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Adults, what are some financial tips for the recent generation?

As the title says, any financial advice and tips for the recent grads who have no clue how to manage the money 🙂

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  1. If a car dealer says your apr is high because of your age talk to another dealer.

    Don’t buy _____ from the cute / aggressive sales persons in malls.

    If your friends or family need money only give what you don’t care to lose.

    Don’t go to strip clubs just save up for escorts

  2. Live on 75% of your take home. Invest the other 25% on long term savings and retirement.

    Outside of a mortgage and perhaps a car payment, stay out of debt. If you can’t afford it, don’t buy it. Pay your credit cards off monthly.

  3. Invest in yourself to increase your knowledge, skills and abilities.

    Try to find a job or school that you can reach with your bike or public transit. Even though it looks good on a résumé, the car itself, gas and taxes coasts a lot.

    Do not rely on crypto. There are people I know that “invested” their lifesavings only to see it evaporate during a crash

  4. Buy a copy of the Wealthy Barber.

    If you don’t believe that you make enough to start saving then accept that most people do not have a saving problem. They have a spending problem.

    Don’t purchase anything on a whim that costs more than 3 hours of your labour. Do some cost comparison and see if you can get the same thing for less. You can.

    Save and invest the balance as per the Wealthy Barber.

    You will retire very well off.

  5. Same as any generation; don’t go into extreme debt and put money away for savings. The issue that recent generations have is with paying for college. With regard to that my only advice is that if you are going to take out a loan to pay for college make sure the degree is worth it and can provide you with a job with a solid salary.

  6. There are some personal finance channels out there that are really aimed at people who are new to managing it. A couple I’ve found that I like are The Financial Diet, Minority Mindset and Two Cents on YouTube, Popcorn Finance and Nerdwallet on podcast. I listen to them while I’m driving or doing chores.

  7. Instead of putting money on your savings acount, invest a fixed amount monthly to the SP500 index. You’ll get better returns than any existing pension fund, and you will have really good chunk of money when you get old. I’m 30 years old. As every year passes i cant help but think a lot about life when i become really old. It sure would be awful to be 70 and still struggling to sustain myself.

  8. Get into the gig economy. Buy an Rv and live in an RV park. You can stay in a pretty nice RV park for around $3-500 a month it includes all utilities and usually WiFi and cable. You can get a pretty nice RV for around $20k. Most of the residents are older folks and are quiet. They are also pretty secure. The money you save in rent will help you save for a house. My point is try not to spend your money paying off someone else’s loan by renting. Take care of your stuff too. Clean things a lot. Dirt and grime wears things out. Dust clogs up things that need to be cool like electronics. Buy clothes that look appropriate for several situations and are classics. Polo shirts and button downs can go a long way in a wardrobe. People spend way too much on clothes. Meal plan, meal plan, meal plan. I could feed myself off of $30 a week when I was single and was doing a lot of weight lifting. I’d by a big package of drumsticks and thighs and marinate and grill them on Sunday night and eat them all week with rice or potatoes. Going back to the gig economy. There are apps that hire people to dog sit or do chores for people if you are trustworthy. Our dog sitter stays at our house while we are gone in the guest room. She gets paid to live in my house and take care of my dogs but she also has a regular job. So she makes $75 a day extra just to hang out and watch my dogs when she’s not at work. That’s a pretty good deal. Our old dog sitter got $50 a day just to come by twice a day and feed them snd let them out for an hour. She would often have several customers at a time. Outside the box thinking is where you will make and save money.

  9. 1.) You’re going to have to sacrifice some fun in order to have a rainy day fund.

    2.) Murphy’s Law can and will kick you right in your face when your financials are struggling.

    3.) Always have at least 2 backup plans in case shit goes sideways.

    4.) Screw name brands. Other brands are just as good if not better.

  10. Save.

    You may be making enough to get by, but it’s only enough to get by. Inevitably, you **will** be screwed by unforeseen circumstances. When it happens, there is no safety net to keep you afloat. Make one.

  11. Don’t rent to buy. Never get a payday loan. Cook more, eat out less. Save, no matter how little. Having a credit card is helpful for your credit score but no one needs more than one and the amount utilized should never be over 10%.

  12. Get rid of the YOLO mindset. Yes, you only live once, but it’s stupid to make bad financial decisions that will take years to recover from

    Look at the potential return on investment when picking a college/degree. If the piece of paper costs more than the average salary, then it’s not worth it.

    If you want free college, consider joining the military for the GI bill. You get 4-6 years of work experience, in return, you’ll get 100% of in state tuition paid for and a housing stipend for 36 months.

    Fastest way to get a house is through the military as well. While most military rent, I used my housing allowance to by my first home when I was 21.

    Don’t buy expensive cars. Better to get an average car and save the difference to invest.

    Make it a habit to exercise. Weight and health problems will creep up fast, so it’s best to exercise and eat healthy to prevent them from happening.

    Don’t smoke

  13. You guys are doing great staying away from credit cards. You do need to build credit though so get one with like $500 limit, use it for daily bullshit, keep a running balance of about half the limit, watch your credit score go up.

    Yes, its fucked up but these are the games we play.

  14. Don’t pay an exorbitant amount of money to go to college. Go to online college if you aren’t really pursuing a science degree. You can work and go to college. A lot of the people that worked through college are in a better position than me right now.

  15. Start to educate yourself about finances much earlier and by yourself. Read books about it, ask wealthier friends of your parents for tips. You can always learn a bit how to make a fortune for your life. You only need to get your ass up. Read a book about daytrading on the bus, listen to podcasts about stocktrading when your a cleaning up the room. Do something and begin early with it.

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