Or what is the best quote you have read about money?
2007-01-06 13:58:20 · 21 answers · asked by Leveled Fellow 2 in Business & Finance ➔ Personal Finance
Well, I was going to say that if you invest $5 every week for your children they should have enough money for college, BUT...
Now I think COOKIE's advice is the best I've heard!
2007-01-06 15:23:01 · answer #1 · answered by Trust no 1 3 · 0⤊ 0⤋
I know it sounds very generic, but the best advice is to become educated about money in general. Knowledge is power, especially with how legalistic contracts have become.
Generally though:
Don't borrow money you can't pay back.
If you want something, save up for it, don't buy it on credit (except for cars and houses of course).
Keep a budget, so you know where you can cut expenses and where your money goes.
Save for retirement!
2007-01-06 14:02:05 · answer #2 · answered by lesaint770 2 · 1⤊ 0⤋
I heard it in a book on parenting I read in high school:
"Give 10%, save 10%, and spend the rest with thanksgiving."
But, the second best one is, "Start saving for your retirement early. With the power of compounding, the money you save at your youngest is the money that will make you comfortable when you're old."
2007-01-06 14:10:25 · answer #3 · answered by Tub T (Mike Blanche) 2 · 1⤊ 0⤋
My papa taught us....
When buying something...
always figure out how many long hours
you would have to work to purchase an item
and decide if it is worth your long hours of labor.
for example....say I make $5 an hour.
I want a CD of my fav band. It costs $20.00.
It's my fav group and I would listen to it all the time...
so yes, it is worth it.
or,
I'm going out on a special date with a special guy.
I like this dress for $50. I would have to work 10
long hours for this dress. And....how many 'special' dates could I have with this 'special' guy?? I could only wear it 1 or 2 times if this 'special guy' is
the 'one'. So...no. It's not worth it. I would go for something less expensive and more versitle where I
could mix and match with other pieces I already have
and could have lots of 'special' dates.
Money advise I've given my children....
When they got their first job....this is what I would
have them do with their check.
1/3 room and board....to me [actually went for savings bonds for them].
1/3 spending on themselves.
1/3 savings.
Taught them at a young age....that all the money you make....you can't keep. So...the money you can keep...you have to make it grow.
2007-01-06 14:22:41 · answer #4 · answered by COOKIE 5 · 2⤊ 0⤋
How about the best discovery? Live under your means. You don't need a flashy new car, you don't need the latest gadget. If you can live under your means and stay relatively debt free, you have a lot of flexability and freedom in your life. When you are in debt your options are limited.
2007-01-06 16:02:47 · answer #5 · answered by Anonymous · 1⤊ 0⤋
save, save save.......Try to save 12% of your income annually. Put a large part into CD's and stagger the maturity dates...the rest put into the stock market in Exchage Traded Funds (ETF's) such as SPY.
Good Luck!
2007-01-06 14:01:33 · answer #6 · answered by fade_this_rally 7 · 0⤊ 0⤋
Buy only what you can afford. Try pay mostly in cash if able. Be cautious with credit cards. Of course, can't always pay cash in full, but I grew up hating debt.
2007-01-06 18:14:15 · answer #7 · answered by eirama21 3 · 0⤊ 0⤋
"invest 10% of every dollar you earn" Dave Chilton, the wealthy Barber. If you haven't read it. I suggest you do.
2007-01-06 14:12:13 · answer #8 · answered by 67bird 2 · 0⤊ 0⤋
Create passive income
2007-01-06 14:06:20 · answer #9 · answered by Hawkeye77 2 · 1⤊ 0⤋
Money is the dirtiest thing in the world because it has been in the hands of millions.
2007-01-06 13:59:45 · answer #10 · answered by 143 2 · 0⤊ 1⤋