I am going to be honest; the last year has been rough financially (as well as mentally). My GF was seriously sick, we had to buy another vehicle (more on that later), and we made a lot of BAD financial decisions. We are basically starting over financially, in a deep hole.
I haven’t written for awhile because I have been struggling with the notion that financially I have made quite a few mistakes and felt like I had NO business giving financial advice to others. I knew all the right things to do and didn’t do them. Recently, I realized now is the perfect time to write a financial blog. I am going through the same financial things everyone else is. So I am going to tell my story, share my successes and failures, and pass along any helpful financial advice I come across during my own journey towards financial independence.
So, how did my GF and I get into this mess?
Like I said my GF has been pretty sick the past year (we chronicled our journey here) but really this is an excuse that we have been using. The whole time she was off work she was still receiving a pay check. During her illness insurance paid for the surgery and radiation (which was good because the radiation treatments were more than $70,000 in total, I believe), so we weren’t out much money there. Our problem was simply spending beyond our means. We took a vacation – much deserved but not responsible considering our situation, ate out a lot (she lost her sense of taste so a lot of money was spent trying to find food she could eat. This could have been handled much better but I figured she was suffering enough without living on protein shakes only), lots of new clothes, and the new vehicle. I felt a lot of pressure and guilt, I couldn’t say no to her because of what she was going through. Saying no is a huge issues for me personally and financially and is something through this journey that I MUST work on to be successful.
Not staying true to my financial beliefs ended in financial disaster. I’m a pleaser and this gets me into trouble a lot, I give whatever I have to those who need it and in many cases to people who simply want it. This never works out well for me because as the old saying goes “give a man a fish and he eats for a day, teach him to fish and he eats for a lifetime”, or something like that. I have realized my biggest problem is saying no and in order to reach my own financial independence I HAVE to say no to others if what they want stands in the way of my journey.
I, also, allow myself get caught up in the excitement of the purchase since I grew up not having or getting much and spend a lot of time trying to make up for what I didn’t have. These are very bad traits to have when buying something as life changing a vehicle. I say life changing because before this purchase I didn’t have a vehicle, no I had no car payments nor insurance payments to be responsible for. We needed a new vehicle and spent a lot of time trying to figure out what type of vehicle we wanted – a great thing to do. But then we went out to look at the vehicles in person and fell in love with a 2003 Range Rover. Crazy! This is where we got real stupid…we ended up buying a vehicle that we were totally unprepared for, but really wanted. The insurance, gas, and maintenance are way more than we bargained for. Basically we didn’t think the purchase through enough because we got caught up in the vehicle and the sales men talked a real good game. We both loved our vehicle despite it all for whatever demented reason.
One major financial issue we faced was our different philosophies. She’s a spender, I’m a saver. I never realized how much money can affect a relationship until now. It has been a HUGE struggle at times to get on the same page, but I think we are finally there. It took a lot of tough conversations (read arguments) and setting goals for the future, together for us to get where we are actually facing our bad decisions and to be ready to move forward in a positive direction. Those tough conversations lead to developing a plan:
1. We developed a budget. We budgeted for monthly expenses (rent, cable, phone, gas, student loans, etc.) for debt repayment, savings (house, vacations, wedding), and for fun money (we signed up for online coupons through Groupon and Living Social to help our fun money go even further and try to find cheap and free things to do).
2. We have separated our money to help better learn to manage finances. Before separating our finances, we had a joint account where all the money went and all the bills were paid from. We both had separate accounts that rarely had money because of our poor spending habits. A lot of arguments revolved around the lack of individual money but once we sat down and really looked at the spending we never had individual money because we spent it before it even got there. In the beginning of our relationship I was given total control of the finances; I hated it and she regretted it. Now, my pay check goes to my account and hers to her account. We sit down and calculate how much needs to go to joint bills and that amount goes to the joint account. I am responsible for paying certain joint bills, she for others. Personal bills we are each responsible for our own. This allows her to learn to manager her money and for me to learn to give up control. So far, it seems to be working.
3. We have downgraded our cable and internet (cut the home phone), downgraded our cell phone plans, we are downsizing and decluttering our lives and trying to cook more.
4. We developed a plan to get out of debt and to save for the future. It won’t be easy but if we work together and keep our eye on the things that REALLY matter to us, we will be completely financially independent in a matter of years. (Years seem so long, but let’s face it getting out of debt takes time.)
We keep each other on track and motivated when things get tough and I will do the same for my Life’s Freefall readers. Don’t be scarred to admit you aren’t financially where you want to be or to admit you have made mistakes along the way. We all do it. Start changing your behaviors and we will all be financially independent in no time!
Friday, December 31, 2010
Thursday, November 25, 2010
NYP in Action for the Community Party for Senior Citizens 2010
By second-year Diploma in Molecular Biology Student Tan Kiat Yi.
They came, sang and danced and played games - more than 480 senior citizens from nine constituencies had a fun-filled day at special party at Nanyang Polytechnic (NYP). The party held on Saturday 23 October was jointly organized with the Lions Befrienders Service Association as part of “NYP in Action for the Community” initiative. The initiative aims to raise awareness of community involvement among NYP’s staff and students, as well as inculcate in them a spirit of care and giving to the community at large.
