These are all great! My best financial advice deals with the attitude and
emotions you have with money. When buying something, you may feel like something
is taken away from you. This is not the abundant mindset. So you can trick
yourself in a way. Because the mind can't tell the difference between an
experience you create outside (physical) or inside (imagination). So this
is what you can do: Carry cash around in your pocket and throughout
the whole day, imagine spending it. But then look back in your pocket after the
experience to see the money is still there!
Don't buy anything you don't have the cash for. I paid every cent of
my college education (2 degrees). The lessons I learned through that process
were very valuable.We did take out a 15 yr loan for our home 20
years ago. We paid it off in 7. These lessons must be
generation-skipping because I cannot for the life of me convey this same
advice/counsel to our children, one of whom is requesting that we cosign for
something today. Heaven help the next generation.
Best advice I got: Write down everything you spend money on. Every penny.
(Spreadsheets are great for this.)At the end of the year, total up
the categories. You will be utterly horrified by how much you spent on things
you don't use, clothes you don't wear, food you never ate, and
carry-out or restaurant food that you could have cooked at home. I used to go
out to lunch every day and eat mediocre food, and then I realized I was spending
over $2000 a year just on that.Just seeing how much money leaked out
of my wallet each year prompted me to make some lifestyle changes that
didn't hurt all that much and saved me thousands of dollars each year.Worst advice I got (and never used): I once read a book on how to be
thrifty. It actually advised you to save money by not having your male children
circumcised at birth. Oh, and Heloise once mentioned some guy who washes and
recycles his paper coffee filters. I guess I could think of worse things to
I save and invest a little; but I tell you it is extremely difficult.It is
crazy expensive to live in the United States anymore.
I am saving myself for marriage.
But bo and our leaders tell us it's okay to borrow, spend, print and
leverage on the backs of our children.Somehow this is the only way
to prosperity. yet our country has $17 Trillion in debt. Which is $7 Trillion
more than when bo inherited this "mess". We have $70 Trillion unfunded
liabilities. And yet the answer is to simply tax the snot out of those few that
are still working and spread the wealth to those who refuse to do for
themselves.The whole time we have a president that takes more
vacations, golfing trips, parties with the elites and the least transparent.Yet his minions keep chanting yes we can yes we can yes we can, while
the country goes down the toilet.
My dad told me "never own a dog you can throw. Because you will." Sage
Shakespeare said, "Neither a borrower or lender be."
Get out of debt. It is tremendously comforting to know you don't owe
Invest in pork belly's. The thing is. What ever your thing is. Don't
have more things than what you can do. Keep it simple, one thing at a time.
My Dad always said, "If you cant pay cash, you cant afford it!" Wish
I'd listened!!! :)
Budget, and when you do include a reasonable amount each month you don't
have to account to anyone for.
I tell the kids to live below their means. A new car is almost never justified.
As dual citizens I tell them they must live at home in Canada most of their
lives, because health care will never work here, and it will destroy them if
they don't. Do not deal with US banks with your real money, I tell them.
They are not nearly conservative enough in any of their practises. Your bank
should be run by an old scotsman, I counsel, who loathes your spending habits
very much. Avoid the trap of easy money. You may achieve your status by what you
have earned, but never by what you can borrow.
When my children got married I gave them the following advice: 1) Always have
good medical insurance. 2) Avoid debt except for a house that you can afford.
That means to never buy a car unless you can pay cash for it. Pay your credit
card bills off every month. 3) Save a little every month. 4) When the babies
come, mama stays home. It's worked so far.
Buy low, sell high.Marry rich.