Most useful advice you've ever learned about $$$?

Question

This question is to fokes young and old, so please anwser? Thank you!

I, personally think the most useful advice i have ever learned about money was to alway balance your checkbook and stay on top of it because you do not want to go into dept. Also, to save pennies haha!

Answer 1

I have not balanced my checkbook in 10 years.

Never use a credit card.

Read Dave Ramsey's "Total Money Makeover"

Answer 2

First budget, budget, budget. Remember to budget for fun. Here's a good guide:
Net Spendable Income:*
Housing: 36 %
Food: 12 %
Auto: 12 %
Insurance: 5 %
Debt: 5 %
Entertainment/ Recreation: 6 %
Clothing: 5 %
Med/Dental: 4 %
Misc: 5 %
School/Childcare:** 6 %
Investments: 5 %
(* Income after the 10 percents listed below.)
"There are three primary categories in every person's budget: Housing, Food, and Auto. If these three combined percentages exceed 70 percent of your NSI, then it will be almost impossible to have a balanced budget."
Next, save, save, save.
If you are young -- say, 21 -- simply putting $2,000 a year into an IRA can help you save about $1 million by the time you retire. Older people can still catch up: you'll just need to be even more diligent about saving before you spend.
Marshall Loeb, former editor of Fortune, Money, and The Columbia Journalism Review
For teens: "If you’re 17 now and you save that $150 per month at an average rate of return of 8% interest, take out the bummer stuff like taxes and figure in inflation, you’ll easily have a million dollars by the time you retire. Even better, when you turn 18 you can open an Individual Retirement Account (IRA). With an IRA, the money you contribute grows tax-free. So go for it! Start regular deposits into your account today and make your plans to retire a millionaire."
Lastly, try the 10-10-80 plan: 10% of your income goes to God (or charity), 10% to savings and 80% is your net spendable income. Many blessings. Buttercup

Answer 3

I agree, balancing your checkbook is definately smart to do. You need to be aware of what is coming in and going out, or you'll get in a sorts of trouble. Money goes quickly if you're not careful.
On top of that I would say SAVE and make your money work for you. It might start out as just having a savings account & 401k, then move on to cds & bonds, etc. once you save some money.

Answer 4

Do not try to live above your means,inother words if you make twenty thousand dollars a year do not try and live like you are making more than you really are.Use credit only for assets that go up in value such as real estate.Next don't worry about keeping up with the jonses most of the jonses are in debt up to there eye balls trying to look rich.A penny saved is a penny earned,use coupons at grocery store.

Answer 5

The best adive came from geandpa. He said keep money in your pocket, the bank and always have a stash in the mattress.And if you are spending money how can u save. Learn to live off of free concerts and activities

Answer 6

The entire book, How to Become an Automatic Millionaire by Bach.

Answer 7

Keep,saving money

Buy things with better resale values,like gold and diamonds

Answer 8

The only things you should buy on credit are: houses, cars, education and home repair/appliances. For all other things, if you don't have the cash, you dont' need it.

Answer 9

Save every penny you can. Don't buy things on a "whim".
Wait for a month, and if you still HAVE to have it, buy it.

Answer 10

Always walk with your head down.
No one has ever "found" money by holding their head up.

A Russian grandfather.