LastManStanding
New Member
I'm the Financial Adviser here at my command and I thought I might help some of you young folks. This is just advice and you can do what you will.
You should save 10% of what you make a year. Saving more is great but at the least you should save 10%.
If you work at a job that offers some type of 401K you should do it. It will help you out when you retire. Now the thing about 401k's is that it comes off what you make. So if you save 8% a month then that 8% will not be taxed. So instead of making 25k a year you'll be making around 22k. Being taxes on 22k is better than 25k of course. You will however be taxed when you take that money out.
Buying cars. You really should never buy a new car unless you pay cash for it. You want your money to work for you and not work for your money.
IE It's better to drive an older relable car and have a home, then to have a new car and live in a 1 room apartment.
Homes are easier to own now and they dont' lose value. If you are going to spend money on something a home is a great idea. The BIG plus is that you get great tax breaks for owning a home.
Believe me woman will like that fact that you are 24 and own a home. Plus you can pretty much do what you want.
Ok I'm sure some other older people (Puppet might have some other idea's for you.)
School teaches you how to have safe sex but it doesn't teach you how to afford children. Makes no sense. You'd think they would teach people how to safe money instead of collecting welfare.
You should save 10% of what you make a year. Saving more is great but at the least you should save 10%.
If you work at a job that offers some type of 401K you should do it. It will help you out when you retire. Now the thing about 401k's is that it comes off what you make. So if you save 8% a month then that 8% will not be taxed. So instead of making 25k a year you'll be making around 22k. Being taxes on 22k is better than 25k of course. You will however be taxed when you take that money out.
Buying cars. You really should never buy a new car unless you pay cash for it. You want your money to work for you and not work for your money.
IE It's better to drive an older relable car and have a home, then to have a new car and live in a 1 room apartment.
Homes are easier to own now and they dont' lose value. If you are going to spend money on something a home is a great idea. The BIG plus is that you get great tax breaks for owning a home.
Believe me woman will like that fact that you are 24 and own a home. Plus you can pretty much do what you want.
Ok I'm sure some other older people (Puppet might have some other idea's for you.)
School teaches you how to have safe sex but it doesn't teach you how to afford children. Makes no sense. You'd think they would teach people how to safe money instead of collecting welfare.