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March 20, 2010

Most Important Money Advice a Young Person Can Receive?

Filed under: Personal Finance, Uncategorized — Tags: , , — thebalancedspreadsheet @ 7:45 am

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An interesting question was asked recently on Cash Commons by AskaboutGadgets.com.  The question was “what is the most important money advice that a young person can get?”  I posted a brief answer but after thinking about it some more I think the real answer depends on age of the young person we are talking about. 

Up to 12 years old-I think the most important thing I would stress is the relationship between work and money.  Money is not just “created” it is earned through hard work and discipline.

Teenage years before college-Try and set goals on what you want to do career wise with your life.  If college is your goal figure out how you will pay for it and realize that the most expensive school is not always the best option.

College age-For those who go the college route the best advice I would give is to have a game plan to figure out your career and get the degree that will enable you to do that career.  Do not go to school just to “get a degree” or get the “college experience”.  Rather decide what career you want and what it will take to get you there.

Post-College-As noted in Cash Commons, my advice would be to get out of and stay out of debt.  Your greatest wealth building tool is your income and you can not become wealthy by making payments to a bank or to a credit card company.  As noted in The Millionaire Next Door and Stop Acting Rich and Start Acting Like a Real Millionaire, wealth is created by not spending luxuriously but rather living below ones means.

With that being said anybody else have good financial advice that I missed or forgot?

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