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braisler · 02-01-2005, 12:39 PM

In this age when many people are overwhelmed by debt or insecure about our financial futures, I thought it would be helpful for the more experienced and successful in our group to share their financial wisdom. The idea here is to post a tangible, real world example of something that you did that helped your situation financially. You can post just one, or you can post as many as you can think of. Please try to explain a little of your reasoning behind why this particular example worked for you.

I'll get things started with a few of my own:

1. Buy your own house as early on as you possibly can. Renting is a losing game. If you are going to be in a place for more than a year, BUY! In most cases, real estate is a solid investment over the long-term. I bought my own house while I was 19 and still in college. Yes, my step-father cosigned a loan with me, but I made every payment myself. I sold that house 11 years later and walked away with $100K.

2. Invest in stocks for the long-term early on in life. Don't wait until you are 40 to start thinking about retirement. There are plenty of online calculators that will show you the benefits of compounding interest over the long-term. Putting away $10000 when you are 20 is better than putting in $100000 when you are 40.

I'll stop there for now. I hope other people with more widsom than me will stop by and lend their experience to this thread.

02-01-2005, 12:39 PM	#1 (permalink)
braisler Addict Location: Midway, KY	Post your best financial tip In this age when many people are overwhelmed by debt or insecure about our financial futures, I thought it would be helpful for the more experienced and successful in our group to share their financial wisdom. The idea here is to post a tangible, real world example of something that you did that helped your situation financially. You can post just one, or you can post as many as you can think of. Please try to explain a little of your reasoning behind why this particular example worked for you. I'll get things started with a few of my own: 1. Buy your own house as early on as you possibly can. Renting is a losing game. If you are going to be in a place for more than a year, BUY! In most cases, real estate is a solid investment over the long-term. I bought my own house while I was 19 and still in college. Yes, my step-father cosigned a loan with me, but I made every payment myself. I sold that house 11 years later and walked away with $100K. 2. Invest in stocks for the long-term early on in life. Don't wait until you are 40 to start thinking about retirement. There are plenty of online calculators that will show you the benefits of compounding interest over the long-term. Putting away $10000 when you are 20 is better than putting in $100000 when you are 40. I'll stop there for now. I hope other people with more widsom than me will stop by and lend their experience to this thread.