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Have I got a deal for you!; If you are young
Topic Started: Oct 29 2004, 07:43 AM (468 Views)
Hoss
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Don't make me use my bare hands on you.
I'm 34 and I can make you happy, financially secure and perhaps wealthy by the time you're my age if you are in your young 20 or early teens.

Don't ever charge anything on a credit card again. Nothing ever.

Save up an emergency fund and when something bad happens you won't have to put it on your credit card, you'll just pay for it.

Don't buy stuff on credit; pay cash! If you don't have the cash, you shouldn't be buying it. Save up, buy it and you'll be happier with it as you aren't renting it from some friggin' bank. Even cars!

Know where every dime that comes into your possesion goes, on paper. Even if it's for beer and pizza. Write it down.

When you're 34, you'll have no debt, money in the bank, the stuff you want, one less thing to fight with your spouse about, and I wish that was me. ;)
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Fesarius
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Admiral
^^^
There is actually a lot of good (wise) advice in that post. :)
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Deleted User
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I have never had a credit card, never want one! Too much trouble.
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fireh8er
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I'm Captain Kirk!
38957
Oct 29 2004, 07:43 AM
I'm 34 and I can make you happy, financially secure and perhaps wealthy by the time you're my age if you are in your young 20 or early teens.

Don't ever charge anything on a credit card again. Nothing ever.

Save up an emergency fund and when something bad happens you won't have to put it on your credit card, you'll just pay for it.

Don't buy stuff on credit; pay cash! If you don't have the cash, you shouldn't be buying it. Save up, buy it and you'll be happier with it as you aren't renting it from some friggin' bank. Even cars!

Know where every dime that comes into your possesion goes, on paper. Even if it's for beer and pizza. Write it down.

When you're 34, you'll have no debt, money in the bank, the stuff you want, one less thing to fight with your spouse about, and I wish that was me. ;)

Great advice! I wished someone would have told me that when I was twenty-one.
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Hoss
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Don't make me use my bare hands on you.
I wish that I would have been mature enough to listen. ;)

Youth is wasted on the young and wisdom is wasted on the old.
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captain_proton_au
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A Robot in Disguise

But what if you spend all your money on beer and pizza?
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ImpulseEngine
Admiral
38957
Oct 29 2004, 08:43 AM
I'm 34 and I can make you happy, financially secure and perhaps wealthy by the time you're my age if you are in your young 20 or early teens.

Don't ever charge anything on a credit card again.  Nothing ever.

Save up an emergency fund and when something bad happens you won't have to put it on your credit card, you'll just pay for it.

Don't buy stuff on credit; pay cash!  If you don't have the cash, you shouldn't be buying it.  Save up, buy it and you'll be happier with it as you aren't renting it from some friggin' bank.  Even cars!

Know where every dime that comes into your possesion goes, on paper.  Even if it's for beer and pizza.  Write it down.

When you're 34, you'll have no debt, money in the bank, the stuff you want, one less thing to fight with your spouse about, and I wish that was me. ;)

:clap: Great advice!


Take it from one who has been there, done that, FINALLY got out of it and will never go back to credit card debt. :no:

Edit:
I would also add, if you do charge anything, try to charge only what you can pay for immediately. If, in only a rare exception, you charge more than you can pay for immediately, don't ever charge more than you can pay for in 2 or 3 months. And don't get more than one credit card. One payment is better than two or more...
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Tkeisha
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Captain
Definately great advice!

(after receiving my credit card bill this morning I am definately going to follow it :( ).
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captain_proton_au
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A Robot in Disguise

Beer: :drool:


Pizza: :drool:
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Dandandat
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Time to put something here
38957
Oct 29 2004, 08:43 AM
Don't ever charge anything on a credit card again.  Nothing ever.

Don't buy stuff on credit; pay cash!   Save up, buy it and you'll be happier with it as you aren't renting it from some friggin' bank.  Even cars!

This is fundamentally flawed and subsequently bad advise. If one follows this advise when they are 34 they may not have any diet, and they may have money in the bank but what they wont have is a credit history. Which means that they will have to for go many of the things they may want, and fights with the spouse may still occur because of it.

Want to buy a house? Forget it if you don’t have a credit history (and a good one at that) you wont get a lone - and if you do mange to get a home lone you can bet your interest rates will be thought the ruff.

Trying to get that new job? Many business now a days look up applicants credit history to determine if the applicant is a risk or not. If you don’t have a credit history that may be just as bad as having a bad credit history. The person doing the hiring will have one less way to judge your risk level and may pass you up for some one else simply because you do not have a credit history and the othere person does.

God forbid you do lose your job and so any medical insurance you may have had is also lost. What happens if something bad happens and you need to take loans out to cover the expenses, it will be hard to get with out a credit history. I know you said to save money and that will be used if anything bad happens. But how far could that go? Life still costs money to live regardless of whether you use credit in your dally life or not. So saving will be just as much of a struggle. With the apartment bill (you don’t have a house remember), the money you just took out of your savings to by that car you needed to get to work, minuses living expense and the charismas presidents their may be times when that savings account dips low. Can you really count on that system in a pinch, I know I wouldn’t want to, I want good credit to fall back on in case I every did need it to get money I didnt have in an emergency.

I could go on, but I am sure my point has been made. Credit should be a daily part of ones life, but one should always adhere to one peace of advise you gave that is correct “If you don't have the cash, you shouldn't be buying it”. That is 100% correct if you don’t have the cash to buy something you should not buy it - but that doesn’t mean that if you “do” have the cash to buy it, you shouldn’t buy it on credit. This is how you build a good credit history, buy things on credit, but pay them off with the cash you do have on the next billing interval. Finance a car but make sure you pay it off as required, you can even put a heft down payment and if you have good credit you wont even bat an eye at interest charges. If you have good credit then interest charges on credit cards aren’t that bad either, and you can from time to time space out payments of large items over a few months with minimum out of pocket expense.

Credit is not an evil thing you just need to be disciplined when you use it. It is the mind set that matters. Credit is not a symbol of free money, those who use it in that manner will undoubtedly find them selves in a bad situation when the bill comes due. Credit is a symbol of money that you “““must””” pay in the future, if you have that mind set and always have a plan on how to pay that credit off (and follow through with that plan) then when you are 34, you'll have no debt, money in the bank, the stuff you want, one less thing to fight with your spouse, and the credit history you will need to really prosper in life,

and the all the beer and pizza you want when you have no money in your pocket and its 12:00 midnight Saturday night and all the banks are closed. (yes I know their are ATMs I was just trying to be funny sshheesshh :doh: )
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gdog243
Rear Admiral
I'm going to invest in an IRA this year. Start my retirement fund even though I'm not working yet. ;)
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Deleted User
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captain_proton_au
Oct 31 2004, 05:20 AM
Beer: :drool:


Pizza: :drool:

Can't fault you there. Almost makes it worth it. But, you have to substitute the beer for diet pepsi!
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captain_proton_au
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A Robot in Disguise

Captain Welsby
Oct 31 2004, 11:07 AM
But, you have to substitute the beer for diet pepsi!

:unsure: You might as well drink diluted toothpaste
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Deleted User
Deleted User

I'm not keen on beer!
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captain_proton_au
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A Robot in Disguise

Captain Welsby
Oct 31 2004, 12:31 PM
I'm not keen on beer!

:unsure: :rolleyes: :thud: :jawdrop: :spank:
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