- Start investing the day you begin working. Plan your retirement the day you begin your career.
- Cash is king....This old adage still holds true. If you don't have cash for an item, then you don't need it. The only exception is a home mortgage. And yes, you can pay cash for a car....and no, you don't need a $40,000 car.
- Think it over...on all major purchases give it 24 hours before you make a decision. Remove the emotion.
- Don't raise your standard of living everytime you get a raise. Save the extra money for the future.
- If you have debt, pay off the smallest first and work your way up.
- Regardless what the lender tells you, use your NET pay not your gross to figure out what you can afford.
Monday, May 24, 2010
Financial Wisdom
Take a break all you sports junkies. Here's some advice:
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Thank you Mr. Ramsey for that awesome advice
ReplyDeleteBeat me to it Frank! The Commish surely is a Ramseyite. I can certainly appreciate that, as the Financial Peace class that we took really got us turned around financially. Car Payments suck, it is the single biggest reason I do not have enough money right now.
ReplyDeleteMass.....you are right! The worst "investment" anyone can make is purchasing a car and making car payments. This is no investment. When you buy a $30,000 veh. it's worth $22,000 the second you buy it off the lot! Now I realize that some people may want a new car at some point, but having to purchase something beyond your means is a waste of money. I could certainly be riding in a $50K BMW or something, but why? So I can profile an image? My car is nice and my 1995 Jeep has NO rust and is perfect for beach sand! AND NO PAYMENTS ON EITHER!!!! A car is just transportation.
ReplyDeleteI'd rather have the $500 a month for savings, golf, beer, and women rather than a car payment
We have 2 car payments, one because I was an idiot 4 years ago and the other because we needed a new vehicle with impending baby. We bought our last car in November, and almost have it paid off now...Then we can turn our attention to my truck, which has a god-awful payment...I basically walked into the dealership that day with a "PILLAGE ME" sign on my forehead....They obliged. But when that payment is gone, and hopefully it will be in about a year or so, life will be good. Once that happens, I will be making a trip to the Commish's office to dump some of that money into my retirement. Don't steer me wrong Commish!!!
ReplyDeleteMass, the Commish got you hooked you like a Marlin. Just be careful with your money i heard he is still upset you beat him in the singles match.
ReplyDeleteThat can't be true....Can it Commish???
ReplyDelete