Comments on: Advice That Might Have Turned My Financial Life Around…Or Not

By: Ryan Poon

Ryan Poon — Thu, 26 Jun 2008 13:14:24 +0000

Not many people work out how much they exactly spend each month to see what disposable income they are left with. It is definately the first step to see how much money you have left over, from here you can see if any extra money is best put elsewhere

By: MoneyBlogga

MoneyBlogga — Sun, 22 Jun 2008 01:39:58 +0000

Like many others, I had no financial mentor in my life. I think if personal finance had been taught in school and treated like the very important subject it is, that may have made a difference. At least it would’ve made me THINK about constructing a budget to live by, spending less than I earned and saving. I did none of those things because I basically lived according to what I was taught growing up – money is to be spent until there’s nothing left AND then you struggle with the bills AND buy things you can’t afford AND worry about it later AND consider social security to be “retirement money”.

By: Debt Reduction Formula

Debt Reduction Formula — Sat, 21 Jun 2008 11:53:42 +0000

It’s not that I wish I had learned some particular information, but that my parents had demonstrated how to be financially responsible.

I think having that example would have helped me make some better decisions, particularly in the area of purchasing new vs. used stuff.

By: writingmommy

writingmommy — Fri, 20 Jun 2008 12:03:42 +0000

I wish someone would have said, “NO, do not get credit cards! If you do, make sure the limit is low”.
It probably wouldn’t have mattered though. $10,000 in debt later, no one listens to me when I tell them to BEWARE.

By: The Friday gathering - Misc updates edition

The Friday gathering - Misc updates edition — Fri, 20 Jun 2008 11:05:46 +0000

[...] Advice That Might Have Turned My Financial Life Around…Or Not from Being Frugal [...]

By: Unspending

Unspending — Thu, 19 Jun 2008 17:00:49 +0000

I am having trouble with budgeting right now. I think the problem for some of us is not the creation of a budget, but sticking to it. It’s easy to say you’re going to spend X amount on food every month, but it’s another thing to keep track and stay under that amount. This is the problem I’m having and I’m trying to solve it by keeping records of my spending.

By: Marci

Marci — Thu, 19 Jun 2008 16:30:32 +0000

The eye opener for me was learning about compounded interest…. How money can make money and how you can live off of that money as long as you don’t touch the prinicipal – and how $1000 at age 20 compounded and grows over the next 40 years…. That’s another one I am passing along to the grandkids.

By: "Mo" Money

"Mo" Money — Thu, 19 Jun 2008 15:29:03 +0000

I just fininshed a book by Michael Masterson titled ” Automatic Wealth for the Grad”. I will give a copy to my grandchildren who have recently graduated or are about graduate.

By: Personal Finance Buzz

Personal Finance Buzz — Thu, 19 Jun 2008 13:44:50 +0000

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By: Frugal Dad

Frugal Dad — Thu, 19 Jun 2008 12:37:17 +0000

I actually received some fairly good advice for my grandparents, but my mom was a single parent, and I got used to the idea of struggling, financially. I think it was sort of self-perpetuating, because I seemed to fall for many of the same traps (impulsive spending, signing up for too many credit cards, not having an emergency fund, etc.). I’m trying to break that cycle with my kids by making them more aware of the dangers, and the side effects, of having too much debt too early.