Stop drinking. (and this is coming from a bartender!)
Stop drinking. (and this is coming from a bartender!)
"What good is money if you can't inspire terror in your fellow man?"- C.M. Burns
Build youself a Life Plan. This includes a financial plan and budget but also measurable goals in every aspect of your life.
The path to financial sucess starts with earning some kind of income. (most likely a job or start a business)
SO my tip would be to first invest in education that will get you a good job, (above 40-50K) or invest the time to start a business or learn skills for self employment.
I've been talking with my three eldest granddaughters recently about money (they're in their early 20s) and I told them that one of most important things they can do is to use credit cards responsibly; it's fine to use them for convenience but pay them off at the end of the month. Pretty basic advice, I know, but many young people get themselves into serious problems over misuse of credit cards.
I will second that. Otherwise I wouldn't have extra $ left over to invest.Originally Posted by P_I
Just observing but the majority of our friends are on #2......relationships and all of them are a bit behind the 8 ball financially.
We've been married since 1980 and in one aspect this has helped our finances along with all the other bonuses to that stability.
So won't hurt to buy some flowers today!
Love these tips, excellent thread
The only moral thing I can think of to do financialy is to do that which promotes the most long term happiness. The best way I know how to do this is to come in contact or possesion of that which I value i.e., I value life so to come in contact with, I would never spend money on cigarettes but instead spend money on healthy food @ a grocery store. I also value the lifes energy needed to obtain money so I have money work for me.
Avrex I think your really on to something regarding mutual funds & I wonder if the average investor has a true understanding of your wise words. (thanks for letting me back)
Regarding the mutual funds. I remember reading a few years ago (I think it was Robert Prechter) that the best performing mutual fund for the last 10 years the average investor lost money. I forget how much it gained but I if memory is correct I think it was in the double digits per a year. Reason being the average investor was buying high & selling low.
Ask any investor if they would have wanted to be the average investor in the best performing mutual fund. What do you think the answer would be ?
My best financial tip is along the same lines as Jungle's tip - Make more money
http://www.boomerandecho.com/make-mo...financial-tip/
After the recession hit, my employer froze wages for three years. Unless you can get a decent raise from a promotion or a career change, it's hard for the average Canadian to get ahead without having some type of second income stream. That could mean renting out your basement, getting a second job, or starting your own business on the side. There are a million examples of how to make more money. Cutting your expenses can only go so far. The path to financial freedom becomes much easier when you can find ways to increase your income.
Make more money. That's very useful, along the lines of Buy low,sell high; plant your corn early; be careful, etc. Well meaning, obviously true, but not very helpful, typical of conventional wisdom I guess.
Last edited by Square Root; 2012-11-18 at 11:57 AM.
@SR - about as useful as your reply? Read the post, there's quite a few examples listed in there.
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