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re: Financial Advice you wish you'd gotten as a HS Senior?
Posted on 11/4/15 at 9:13 am to tigerstripedjacket
Posted on 11/4/15 at 9:13 am to tigerstripedjacket
Wish someone had told me to prioitize travel & experiences over stuff. Things are fleeting, experiences stay with you for a lifetime. I didn't need a brand new bike as an undergrad; a used one at a tenth of the cost would have been just fine, and I could have gone some place more interesting than the FL panhandle for spring break on the savings.
2
Posted on 11/4/15 at 10:13 am to hungryone
quote:
Wish someone had told me to prioitize travel & experiences over stuff. Things are fleeting, experiences stay with you for a lifetime. I didn't need a brand new bike as an undergrad; a used one at a tenth of the cost would have been just fine, and I could have gone some place more interesting than the FL panhandle for spring break on the savings.
Amen. Travel has been a truly eye opening and life-changing set of experiences.
Posted on 11/4/15 at 10:36 am to hungryone
quote:
Wish someone had told me to prioitize travel & experiences over stuff
This, and I wish someone had told me it's okay to not go immediately to college if you didn't know what you wanted to study. Wasted a few years and a lot of money figuring that out.
Posted on 11/4/15 at 10:38 am to tigerstripedjacket
A basic chart that shows how interest can work for you or against you.
Maybe investing a $500 a month car note vs financing a depreciating asset.
Maybe investing a $500 a month car note vs financing a depreciating asset.
Posted on 11/4/15 at 11:01 am to MSMHater
quote:
How to make compound interest work for you. Didn't learn it until I was 28
This is about the same age I learned as well. I started working at 15. If I was taught just to save $25 from each paycheck back then, at age 38 I would be close to being a millionaire.
Whenever my kids start working, I'm definitely going to try to teach them "the time value of money" concept.
Posted on 11/4/15 at 11:44 am to tigerstripedjacket
quote:
What financial advice do you think that any HS senior could benefit from as they begin to enter college/real world?
1. Do not borrow more than you need for college.
2. Open a Roth IRA and fund it as completely as you are able to each year.
3. Invest time in at least one campus organization that allows you to build a network of future clients/referrals/employers for whatever you intend to do when you graduate.
4. Make sure #3 is resume-worthy, i.e. service org vs. social org.
5. Even if you have a free ride (parents, scholly, TOPS) to a degree, work a part-time job. It looks better on your resume.
Posted on 11/4/15 at 11:52 am to tigerstripedjacket
If male, this:
Bachelor Pad Economics
and if thinking about college, this:
Worthless - The Young Person's Indispensable Guide to Choosing the Right Major
Otherwise:
Learn to think critically and identify fallacies until it becomes internalized.
Don't get married until you're 30, if male. Don't wait until 30, if female.
It's not for everyone, but *consider* enlisting in the military. Coast Guard/Navy/Air Force/Army/Marines, in that order (I'm a USAF officer). If qualified, get a guaranteed job in writing from the recruiter, and one that has utility on the civilian side if they get out (computer programmer, anything medical, linguist, etc). If they like the culture and lifestyle, get a degree and go officer as soon as possible. If not, they have the trade they learned, more life experience/discipline, and GI Bill money so they won't go into debt for college. Still way better than their loser friends sitting around smoking pot and playing vidya games.
*Don't buy too much house.*
If you can't impress people with your personality, your car's not going to help.
***Pull out*** (Or for gals, get an IUD/implant/nuvaring/Depo shot. Pills are too easy to screw up, and otherwise you're just trusting dude to pull out, which is a fool's game.)
Don't have a victim mentality. We are all dealt a set of circumstances. The difference between losers and successful people is what we do with those circumstances.
Take care of your credit, yes.
Saving: The most important aspect here is having an emergency fund. Investing in themselves (useful education, starting a business) is probably more important than IRAs/401ks at that point, but not having some liquidity for unforeseen expenses will bite them if they let it. Life happens.
***Don't lend friends money*** Nothing good comes of this.
Relatedly...ask them to LEARN THE IMPORTANCE OF BEING ABLE TO SAY "NO". Learning to enjoy it is even better.
"Adults" (especially parents/teachers/guidance counselors) are just overgrown children, so don't assign any special relevance to their advice without passing it though those aforementioned critical thinking BS filters. Only consider their advice at all if they've proven themselves extraordinarily competent in a given area. Teachers and guidance counselors are some of the least qualified people as far as giving career advice, because they've consciously chosen to exist in their own sheltered bubble of education.
If they plan on drinking...buy a good (~$100, with a fuel cell sensor) breathalyzer to keep in their car. This has saved me on so many occasions.
***Conventional wisdom is usually wrong.***
Will update if I think of anything else.
Bachelor Pad Economics
and if thinking about college, this:
Worthless - The Young Person's Indispensable Guide to Choosing the Right Major
Otherwise:
Learn to think critically and identify fallacies until it becomes internalized.
Don't get married until you're 30, if male. Don't wait until 30, if female.
It's not for everyone, but *consider* enlisting in the military. Coast Guard/Navy/Air Force/Army/Marines, in that order (I'm a USAF officer). If qualified, get a guaranteed job in writing from the recruiter, and one that has utility on the civilian side if they get out (computer programmer, anything medical, linguist, etc). If they like the culture and lifestyle, get a degree and go officer as soon as possible. If not, they have the trade they learned, more life experience/discipline, and GI Bill money so they won't go into debt for college. Still way better than their loser friends sitting around smoking pot and playing vidya games.
*Don't buy too much house.*
If you can't impress people with your personality, your car's not going to help.
***Pull out*** (Or for gals, get an IUD/implant/nuvaring/Depo shot. Pills are too easy to screw up, and otherwise you're just trusting dude to pull out, which is a fool's game.)
Don't have a victim mentality. We are all dealt a set of circumstances. The difference between losers and successful people is what we do with those circumstances.
Take care of your credit, yes.
Saving: The most important aspect here is having an emergency fund. Investing in themselves (useful education, starting a business) is probably more important than IRAs/401ks at that point, but not having some liquidity for unforeseen expenses will bite them if they let it. Life happens.
***Don't lend friends money*** Nothing good comes of this.
Relatedly...ask them to LEARN THE IMPORTANCE OF BEING ABLE TO SAY "NO". Learning to enjoy it is even better.
"Adults" (especially parents/teachers/guidance counselors) are just overgrown children, so don't assign any special relevance to their advice without passing it though those aforementioned critical thinking BS filters. Only consider their advice at all if they've proven themselves extraordinarily competent in a given area. Teachers and guidance counselors are some of the least qualified people as far as giving career advice, because they've consciously chosen to exist in their own sheltered bubble of education.
If they plan on drinking...buy a good (~$100, with a fuel cell sensor) breathalyzer to keep in their car. This has saved me on so many occasions.
***Conventional wisdom is usually wrong.***
Will update if I think of anything else.
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