Money 101

[Bassbuster95]

So, I had to skip the BBC poison known as the lounge with all the MLFLW bashing/talk.

I'm far from an investment/money guru but I do have interest enough to read/listen to gurus about it. I happened accross this kid on YT named Nate O'brien. He's young but comes accross as very smart/wise and his videos are a very common sense approach to money/saving/investing.

Highly recommend a watch for those that are getting started or struggling with saving.

Just an FYI tip for the BBC gang.

[Finlander]

This is interesting.

The key to saving money is learning how to say, "NO" LOL!

There are however a few competing trains of thought that have viable support.

The first is, "you can't take it with you". This logic is what most folks tell themselves to justify major unecessary expenditures such as a financing brand new Bass Boat with no money down. Don't laugh, folks do it every day.

The other is, "everything in moderation". This logic suggest you spend some money in order to maintain a healthy balance between work and play. So perhaps you buy a second hand bass boat ILO of financing a brand new one.

The last option is Goal setting. This becomes very subjective but essentially you decide by some calculation how much you need to live on in retirement and you aggressively attack the goal until it is met before making any other financial choices.

If you are say under the age of 30 - 35 and make very little money than setting an aggressive savings goal should be the first order of business but this is arguably the most difficult thing to do in our prime. Your older self will be thankful.

A wise me once said, you need to enjoy life a little bit along the way. This is very good advice since none of us really know when we will be called to meet our maker but still need to prepare for the inevitable rainy days and I personally feel this is the best compromising strategy.

[Bassbuster95]

I understand. I posted as I think the kid does a good job and I wish other youngsters would watch him.
It's too late now, but my mom would have benefited from this many years ago. Instead of buying chinese trinkets and filling the house with chit, she could have/should have saved a little bit.
Another small example: She buys NEw frames and glasses every year from the eye doctor....to the tune of $400. She could have just bought lenses at what $? Or better yet, buy them online at aplace like ZENNI for $20-$40 complete or $100 at walmart. It just makes me sick to see the money she wasted all these years. When dad dies, she'll have nothing but a house full o chit. I've had to learn to be a little frugal/money savy on my own and I wish others would just be a little money wise.

I used to buy clothes online when on sale. I've recently found there's some hella deals at the thrift shops. But again, only buy when you need clothes. no need to visit every week and drop coin on stuff that just fills the closet.

[BoilermakerZ519]

I understand. I posted as I think the kid does a good job and I wish other youngsters would watch him.
It's too late now, but my mom would have benefited from this many years ago. Instead of buying chinese trinkets and filling the house with chit, she could have/should have saved a little bit.
Another small example: She buys NEw frames and glasses every year from the eye doctor....to the tune of $400. She could have just bought lenses at what $? Or better yet, buy them online at aplace like ZENNI for $20-$40 complete or $100 at walmart. It just makes me sick to see the money she wasted all these years. When dad dies, she'll have nothing but a house full o chit. I've had to learn to be a little frugal/money savy on my own and I wish others would just be a little money wise.

I used to buy clothes online when on sale. I've recently found there's some hella deals at the thrift shops. But again, only buy when you need clothes. no need to visit every week and drop coin on stuff that just fills the closet.

Wow good for you for not taking on the poor financial discipline despite growing up with it as the example set by your mother.

owning money instead of allowing money to own you is a key lesson to be learned early to establish proper financial habits.

Also it is important to understand the basic math of compounding. This will tell you the importance of saving when you are young to allow the powerful force of compounding to make its impact over the years.

So much valuable information on the internet. I find that kiplinger magazine is a decent mainstream source of financial education and information. That’s one place to start.