Helpful financial tips

[spinDrAtl]

The idea behind the life insurance was that by starting it early (when we were 2, 4, 5, and 8) it would continue to grow so that by the time we were old enough to be buying houses, be married, have kids, we would have it as an asset. At the time they may have been jumping the gun, but 25 years later, it's a great thing for us to have.

Dad would buy stocks in companies we were familiar with like you said - Disney, Pepsi, McDonalds etc.

Obviously I'm not saying the idea of putting the money somewhere early like that was bad and I don't think they jumped the gun at all - just that the vehicle chosen was probably the worst possible (who's knows, maybe regular savings at some low % may have been worse, although those high rates in the early 80's could have compensated for the low rates later on). I can't run the numbers as I don't have appropriate information but over 25 years, almost anything else would be better.

As opposed to doing nothing, however, it's not horrible.

 

[SHELLY]

FINANCIAL TIPS only!

Please discuss the economy/real estate market of one of the other 8 threads currently dedicated to those subjects!

If you've made a vow to pay off your credit card every month: When you use your credit card, subtract the amount from your checking account register so you always have a running total of how much you've spent and how much you've got left to work with till the bill arrives.

Keep all debit/credit receipts from financial transactions with your folding cash in your wallet--then you'll be reminded to take them off the register. (I can't understand folks who let clerks put the credit receipts in the bag; crumple up receipts and stash them in the most convenient pocket or purse; or worse, leave the receipt behind or toss it in the trash.)

Every person should have their own bank account and credit card in their name. Spouses that insist on having only a joint account should only have one debit card and checkbook/register for better control of the account. This forces financial communication and cooperation between the couple.

Use Money or Quicken religiously to keep track of spending, bill-paying and investing. Everyone should know or be able to find their current net worth (within $500) in 5 minutes or less.



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[Bob]

Avoid extremely negative neighbors. This will save you money on cookie and ice cream binge eating to soothe stress. But if you must eat ice cream try Publix's Moosetracks.

 

[Capricious]

"...Use Money or Quicken religiously to keep track of spending, bill-paying and investing. Everyone should know or be able to find their current net worth (within $500) in 5 minutes or less...."


Oh, I don't think you need to get fancy; You can track that stuff on paper
if you want to.

I don't track expenses much, although I tracked every penny once for a year.
Still have the ledger books.

I have a "spend" account and as long as I don't spend more than what's in that
account, I'm good to go. Combined with discipline it works just fine.


Figureing net worth is good, but I don't know if you can really hit it to within
$500.00 Too many assumed values. You can get close, however.

I figure ours all the time.

You can compare net worth to others in your age group here:

http://tinyurl.com/2ccn9n

Assuming you believe his data.



You can also compare to similar age groups/ income levels/ localities /
professions here:

http://www.networthiq.com/

But it should not be assumed that this is a representative sampling.

 

[scooterbug44]

Keep all debit/credit receipts from financial transactions with your folding cash in your wallet--then you'll be reminded to take them off the register. (I can't understand folks who let clerks put the credit receipts in the bag; crumple up receipts and stash them in the most convenient pocket or purse; or worse, leave the receipt behind or toss it in the trash.)
.

I have them put my receipts in the bag because:
1) my purse is a black hole
2) A friend learned the hard way that to get reimbursed for lost luggage, the airlines require receipts and the tag off off the clothes. I'm not Martha/OCD enough to do this w/ every clothing purchase, but for any $ clothes purchases I save the receipt and staple the tag to it. Most of my travel is for formal weddings or vacations of a week or more, so lost luggage would be $ to replace.