
Member since 9/06 10903 total posts
Name:
Me!! All about ME!
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Re: best financial advice you can give
Open up an IRA account.
I cannot stress how thankful I am for one of my coworkers pushing me to do this. I want to retire comfortably- not struggle.
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| Posted 6/19/08 8:46 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: best financial advice you can give
sock as much into retirement as possible..that will be the time you need it most because you may not be able to work or want to work into your late 60s and 70s..
my dad still has to work at 76..
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| Posted 6/19/08 8:49 AM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: best financial advice you can give
You can never start saving too early for retirement - start an IRA, 401K and/or investment account for retirement and don't touch it. Compound interest works wonders over the years and the sooner you start the better off you'll be.
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| Posted 6/19/08 8:52 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: best financial advice you can give
Posted by KLSbear
You can never start saving too early for retirement - start an IRA, 401K and/or investment account for retirement and don't touch it. Compound interest works wonders over the years and the sooner you start the better off you'll be.
for sure!!!
I see how much my parents have "saved" and I swear I will NOT be working as long as they are!!
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| Posted 6/19/08 8:54 AM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: best financial advice you can give
Use cash whenever possible
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| Posted 6/19/08 8:54 AM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: best financial advice you can give
Hands down, contribute to a retirement fund, which can be accomplished through a budget 
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| Posted 6/19/08 8:55 AM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: best financial advice you can give
Posted by KLSbear
You can never start saving too early for retirement - start an IRA, 401K and/or investment account for retirement and don't touch it. Compound interest works wonders over the years and the sooner you start the better off you'll be.
this is another good one! i remember my best friends dad sitting us down one day when we were like 17. he had just read an article about how much compound interest can help you save over the years and how you should start saving for retirement when you're young...so hes lecturing us about how important it it, etc. like i said we were only 17 then so we both sat there like rolling our eyes... but now that i'm older and working i can totally see his point!!! gotta save now when you're young so you don't have to work until you're in your 70's.
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| Posted 6/19/08 9:02 AM |
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lucyloo
nope
Member since 1/06 9758 total posts
Name:
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Re: best financial advice you can give
Use a credit card that has bonus points and pay it off every month!
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| Posted 6/19/08 9:02 AM |
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GioiaMia
Let's Go Rangers!
Member since 1/07 14818 total posts
Name:
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Re: best financial advice you can give
If you have credit card debt. STOP USING CREDIT, pay off as much as you can each month and only use credit again when you are down to 0.
Max out all of your retirement contributions ESPECIALLY if they are matched.
Write down all of your bills each month, pay yourself a certain amount each month no matter what - pretend that it is a bill that has a due date (by the end of the month X amount has to go into savings )
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| Posted 6/19/08 9:08 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: best financial advice you can give
Live well beneath your means.
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| Posted 6/19/08 9:22 AM |
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MrsB-07
proud RELAXIVIST
Member since 11/07 2027 total posts
Name:
b
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Re: best financial advice you can give
for one whole week - write down every penny you spend and what you spend it on... I think most people will be surprised to realize how much they actually spend in a week and how much little things add up.... all those extraneous things, like a cup of coffee here a pair of shoes there, all adds up to more than you think!
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| Posted 6/19/08 9:22 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: best financial advice you can give
Pay yourself first, even if it's $25 a week...it adds up.
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| Posted 6/19/08 9:34 AM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: best financial advice you can give
Posted by Theresa05
Posted by Bxgell2
Live below your means. Even if you HAVE the money, you don't need to buy a McMansion, all the in clothes or the fanciest car. We do very well, but our mortgage is still 15% of our take home pay, we buy used, non-luxury cars, and I bargain shop for clothes at Marshall's, TJMaxx, etc.
This gives us a lot of financial freedom to put $ into savings and retirement every month, take nice trips, and be able to invest our $.
Why don't you have to buy a McMansion if you can afford it?
she is just saying that this is what works for HER. She can obviously afford a nicer house, but by living BELOW her means she can save more money.
Maybe for you a McMansion IS below your means...or maybe not, it doesnt matter - she is just saying living below your means is her financial advice.
for me...I try not to pay full price for anything. It always goes on sale!
I try to invest in real estate, and save as much money as I can - as well as pay off my CC every month.
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| Posted 6/19/08 9:49 AM |
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MrsPorkChop
Twinning!!
Member since 5/05 9941 total posts
Name:
Missy
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Re: best financial advice you can give
if your company matches your 401k contribution dont be a fool - its free money! take advantage of it!!!
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| Posted 6/19/08 9:57 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: best financial advice you can give
Posted by MrsR
Posted by Theresa05
Posted by Bxgell2
Live below your means. Even if you HAVE the money, you don't need to buy a McMansion, all the in clothes or the fanciest car. We do very well, but our mortgage is still 15% of our take home pay, we buy used, non-luxury cars, and I bargain shop for clothes at Marshall's, TJMaxx, etc.
This gives us a lot of financial freedom to put $ into savings and retirement every month, take nice trips, and be able to invest our $.
Why don't you have to buy a McMansion if you can afford it?
she is just saying that this is what works for HER. She can obviously afford a nicer house, but by living BELOW her means she can save more money.
Maybe for you a McMansion IS below your means...or maybe not, it doesnt matter - she is just saying living below your means is her financial advice.
for me...I try not to pay full price for anything. It always goes on sale!
I try to invest in real estate, and save as much money as I can - as well as pay off my CC every month.
EXACTLY. This is what works for me. We buy our houses as fixer-uppers, and do the renovations ourselves, and buy homes well below our means, that are still in very nice neighborhoods.
The trade off is I never have to worry about money. I don't have to think twice about buying myself a nice gift, or splurging on a friend for her shower, or springing a considerable amount of money at the last minute on a trip with my family.
That, and, the alternative is that we save a ridiculous amount of money, are able to invest in property and stocks, and put a good chunk of money away for our retirement and my daughter's college fund.
I'd rather do that, than put all that money into a house that, while nice, isn't really necessary.
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| Posted 6/19/08 10:16 AM |
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vegalady
Love my family
Member since 6/06 4546 total posts
Name:
SNV
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Re: best financial advice you can give
start a retirement plan (401k, IRA), invest invest invest, buy used cars, dont buy clothes all of the time, live below your means, make lunch at home if you can, dont eat out too much, make a budget and stick to it.
These are the things DH and I do.
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| Posted 6/19/08 10:17 AM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: best financial advice you can give
Posted by Bxgell2
Live below your means. Even if you HAVE the money, you don't need to buy a McMansion, all the in clothes or the fanciest car. We do very well, but our mortgage is still 15% of our take home pay, we buy used, non-luxury cars, and I bargain shop for clothes at Marshall's, TJMaxx, etc.
This gives us a lot of financial freedom to put $ into savings and retirement every month, take nice trips, and be able to invest our $.
This is us too.
I don't have to work, but I do because that money is saved and invested.
We don't live in a McMansion... I drive a non luxury car. I don't wear desinger labels... etc.
Live beneath your means pretty much sums it up. 
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| Posted 6/19/08 10:32 AM |
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