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Re: How do you make the most of your money?

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Message 21 of 55

This is a great idea, and agree that there should be more "finantial" training/education.  We tried to teach our kids about finances from an early age, and think we did okay.  All three of our kids are home owners, and our middle son and his wife (in their late 30's), are debt free.  That's way ahead of their mother and I who have been essentially debt free for almost a decade.

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Re: How do you make the most of your money?

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Message 22 of 55

Spend less than you bring in. Never ever finance anything but an affordable house. pay it off asap if you can not pay cash. Use charge cards but pay them off at the end of the month. If you do not have the money to spend wait until you do. If you need to make a big purchase wait a month before buying. After a month you might not need it. I have almost bought a new truck, motor cycle, ATV, condo in Florida, new roof, siding, garbage disposal and new suite this year.

If you have an old car drop all the insurance except liability. When things break do not fix unless it is safety related. My old car runs great and is well maintained by me. I use it for all erands. However, the air conditioner, radio, cruise control, ignition switch, windshield etc. are broken. Paint is not good. If I need a nice care I drive my wife's newer car. When her car gets too old I will buy her another one( pay cash) and replace my old clunker with her old car.

Use You Tube to learn how to fix things around the house from clogged sinks, broken washing machines and replacing fixtures to auto repair and insect control. Do not run the air conditioner unless you are sweating. Just the oppisite for the heat.Eat well and exercise to stay healthy. Eat out less often to stay healthy. Eat alot of pinto beans at home. Good for you and cheap and easy. Mow your own lawn and let a few weeds grow so what. wait another year to paint your house. Clean your own house. Don't give money to your children unless they earn it. Keep your wife busy so she will not shop. Have separate checking accounts. Drop the cable tv. Build your own antenna from watching You Tube. Get netflix or just watch the local channels. I save $1000 per year for the last 20 years.

Buy ETFs or low cost mutual funds from Vanguard. Just call Vanguard and tell them your situation and they will tell you what to do about your savings for free. Take it or leave it. Have enough money in your .90% interest savings account to last about a year for your expensives. Play golf often only if you have alot of money.

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Re: How do you make the most of your money?

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Message 23 of 55

hs41239655 ---- like the posting!  DW and I have done many, if not most, on that list. I found one comment interesting as I believe (don't know for sure), that boomers have not caught on to it --- using Youtube to learn how to fix things. I didn't get into that until relatively recently as I thought Youtube had nothing but dancing babies and stupid pet tricks kind of thing.  I have used the PC for some time to get written explanations of how to fix things, but more recently started bringing in the videos, which have been more helpful.

    I'm not so sure about the anti-pc comment about keeping the wife busy so she won't shop! I don't have that issue --- I have to force DW to go shopping sometimes. She hates to go to stores other than food stores.


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: How do you make the most of your money?

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Message 24 of 55
Sounds like you have a good wife.
I recently used You Tube to show me how to diagnose a parasitic voltage draw on my car. Saving money is as good as making money.
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Re: How do you make the most of your money?

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Message 25 of 55

I could not agree with you more. If the schools would give creedance to the importance of money in all our lives, they could add subjects or courses in helping kids learn how to handle money. From the simple things to the more complex as children go through the grades. My Grandson is 5....and I have already explained to him that I don't use credit cards...debit only. He now asks me questions like this one....Grammy, how does the money go from the Debit card to Whole Foods. It was then that I wished I hadn't told him...haha...hardly. I explained to the very best of my knowledge...how it worked. It's a beginning, but he is only 5...and since our schools won't be doing the teaching...I will gladly take it on. I work with lots of young people and I see the damage done to them by having no knowledge of handling money....debt...college loans and more. 

Jazzy
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Re: How do you make the most of your money?

8,168 Views
Message 26 of 55

."... My Grandson is 5....and I have already explained to him that I don't use credit cards...debit only....".

 

   And the corruption is started. As most money managers and experts will tell you, never use a debit card. Not protected as well as a  cc, no rewards for using it, less security. No one should be using a debit card.

  


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: How do you make the most of your money?

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Message 27 of 55
 
"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Re: How do you make the most of your money?

8,156 Views
Message 28 of 55

I second that! Circle Bar Debit Cards!

 

 

"....Long called "piece of trash fake Visas and fake MasterCards" by Clark, debit cards are overwhelmingly inferior to credit cards for several reasons.

    If your credit card is compromised, the harm to you is relatively small. You contact the issuer to report false charges.....but no money leaves your hands. With debit card fraud, however, there is money that leaves your hands........".

 

 


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: How do you make the most of your money?

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Message 29 of 55
 
"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Re: How do you make the most of your money?

8,142 Views
Message 30 of 55

I would never have a debit card either, but I understand some people use it to control their spending .. or that of a spouse/child.


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