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MrPaseo Original500© Member  Peace Protector
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Let's think about a high schooler that is without debt, has a small income and little bills (Cell phone and cable in their room). Basically, someone starting out that has an income, what suggestions do you have to start them off on the right path in life? Ray Last edited on 09:17 am by MrPaseo |
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24HourNut Administrator  Body pillows rock!
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OK, quicky comprehensive response below. First, they should get some education about being focused on thinking and operating long-term, making money a friend who works hard for them. Long-term thinking is promoted by watching and engaging in compound interest, the habit of paying yourself first and saving regularly, and most important - investing. That can start, in part, through their job or individual IRA for retirement. For before and in addition to that - they want to be INVESTORS, regardless of their job. I would make them read Rich Dad Poor Dad, for example. They need to not see themselves as spending employees - investing owners is a better mentality. I would encourage them to start buying assets that give back (stocks, bonds, businesses, real estate, etc.), creating passive income and income diversification. Every time you buy an asset (investment) that gives you money back, it is like having a money soldier out there. Help them to create an army. I am about to get the Cash Flow game for kids by Rich Dad, but there is one for adults they should play. Basically, get them on the track of focusing on long-term asset building is my feeling. They need a financial plan or strategy for wealth building - without one, they just go anywhere and wind up living paycheck to paycheck, spending money on stuff instead of living below their means so that they can give themselves a chance to build their investments up - shifting the purchasing of a lot of crap to later on, using money from their investments. That sort of thing.
 The best human beings start good new topics and vote on the better posts. |
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Erinna1112 Original500© Member  Witty clever title pending
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Show them this page: HERE. (Frank, if you could edit that link to something shorter, I'd appreciate it. Thanks!)
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24HourNut Administrator Body pillows rock!
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I love that page, Erinna.
The best human beings start good new topics and vote on the better posts. |
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Erinna1112 Original500© Member Witty clever title pending
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Compounding interest - the most powerful force in the universe. I would, were this person someone over whom I had influence, teach: Save for things. You don't need as much "Stuff" as you think you do, and if you save for it, you'll appreciate it more. Don't use OPM - other people's money. You just have to pay it back. Never, ever, ever buy a car new. Never. Let some other yutz take the tail-kicking in the depreciation department. Don't assume that you can afford a mortgage of a certain amount just because the bank approves it. A good rule of thumb is that your housing payment should be about 25% of your take-home pay, on a 15-year fixed-rate loan. The bank is not your friend; they are motivated to loan you as much as they can get you to take. It doesn't mean that you can afford it. Speaking of which - NEVER get an adjustable-rate mortgage. Even if you think you're only going to be in a house for a couple of years and then sell. Look at all the people trying to sell houses now. They can't unload them, and the mortgages are adjusting. Upward. Ooops. I can sum it all up in six words: Live. On. Less. Than. You. Make. Not complicated.
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Lon Guardian1000© Member  Septuagenarian
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FGMrPaseo wrote: Let's think about a high schooler that is without debt, has a small income and little bills (Cell phone and cable in their room). Basically, someone starting out that has an income, what suggestions do you have to start them off on the right path in life? Get him immediately to start saving (not investing yet) a minimum of 10% of his gross income until he is through with school or college and into a career or job. Last edited on 02:34 am by Lon |
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