If I knew then what I know now....

[Thrifty Ray]

What one tip would you give to those starting out on their financial journey that you wished you'd known back then???

Mine would be:

Rule #1 RETIREMENT is CLOSER THAN YOU THINK....even if you are only 18. Start saving as soon as you start earning... You'll be glad you did!

Rule #2 CC debt has cooties....

[gavinmccallister]

Re: If I knew then what I know now....

One tip that I would give is to question everything you buy (Do you really need it) I wasted alot of money through impulse buying I wish I had really focused on my saving. I thought I was a good saver, but in reality I spent too much and didn't really have a good understanding about saving. So watch what you spend your money on.

[contrary1]

Re: If I knew then what I know now....

Learn the difference between need & want ..........early on.

[jodi]

Re: If I knew then what I know now....

Ditto to contrary...
Also to evaluate your choices when it comes to college. I'm not saying it's not worth the money, but I wish I had considered a two year school first. The amount of debt students come out of school with is astounding - and I only had the subsidized loans. You don't realize when you sign up for those loans just how long you will be paying them...

[PRICEPLUS]

Re: If I knew then what I know now....

Squirrel away every penny you can. As was stated already, learn the difference between a need and a want. I would have my first check if I knew then what I know now. I was young and foolish then and as you know a fool and his money are soon parted!

[cercis]

Re: If I knew then what I know now....

Life is too short to work at a job you hate and in the long run it will cost you more than a job you love that doesn't pay as well.

I wish I had the money I spent shopping to compensate for how horribly unhappy I was at my first job. And the health I know I squandered.

[BCHGRL]

Re: If I knew then what I know now....

Build a basic wardrobe with simple colors - black, brown, navy and white. Only buy clothes or shoes when you really need to replace something. I used to buy whatever caught my eye. Now I see something and try to think of anything I have similar. If I own something that is not in horrendous condition, then I will not buy the new one.

Also, trends come and go but if you stick to classic styles, you'll always get your money's worth.

Lastly, eating out is expensive and makes you fat and spoiled. Once my husband and I stopped eating out, we lost 20-30lbs each, saved a ton of money, and my digestive system is much happier now.

[PrincessPerky]

Re: If I knew then what I know now....

Learn the difference between need & want ..........early on.

ditto to that, and beware of the 'pays for itself'

[NoWayNovember]

Re: If I knew then what I know now....

These all are great!

I wish I would have learned in my early college years that credit cards do not equal free money. I also wish there was more emphasis on financial education for teenagers and young adults so they don't fall into traps...

[kashi]

Re: If I knew then what I know now....

Start building up an emergency fund as soon as you start working. Use it only for real emergencies.

Start saving for retirement as soon as possible.

Don't go to a private college just because you think it will land you a great job. Chances are, it won't. Look into state schools and pay less.

Don't pay for things you don't use. If you stop going to the gym, cancel the membership!

[Ima saver]

Re: If I knew then what I know now....

They didn't have them when I was young, but open a roth IRa when you are a teen and get your first job! You can become a millionaire if you start that young!!

[JoyJoy]

Re: If I knew then what I know now....

Do buy disability insurance and KEEP IT IN FORCE. I started work at 16 and at the age of 31 I was diagnosed with Multiple Sclerosis. I was fortunate that I had the required 40 hours of credit as required by Social Security to get my own benefits as I had worked 10 out of the last 15 years when I was diagnosed. Disability insurance coupled with Social Security Disability benefits would have made things much easier as far as medical bills were concerned.

Have only 1 credit card and pay that one in full every month.

Don't plan on tomorrow's income. Live on what you have today.

Listen to your parents and observe their financial habits. If they manage well then pattern yourself after them. If they spend too much and have nothing left, then don't adopt their pattern.

SAVE SAVE SAVE!!!

[katwoman]

Re: If I knew then what I know now....

All of the above mentioned plus.......what I now know about credit lines and FICO scores and how they can be used for wealthbuilding.

I have to admit I am green with envy at some of the credit lines amassed by people on fatwallet.com and creditboards.com and what they've been able to do with those lines to amass wealth.

I will get there!

[Snoopy2645]

Re: If I knew then what I know now....

#1 I would have kept the guy I thought was too cheap to date & not stayed with the one who I thought had lots of money cause he was such a BIG spender!! SOrry couldnt resist that one but it is a good piece of advcie trust me on this one.


#2 I would have bought all baby stuff & kids stuff clothes & things at garage sales I would have a huge savings somewhere if I would have done this & BTW If you do this be the first one at every garage sale you will get the best picks!! And save tons!!!

#3 I would have listened to my mom I thought I knew everything at 16 & now at 29 I am finding out I know nothing!!!

#4 I would have kept the best job I ever had worked thier from 18-24 could have kept saving & not been where I am sitting today trying to scrape together pennies to pay the bills!!

#5 I would have stayed in college & not quit because I was too busy didnt have the time for that boy now I really know what its like not to have time married with 2 more kids later!!

[Lori63]

Re: If I knew then what I know now....

What one tip would you give to those starting out on their financial journey that you wished you'd known back then???

Mine would be:

Rule #1 RETIREMENT is CLOSER THAN YOU THINK....even if you are only 18. Start saving as soon as you start earning... You'll be glad you did!

Rule #2 CC debt has cooties....

EXACTLY!!
Also, college is closer than you think. Fortunately I am of the mind that my son can contribute-he's not getting a free ride-we are helping.