[C4Boston]

Live within your means. Buy the Toyota not the beemer
Never take a loan you can not pay back. This goes for homes, cars, education.
Max out your 401K, then add more.
Walmart sells great clothes, don't need Prada.
Never take possession of anything that eats.
Marry the person who thinks the same.
Move to the Villages and live happily ever after.

[Gpsma]

Work hard and earn the money you need and want.

Save and invest for your future.

Don’t be so frugal that you deny yourself anything, within reason, because it’s a few bucks more than you wanted to spend.

Remember, saving money won’t buy you another day of life.

Try to spend your money in retirement and don’t leave a cent to your adult children.

[graciegirl]

Originally Posted by Gpsma

Work hard and earn the money you need and want.

Save and invest for your future.

Don’t be so frugal that you deny yourself anything, within reason, because it’s a few bucks more than you wanted to spend.

Remember, saving money won’t buy you another day of life.

Try to spend your money in retirement and don’t leave a cent to your adult children.

What if you like them?

[manaboutown]

Well, I would start out advising one at an earlier age, perhaps about age 15.

The first thing I would suggest is invest in the best education possible in accordance with one's abilities and interests. One's education is something one can never lose in a divorce, bankruptcy or catastrophe. In most cases it also determines one's future socioeconomic demographic - income level and lifestyle.

Then I would encourage one to always live well below one's spendable income, save a reserve and then invest. The earlier one starts and the more one saves and wisely invests the sooner one can become financially independent. As stated above by I2ridehd low cost diversified mutual funds are the safest and surest way to invest over the long term for almost everyone.

From my teens on I have invested in real estate but it is not for everyone.

[Fraugoofy]

Make Goodwill, garage sales and estate sales your friend. Buy only what you need. Upcycle and recycle as much as possible... good for the wallet and good for the environment.

Originally Posted by RayinPenn

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

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[Cedwards38]

(1) Invest in a diversified set of low fee mutual funds that include large, mid, and small caps along with internationals and bonds, and then leave them alone.

(2) Do not, I repeat, do not try to time the market.

(3) Do not pay fees to anyone who tries to convince you that they know what the stock market is going to do, because they don't.

[Topspinmo]

Don't charge food, you pay interest on the stool sample!
Cut up the credit cards
If you can't pay cash you don't need it.
Don't need 60k plus SUV or car, 25k will get you there just as fast and will be worth more in few years, and just as reliable.

[BK001]

Educate yourself along the way. Off the top of my head some wonderful books that have withstood the test of time include:

The Wealthy Barber
The Millionaire Next Door
The Richest Man in Babylon
A Random Walk Down Wall Street
One Up on Wall Street
Reminiscences of a Stock Operator
The Little Book of Behavioral Investing
The Way to Wealth
Common Sense on Mutual Funds

[manaboutown]

I would add Thomas J. Stanley's sequel to "The Millionaire Next Door" "The Millionaire Mind" which I found even more revealing and informative.

For those really into investing in publicly traded securities the original 1934 edition (reprinted) of "Security Analysis" by Graham and Dodd is a bit of a tome but worth studying.

Although my father had rental houses and I was the maintenance slave what got me really interested in real estate investing was "How I turned $1,000 into a Million in Real Estate in my Spare Time" by William Nickerson. He updated it to $1,000 to $5,000,000 a few years later but I picked up the original at a Brentano's in Washington, D.C on my lunch hour in 1966 and shortly thereafter bought my first real estate investment, a four unit building on Capitol Hill.

[JoMar]

Make sure you spend your kids inheritance

[justjim]

1. Save enough money for at least a 3 month emergency fund.
2. After accomplishing no. 1, save enough money for a 20% down payment on your first time house.
3. After accomplishing no. 1 and no. 2, budget a monthly sum directly from your payroll into a no load of 5 or 6 mutual funds.
4. Always pay off your credit card at the end of the month.
5. If married, establish a regular date night to keep the “Home Fire” burning brightly.
6. Don’t forget to budget a yearly vacation for rest and renewal.
7. Treat your physical and spiritual health appropriately as we only have this one life to live.

[B-flat]

Originally Posted by Fraugoofy

Make Goodwill, garage sales and estate sales your friend. Buy only what you need. Upcycle and recycle as much as possible... good for the wallet and good for the environment.

Great advice! We have just furnished our seasonal home with resale items from a consignment shop and estate sales. At least to me it’s a bit of a surprise that we were able to purchase the hardly used furniture and items for the rock bottom prices we paid.

[collie1228]

Learn about diversification and low cost no-load index funds and exchange traded funds (ETF). Invest accordingly. Let your diversified portfolio protect you in bad times and reward you in good times; don't ever try to predict the market by selling - you will be wrong and it will cost you money.

[2BNTV]

Best financial advice I ever received was, Pay your bills first, always save 10% of your paycheck, the rest is your screwing around money.

If one's children start at the beginning of their working careers to invest into an IRA and make it a point never to take those funds for any reason, they will have enough money in retirement. One must live within their means.

Pay for your credit cards fully at the end of each month so you don't pay 22% in interest. Paying that kind of interest, is highway robbery.

How one views money is very important. IMHO

[Chi-Town]

The old saying goes that your level of spending will always rise to your level of income. The best way to beat that is to max your pre tax 401k or equivalent and take advantage of any after tax payroll offerings.

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