ok so my assignment is to get 20 peoples advice on how to be financially successful in managing your money. I need also your name and age.
Thanks so much!!!
2007-11-15 12:42:18 · 16 answers · asked by Anonymous in Education & Reference ➔ Homework Help
Put away 10% of every paycheck into an account and leave it alone.
It creates a nice cushion if you should ever run into trouble. To be really safe you should have at least 6 months of expenses saved up.
Harley, 22
2007-11-15 12:55:56 · answer #1 · answered by Harley 4 · 0⤊ 0⤋
Pay yourself first. Always take 10% of your monthly income and put it into savings.
Pay you bills as they come in and keep an accurate check register, so that you always know how much you have in the bank.
Learn the difference between want and need.
Try to use cash as much as possible and not credit. Remember you have to pay it back. With interest you will wind up paying for that new outfit three times before you are done.
As someone else said plan for retirement early. Putting $50-100 a month into a retirement plan will be greatly beneficial in the long term.
Stacey-30
2007-11-15 20:57:15 · answer #2 · answered by pureofheart 3 · 0⤊ 0⤋
Do not buy it if you can not afford it cash money.
Always talk the price down. If you can't then get it from someone else. If you can buy it with no money down and 0% interest, then take that offer and put the money you would have spent into the bank and get interest on it. When it comes time to pay for that item take the money out and pay for it. You made money from the interest. But be careful to pay it right away because if you dont they will hit you with back interest and all kinds of penalties. And I say it again, if you cant afford it, dont buy it.
2007-11-15 20:48:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Danelia -16
I don't have a job yet, but I get money from allowance, good grades, and little extra jobs (babysitting, shoveling driveways, ect). I know I have a shopping problem lol (jewelry, shoes, purses, shirts, video games, piano music and stuff/guitar stuff), so I keep a log of how much I spend and what I spend it on, and when I get new/more money. From their, I create a budget based on my plans (football games/movies/bowling/ect), lunch money, and emergencies (class dues, school supplies, ect). That really helps once you get used to it =D
2007-11-15 20:51:25 · answer #4 · answered by music ♥ 5 · 0⤊ 0⤋
Education is an investment which can not be lost or stolen. (unless you forget what you learn but for the sake of arguement lets say you don't)
Studies show that college graduates earn roughly twice as much as high school graduates.
Brian 16
2007-11-15 20:54:20 · answer #5 · answered by Turbs 1 · 0⤊ 0⤋
Over 21 hehe... I buy things that are semi used. If I don't need it I won't buy it. I also use store coupons alot. You would be suprised what someone can do on a tight budget.
2007-11-15 20:47:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Hannah, 16
Don't go into debt, and if you're already in it, pay it off as quickly as possible. Don't spend more money than you earn. Put money aside for emergencies and invest it.
2007-11-15 20:47:11 · answer #7 · answered by shaped 3 · 1⤊ 0⤋
If you buy everything you want you'll end up broke. Buy necessities with reward gifts once in awhile. Most important thing: Save your money!!! Don't spend it all!
*Michelle 17*
2007-11-15 20:51:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The biggest advice I can give: DO NOT SPEND MONEY YOU DON'T HAVE. Credit will suck you in, and you won't realize it until you can't pay it back. Rob - 16
2007-11-15 20:47:13 · answer #9 · answered by Robert H 2 · 1⤊ 0⤋
Begin your IRA with $25/month as soon as you get your first job. You'll retire early as a multi-millionaire!
Beth -- 48
2007-11-15 20:48:48 · answer #10 · answered by Anonymous · 0⤊ 0⤋