[thetruth]

[QUOTE=RayinPenn;1577406]Im putting together a list of financial dos and don’ts. (Yes I know there are lots of them out there but I’m looking for some TOTV wisdom) from what I consider the obvious like ‘Save first’ to the more controversial ‘put startbucks out of business’. If it helps what would you tell you 20 something self..

So list items like:
1. Save first
2. Put Starbucks out of business.
3. Brown bagging it sets the tone for frugality.

Also if there was a story you’d like to share where you learned a financial life lesson please share it. Like i said if you care to share Ill really appreciate it. Thanks RayinPenn[/QUOT

1. Weigh what others tell you carefukky.
2. In the end if you give financial advice and it works out the person you've advised will tell the world how smart they are. If, it fails they will tell the world how dumb you are.
3. Trust but verify.
4. Do not lend money. It always end badly. Been there done that. If, soemone comes to you for a loan, ask yourself why they cannot get a bank loan.
5. The magic of compounding and the magic of time.
At 8% claimed long term stock market return, your money doubles every aprox 9 years rule of 72.
6. Do not forget that losses also compound. I think most of us need to stop to think if asked-you have $100 and make 10% the first year. The next year you loose 10%
You do not have $100 you have 100+10%=110. 110=10%=$99. To get back to the $100 you had you need to add 1%. To get back to the 110 you had you need to make 99 aprox 11.5%.
7. Beware of the PARASITES-inflation and taxes. The FED tells us they have a 2% inflation target. As said above trust but verify. Regan controlled inflation by removing housing and fuel from the calculation. At the time they were the two highest sources of increases for Americans.
Today, our government could, same as Regan reduce inflation by removing Medical costs and school expense..