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Advice to my Younger Self

September 6th, 2007 at 06:13 pm

I saw a similar article on another website so I thought I'd ponder it...

1. If you feel that you HAVE to spend money, buy something that will last longer than a meal.

2. You will not make enough money in the future to pay for the things you're charging now. You forget that while your salary goes up, so does the cost of living. You will want to buy a house, have children...they cost money that you can't put toward debt.

3. Stop trying to appear that you have more than you really do. It means nothing. No one is really paying that much attention to the car you drive or the clothes you wear. No one pays attention to you at a restaurant except the waiter. You have no one to impress.

4. FIND A HOBBY that can easily translate into family life. Travel to the places you dream about instead of eating out and buying useless expensive clothes. They won't fit you much longer anyway.

5. Go to financial marital counseling before the wedding. Don't just assume all as is good.

6. Even though you don't know how to invest, invest anyway. Something is better than nothing.

5 Responses to “Advice to my Younger Self”

  1. threebeansalad Says:

    Good advice. I especially like #5.

  2. Ima saver Says:

    Now if the young people would just listen!!

  3. fern Says:

    I don't agree with #7. If you don't know what you're doing, you could lose it all. Now, SAVING in a bank product like a CD, for example, is something different.

  4. db1974 Says:

    fern - I agree with your interpretation. What I really meant was that I understand investing...like the difference between stocks and bonds etc. But I've never understood how to literally begin. Who would I call for that? How do I choose one company over another?

  5. fern Says:

    Oh, I see. Well, to answer your question, if you don't know too much, just a little, and know you won't have time to research individual stocks, i would go with mutual funds. You could ask friends and family for recommendations, but if you read stuff here on that subject, T. Rowe Price (my pick) and Vanguard would be top contenders. Call their toll free number and explain your situation; they would likely talk with you a bit, find out what your goals are, and send you stuff to read on their funds. That's a starting point, anyway.

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