Do you wish you had done something sooner or better when dealing with money?
2007-02-13 10:19:07 · 7 answers · asked by zander1331 3 in Business & Finance ➔ Personal Finance
I wish I'd understood the time value of money; and that when you're 25, 65 actually isn't very far away.
2007-02-13 10:25:13 · answer #1 · answered by Rob D 5 · 1⤊ 1⤋
1) Save early, save often, leave it alone.
2) Be careful of credit cards.
3) Don't get service contracts on most things you buy.
Save early, save often, leave it alone.
If you lose your job, or want to take a vacation, or need money to buy a house, you always get the best deal if you can call the shots and aren't hostage to the only terms available to those with no extra bucks. Also, if you can get 20% down on a house, you avoid PMI (private mortgage interest). You can also deposit on an apartment, or whatever. Save, save - it'll be worth a LOT later on.
Be careful of credit cards
'nuf said.
Don't get service contracts on most things you buy
An expensive mechanical item, maybe, electronic items, usually not. If it's broken, it'll die quickly anyway. If they suggest it could break after a year, then you might not want to buy it anyway. I was in a Radio Shack once where they offered me a $9.95 (that was the minumum) service contract on a $9.95 item. It was ludicrous. Some places, like CompUSA, gave you a hard time if you DIDN'T buy a service contract. You know where they make their money. Some have backed off now, but still, it's not worth it, and then you have to keep track of the damned things as well. What you save on service contracts you can use to apply to the few things that DO break, and you'd be surprised how few actually do.
2007-02-13 18:33:19 · answer #2 · answered by T J 6 · 2⤊ 0⤋
Put about 10% of each paycheck into savings, 401(k), etc. Anyone who does this starting at age 25 will be a multimillionair by age 65.
2007-02-13 18:24:26 · answer #3 · answered by Flyboy 6 · 1⤊ 0⤋
Something like 73% of the Forbes 400 said, "Get out of debt, and stay out of debt is the single most important way to build wealth".
2007-02-13 20:04:35 · answer #4 · answered by dan h 2 · 1⤊ 0⤋
Zander - Love that name i wanted to name my second child if it was a boy
I would have started saving sooner put more in my 401K. Never borrow from you 401K unless it is the very very very last resort.
2007-02-13 18:29:47 · answer #5 · answered by Sandra D 3 · 1⤊ 0⤋
thats easy for me, i wish i would have started saving when i was 18, right out of highschool, i am 11 years behind where i could be
2007-02-13 18:27:37 · answer #6 · answered by swenjj 4 · 1⤊ 0⤋
NOT BORROW MONEY BUT TO SAVE CASH
2007-02-17 10:16:18 · answer #7 · answered by Debt Free! 5 · 0⤊ 0⤋