| Were you money savvy as a youth? |
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financechoices
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| Were you money savvy as a youth? |
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What were you like with money when you were younger? Were you afraid of making important decisions?
UK Finance Forum | Loans | Credit Cards
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Mon Nov 14, 2005 8:41 am |
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auggyf
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I'm not sure what you mean by 'youth' or 'important decisions' but ...
- My first paid job coincided with my first financial economics course in college, so I was already aware of various investment instruments and strategies.
- Most of the important decisions I've made had little to do with money.
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Mon Nov 14, 2005 4:56 pm |
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RobD8870
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Well if by in your youth you mean around 12years old let me put it like this. I remember saving my money up and reaching $35. I was so excited about my new found wealth I wanted to buy a wallet to keep all my cash in. I spent all my money on the nicest genuine leather wallet I found.
So at the end of the day I had a nice wallet with nothing in it.....That may seem stupid but I still use that same wallet today at 27years old. So I have used it for 15 years now. I guess you really do get what you pay for....LOL I am glad I didnt go with the snoopy wallet. 
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Wed Nov 16, 2005 9:22 pm |
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financechoices
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I was thinking more of when you first left home and had things like rent, mortgages, credit cards etc. to pay.
UK Finance Forum | Loans | Credit Cards
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Fri Nov 18, 2005 10:48 am |
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Tradewinds
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I began studying finance and investing in my mid teens, so i'd say I was informed as a younger guy and today I know more about investing and making money overall than most people twice my age. I have always known to avoid bad debt which has served me well, so i'd say that is the most important thing a young man can know about finances.
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Thu Nov 24, 2005 10:49 pm |
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Stoney
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| being young again... |
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I definitely was...Baseball cards were still doing pretty well back then so it was all about trading and saving. This day and age things have changed, i havent seen a card shop in years!
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Wed Jan 18, 2006 10:39 am |
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MannyS
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I'm 17 and am heavily into money. My first job was (still is) Dunkin Donuts and I still work there as of today. On Monday I start a job from 4-5. We're a consulting management company located in Buffalo Grove, Illinois. What I basically do is try to set up meetings so I can send my representative in so he can send in one of our analsysts. If all goes well, I get 200+ dollars commission!
On the other hand, I found myself really getting interested in banking. At the moment, I just had an account opened under my mothers name (since I am 17) and I fill probably end up transferring x amount to that bank. It's a simple savings account with 3%+ APY. I find it incredibly awesome. It's also compounded daily.
Well. there you go.
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Mon Jan 23, 2006 4:05 am |
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JCook
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My wife and I did budgets right from the beginning but not as detailed as we do now. If we had been more detailed and kept better track from the beginning we would be in a lot better financial shape than we are now even though we are not bad compared to most. The moral to the story is to start young.
John
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Tue Jan 24, 2006 3:37 am |
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Rolo
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| Re: being young again... |
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quote:
Originally posted by Stoney
This day and age things have changed, i havent seen a card shop in years!
That's 'cos you've not heard of collectible card games; Magic: the Gathering was first.
Money, young, smart, no. Paid debt, bought books, on course to retire early and wealthy.
You ask a lot of questions, fc.
"Expect me when you see me."
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Tue Jan 24, 2006 6:34 am |
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Kirby
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I'm 22 and i've been investing for about 5 years now. I did the piggy bank thing as a kid. I'm not sure if it counts, but it certainly was my start!
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Wed Jan 25, 2006 5:52 am |
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zZigzZag
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I was always very careful about living within my means, budgeting for known expenses, avoiding debt and even saving money systematically. Unfortunately I did not learn until much later in life about investing to achieve long-term goals, most importantly retirement. I think I'm pretty well on track even given my late start, but I can't help wondering where I would be if I had known back then what I know now. 
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Wed Jan 25, 2006 8:58 pm |
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rockhound
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| Re: Were you money savvy as a youth? |
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My parents did a good job of teaching me how to respect money from a young age. My mom would pay me 2 cents for each tree in the yard that I clipped the grass around on lawn-mowing day. After some time I learned to renegotiate for 3 cents. At first I would save enough to buy a 99 cent Lensley Matchbox car, but also learned that would mean I didn't have the 99 cents anymore. I also learned that if you save pennies, pretty soon you have dollars. I was raised to be frugal, and that is the biggest part of being financially stable. Just that taught me to never owe more than I had. However, it wasn't until my last year of graduate school that I took a formal finance-oriented class, called Mine Valuation. It was the first time that I was taught how to calculate interest rates, time value of money, amortization schedules, etc. It saved me $115,000 by showing me how important it was to pay principle on my mortgage and wipe out the interest.
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Fri Feb 03, 2006 11:29 pm |
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