Canadian Money Forum banner

21 - 40 of 110 Posts

·
Registered
Joined
·
3,618 Posts
Start saving early in life ,no amount is too small.I remember my first RSP contribution was $25 a month.
Tip #2 never co-sign a loan for anyone and if you need a cosigner you cannot afford what you are trying to finance!
 

·
Registered
Joined
·
343 Posts
Hmm... one that hasn't already been mentioned yet...

When you're young, (and have little savings) the biggest threat to your household's welfare (aside from profligate spending habits) is the loss of you and/or your spouse's ability to earn income. Don't ignore long-term disability insurance and accident insurance, particularly if you are offered these through a workplace benefit package.
 

·
Registered
Joined
·
3,932 Posts
My tip is,

Avoid mutual funds.
The costs are too high and you'll be able to retire sooner.
Hm. Don't agree with this.

I made quite a nice return off of my previous mutual funds. That statement is very subjective and does not apply in all situations or to all investors.

My advice would be to have discipline. If you don't have it, you'll never succeed no matter what you do.
 

·
Registered
Joined
·
12,122 Posts
My best tip: don't be lazy. Learn as much as you can about managing your financial affairs. It's probably one of the single most important life skills in determining your long term success. It's worth investing some time.
 

·
Banned
Joined
·
1,119 Posts
Always be vigilant and lookout for scams, don't fall for get rich quick schemes. If something sounds too good to be true, it almost certainly is. Remember the saying "a fool and his money are soon parted" (I think that was a movie).
 

·
Banned
Joined
·
3,080 Posts
Don't sweat your investments when you are young. Leave them on auto-pilot. Focus on advancing your career. Your career is your most important investment.
 

·
Registered
Joined
·
6,719 Posts
Build youself a Life Plan. This includes a financial plan and budget but also measurable goals in every aspect of your life.
 

·
Banned
Joined
·
2,508 Posts
The path to financial sucess starts with earning some kind of income. (most likely a job or start a business)
SO my tip would be to first invest in education that will get you a good job, (above 40-50K) or invest the time to start a business or learn skills for self employment.
 

·
Banned
Joined
·
946 Posts
I've been talking with my three eldest granddaughters recently about money (they're in their early 20s) and I told them that one of most important things they can do is to use credit cards responsibly; it's fine to use them for convenience but pay them off at the end of the month. Pretty basic advice, I know, but many young people get themselves into serious problems over misuse of credit cards.
 

·
Registered
Joined
·
419 Posts
Just observing but the majority of our friends are on #2......relationships and all of them are a bit behind the 8 ball financially.
We've been married since 1980 and in one aspect this has helped our finances along with all the other bonuses to that stability.
So won't hurt to buy some flowers today!
 

·
Registered
Joined
·
2,108 Posts
Love these tips, excellent thread

The only moral thing I can think of to do financialy is to do that which promotes the most long term happiness. The best way I know how to do this is to come in contact or possesion of that which I value i.e., I value life so to come in contact with, I would never spend money on cigarettes but instead spend money on healthy food @ a grocery store. I also value the lifes energy needed to obtain money so I have money work for me.

Avrex I think your really on to something regarding mutual funds & I wonder if the average investor has a true understanding of your wise words. (thanks for letting me back)

Regarding the mutual funds. I remember reading a few years ago (I think it was Robert Prechter) that the best performing mutual fund for the last 10 years the average investor lost money. I forget how much it gained but I if memory is correct I think it was in the double digits per a year. Reason being the average investor was buying high & selling low.
Ask any investor if they would have wanted to be the average investor in the best performing mutual fund. What do you think the answer would be ?
 

·
Registered
Joined
·
473 Posts
My best financial tip is along the same lines as Jungle's tip - Make more money

http://www.boomerandecho.com/make-more-money-best-financial-tip/

After the recession hit, my employer froze wages for three years. Unless you can get a decent raise from a promotion or a career change, it's hard for the average Canadian to get ahead without having some type of second income stream. That could mean renting out your basement, getting a second job, or starting your own business on the side. There are a million examples of how to make more money. Cutting your expenses can only go so far. The path to financial freedom becomes much easier when you can find ways to increase your income.
 

·
Registered
Joined
·
1,165 Posts
Make more money. That's very useful, along the lines of Buy low,sell high; plant your corn early; be careful, etc. Well meaning, obviously true, but not very helpful, typical of conventional wisdom I guess.
 
21 - 40 of 110 Posts
Top