[retiredguy123]

If you develop a frugal mindset, your income will have very little effect on your spending level.

[rjm1cc]

As mentioned your spending can keep up with your earnings. Therefore you should think in terms of saving a big part of any wage increase you get along the way.
You do not have to reduce your standard of living because you just got the income. Then invest in equities if your needs are a long way off.

[Henryk]

Eliminate all credit card debt. Start with the card that has the highest percentage rate. When that’s gone, put that much money , and more, to the next one, rinse , lather, repeat.

The monthly finance fees are RIDICULOUS. I call it usury.

Most are over 20% or even up to 29.7% per year. If you pay this, you’re really throwing away money.


Start saving for a house, if that’s what you want. Many transactions require 20% down, in cash. Good luck!

[graciegirl]

Originally Posted by Henryk

Eliminate all credit card debt. Start with the card that has the highest percentage rate. When that’s gone, put that much money , and more, to the next one, rinse , lather, repeat.

The monthly finance fees are RIDICULOUS. I call it usury.

Most are over 20% or even up to 29.7% per year. If you pay this, you’re really throwing away money.


Start saving for a house, if that’s what you want. Many transactions require 20% down, in cash. Good luck!

Excellent advice.

[Villageswimmer]

Originally Posted by l2ridehd

Tinker has an excellent list EXCEPT number 6. Almost all financial advisers do not have your best interest in mind. They will put you in investments like front end loaded funds, anninities, things where they make the most profit.

So IMHO number 6 should be: Learn how to manage your own money. Use low expense index funds only. Build a simple diversified portfolio using 4 funds. Total stock market, total bond market, total international stock market and total international bond market.

All other investment will cause the average investor to lose money.
Learn how to do that well with the proper asset allocation for your age before you invest in anything else.

+1
No one cares about your money like you. Educate yourself. Read. Live below your means. Visit bogleheads dot org. Learn Jack Bogle’s index fund philosophy.

[Marathon Man]

Strike a proper balance. Saving for the future is important and should be done. But, don't forget to allow for a good life all along the way.

[larcha]

You work all the time for the things you want.
But, you should only want the things you need.
You can work three days a month for the things you need.
Then you have time to do whatever you want.

[ColdNoMore]

Originally Posted by Villageswimmer

+1
No one cares about your money like you. Educate yourself. Read. Live below your means. Visit bogleheads dot org. Learn Jack Bogle’s index fund philosophy.

Yep.

I personally can't fathom paying someone else...to manage/invest MY money.

At the same time, budgeting to take those occasional vacations or doing those things that are really important to you, while you're still young and able enough to fully enjoy...should not be ignored.

A long life is not guaranteed any of us and seeing/reading of those people who die shortly before or after retirement, while scrimping and denying themselves all of their lives...is sadly all too common.

While I am one of the lucky ones that dosesn't have to worry about my old age finances, if I could no longer post here because I fell over dead tomorrow (don't get your hopes up...and you know who you are )...I wouldn't have a single regret.

[Chatbrat]

Would you pay someone to roll the dice for you ? Thats what you do when you hire a financial planner.

[BobbyC326]

I recently heard Steve Harvey speak to a group of young Millennials and he said you only have two choices:

1. You can work to live

or

2. You live to work


in the end what you put in is what you get out.

[petsetc]

My addition to all this good advice, take time to read Paul Merriman’s 3 free ebooks.
1. First-Time Investor
2. 101 Investment Decisions
3. Get Smart or Get Screwed

Found at paulmerriman.com

[manaboutown]

Even if your income would support you driving a Rolls Royce, stick with a Mercedes or BMW.

Enjoy life, but always spend at least a little below what your income would allow and invest the difference.

Most of all, start young! Million Dollar Savings Calculator: How Much Do I Need To Save to Become a Millionaire? | InvestingAnswers

[scottiee]

Here is one of my own. When I want [ key word is want] something I pick it out find the BEST price and wait 1 month or more!!! OFTEN,
very often after 30 days I don't want it. This also saves closet space

[BK001]

Originally Posted by scottiee

Here is one of my own. When I want [ key word is want] something I pick it out find the BEST price and wait 1 month or more!!! OFTEN,
very often after 30 days I don't want it. This also saves closet space

Oh this is soooo true! Many years ago I was addicted to any kitchen device/gadget that was advertised on late night tv. I made it a rule to write down the number but not to buy for a week or two. I can't tell you how much I saved in stupid impulse buys. (Now if I had a dollar for every 1-800 number I found around the house ...)

Although I have overcome those impulse buys, occasionally I get attracted to something or the other guaranteed to save time, money or labor. LOL. BUT WAIT, THERE'S MORE ... Now what I do is check Amazon for reviews on the item. That, in itself, has prevented me from buying a certain amount of junk!

[ColdNoMore]

Originally Posted by BK001

Oh this is soooo true! Many years ago I was addicted to any kitchen device/gadget that was advertised on late night tv. I made it a rule to write down the number but not to buy for a week or two. I can't tell you how much I saved in stupid impulse buys. (Now if I had a dollar for every 1-800 number I found around the house ...)

Although I have overcome those impulse buys, occasionally I get attracted to something or the other guaranteed to save time, money or labor. LOL. BUT WAIT, THERE'S MORE ... Now what I do is check Amazon for reviews on the item. That, in itself, has prevented me from buying a certain amount of junk!

The Great Ron Popeil!!


Ron Popeil - Wikipedia



I have to admit though, that a long, long, long time ago...I did once buy his 'Pocket Fisherman.'

Amazon.com : Ronco Pocket Fisherman : Baitcasting Rod And Reel Combos : Sports & Outdoors


I am shocked to see...that they're still making them.