What are some good financial guidelines to live by?

I'd say the best rule is to learn to say no.

You have friends and family that suck with money. If they were bad with their own money, they're certainly going to be bad with your money. So don't lend them any. Don't give them any. Do not solve financial problems for people who suck with money, regardless of how much you love them.

It only enables them to continue making bad financial decisions. The only way they learn is by suffering through the consequences of their bad decisions.

Now obviously there are a few exceptions. I helped my parents financially before but they were old and retired. But young friends and family? I guarantee they'll just start seeing you as the family ATM and never figure out how to solve their own problems.
 
10% of every check goes into tax exempt retirement savings.
10% of your takehome goes into safe liquid short term savings.

Direct deposit your check and auto pay your bills.

Get any credit card you can as young as you can. Use it just enought to keep it open and pay it off in full every month. You do this because the average age of your credit lines effects your credit score. When you're 34 that account can offset a 0 day account to an average age of 8 years.

Don't invest more than necessary in anything that depreciates until you are more than comfortable financially. There is no ROI on a Mercedes, a full back tattoo, consumer electronics, or designer jeans.

It's usually easier to make more money and get a better job/title by changing jobs than asking for a raise or promotion. It's a sad reality but in a lot of cases a total stranger will value you more than someone you've worked with for yeaars.

It's cheaper to lead a healthy lifestyle than to deal with the health effects of being out of shape as you age.

If you loan someone money be prepared to lose the money, that person, or both. You might not, but it's a pretty common occurance.

YOLO investments almost never pay off. If it sounds too good to be true it probably is.

The stripper doesn't like you, she just wants you to pay for more dances.
 
jx820 said:
10% of every check goes into tax exempt retirement savings.
10% of your takehome goes into safe liquid short term savings.

Direct deposit your check and auto pay your bills.

Get any credit card you can as young as you can. Use it just enought to keep it open and pay it off in full every month. You do this because the average age of your credit lines effects your credit score. When you're 34 that account can offset a 0 day account to an average age of 8 years.

Don't invest more than necessary in anything that depreciates until you are more than comfortable financially. There is no ROI on a Mercedes, a full back tattoo, consumer electronics, or designer jeans.

It's usually easier to make more money and get a better job/title by changing jobs than asking for a raise or promotion. It's a sad reality but in a lot of cases a total stranger will value you more than someone you've worked with for yeaars.

It's cheaper to lead a healthy lifestyle than to deal with the health effects of being out of shape as you age.

If you loan someone money be prepared to lose the money, that person, or both. You might not, but it's a pretty common occurance.

YOLO investments almost never pay off. If it sounds too good to be true it probably is.

The stripper doesn't like you, she just wants you to pay for more dances.
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Where the hell were you at when I was in my twenties? Solid stuff
 
This is not a direct financial guideline but my advice would be to be as smart as you can when picking a partner (especially marriage) and do not be afraid to talk about money with your partner. I've seen multiple relationship ruined because people in the relationship never discussed money issues unless they were being hounded for repayments.
 
Buying a used vehicle still under warranty is smart.
Don't devote all your extra money to paying off your house early at the expense of investing in retirement accounts.
If you are a regular and more than moderate drinker like me drink at home.
Don't skimp on car insurance. Make sure you have enough coverage in the event you are in an accident that caused bodily injury, property damage or death.
You are not a bank. Do not lend money.
Use credit cards for everything if you have discipline in paying the balance every month. Earn those flyer miles, points and cash back rewards.
Please do your best to have/maintain a good credit rating. When you need a loan for a car or house or whatever it's a godsend. It's also something some employers will check when they are contemplating hiring you.
 
You can't take it with you*

(* many Pharaohs disagreed)
 
Osculater said:
I ain't worried I know karate
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7fsx1f.gif


weak defense!

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I’ll second the people mentioning using a credit card for regular purchases. But only if you are able to pay off the full balance each cycle. Not only will you get 2-4% back on things you’d purchase anyway, gas/food, you’re leaving your own money in your own bank account for a longer period of time thus earning interest on that.
 
chardog said:
Compound interest can do wonders
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Yeah, this is it. Start your fucking Roth. Plow everything you can afford into it and compound that shit.

They say the first 100k is the hardest, but getting from 500k to 600k is being a bitch right now. I must diversify.
 
Fedorgasm said:
Used vehicles are also a ripoff. I don't know where people get the idea that you save a ton buying used. When I was in the market for a car I looked at the used ones and they weren't that much cheaper than the new ones unless you go really old. But buying a car that was only 1 or 2 years old didn't seem to save much.
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Not trying to jinx myself but I’ve had great luck with older used cars. I paid 2500 for a 2012 Hyundai Elantra touring and put 100k on it while racking up about 1000 dollars in repairs outside of maintenance.

Currently driving a 2007 Toyota Camry hybrid that had under 100k miles. 6500 cash and it drives like a dream at 35+mpg
 
Stay out of debt. If you want something, save for it. (Houses excluded).

If your job offers a matching 401k then max that shit out. 500 bucks a month into a Roth IRA adds up quick and if you make it auto withdrawal once or twice a month you don’t even notice the moneys gone.

Always bet on red. If the roulette wheel comes up on black, double your original bet and try again. Repeat until rich.
 
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