NYP’s School of Chemical & Life Sciences took the lead this year with the help of 63 staff and 216 students from across NYP.
The party started at 9 am when busloads of senior citizens arrived from all over Singapore. They received a grand welcome as students lined the canteen clapping and cheering as they proceeded to their seats. They each received a goodie bag containing a bottle of water, biscuits, packs of tissue and a foldable fan.
Highlights of the day included the following games:
- “Guess the Song” where participants had to guess the title of songs based on a song snippet.
- “Jigsaw Puzzle”, where seniors had to work together in groups to solve challenging jigsaw puzzle.
- “Musical Beach Ball” a modified version of musical chairs, where instead of chairs, a beach ball was passed around.
The real fun, however, began when some seniors went up on stage to sing all-time favorite hits such as “The moon represents my heart” by Teresa Teng. Many of them were deeply immersed in the music, going up on stage for solos and duets. Some of them even went on stage to dance the Macarena! They were also treated to songs sung by Dr Joel Lee, Director of the School of Chemical and Life Sciences (SCL (LS)), Dr Lee’s effort garnered much applause.
It was a fun-filled day with activities and entertainment for all participants, and they left with smiles on their faces.
Tuesday, November 23, 2010
Awakening Experience in Cambodia
Nabilah Noordin, a first year, Diploma in Molecular Biotechnology student together with 14 others went on a 17-day Youth Expedition Project to Cambodia recently.
The 17-day expedition include upgrading works and teaching basic English at the Andong Village Primary School, in Phnom Penh and the Boys Brigade Learning Centre in Siam Reap.
Here are snapshots of their journey.
Thursday, September 30, 2010
Youth Olympic Games: An Awesome Opening Ceremony
By Stacey Gan Pin Hui, Diploma in Media Studies & Management
Stacey, who was covering the YOG opening ceremony as a young journalist, shares her experience.
(From left)Marcus, Rebecca and Stacey
If there was one thing that could have literally dampened the high spirits of those seated at the Marina Bay floating platform on 14 August, it would have been rain. Fortunately, the threat of rain proved to be empty, though rain clouds did hover menacingly over the venue of the inaugural Youth Olympic Games (YOG) opening ceremony. My classmates, Marcus and Rebecca, and I were among the 27,000 attendees who did not have to use the plastic ponchos provided in our goodie bags after all. The ceremony began as scheduled, much to our relief.
The massive scale of the event only began to dawn on us as we sat in the media section, located at the highest level of the seating gallery against a backdrop of the flags of all 204 participating countries. We watched in awe as journalists, photographers and cameramen from all over the world streamed past us. We admired their equipment, feeling like we had yet to earn our stripes in order to sit with them. It was really an international gathering! Thais sat beside Canadians while Germans chatted excitedly to each other as the Brazilians near them rummaged through their goodie bags. A cacophony of voices with accents from all five continents surrounded us, and left us feeling like we had travelled overseas.
Clocking in at an estimated two and a half hours, Singapore’s version of the Olympic opening ceremony kicked off with a performance by Malay, Chinese, Indian and Eurasian participants. This introduced Singapore’s multi-cultural society to an estimated 2 billion viewers around the world to. For me, that segment was reminiscent of National Day Parade performances, where messages of racial harmony are de rigueur. But when I considered that the world was seeing, for the first time, what Singaporeans have always enjoyed every year, I began to appreciate it in a whole new light.
The next segment, titled ‘Origins’, took the audience through a brief recap of Singapore’s journey from past to present. As a Singaporean, I was thrilled to see our nation’s story being told on such a platform, with the world watching. Singapore does have a lot of achievements to be proud of, built on the hard work and determination of our ancestors, and I was glad that as host city of the YOG, we had been given a chance to let the world know how far we have come.
The rest of the ceremony was laden with symbolism, with segments about what motivates the young Olympians to strive for excellence, and how they overcome insecurities and fears to do their best in the face of competition. There was even a segment titled ‘S.O.S.’ that called for the world to work together to address global problems such as war and natural disasters. Each segment was kept short and sweet, hardly exceeding 10 minutes each. It made the ceremony feel like a fast-paced movie with spectacular special effects such as laser shows and generous fireworks displays at the end of each segment.
The next highlight was the parade of flags of all participating countries. Marcus, Rebecca and I waited impatiently for Singapore’s flag to enter. As we waited, the audience members took turns to cheer themselves hoarse when their nation’s flag was paraded. The excitement and sense of anticipation around us was incredible. A large group of Belgians were seated in front of us, and all of them stood up in a great show of support for their country, yelling, clapping and waving miniature Olympic flags when the Belgian flag made its appearance. As host nation of the YOG, Singapore’s flag was the last to enter, and I do not think I am being biased by saying that it received the longest and loudest cheers. It was my first time cheering for my country along with such an enormous audience, and it warmed my heart to see that it was not just the Singaporeans who stood up for Singapore’s flag. In fact, the majority of the people around us stood up to applaud. How fantastic it was to watch the foreign journalists that my classmates and I had admired earlier cheering for Singapore!
If I had to name my favourite part of the ceremony, it would have to be the culmination of the YOG torch relay. The flame was brought to the Marina Bay floating platform on a giant phoenix vessel built to carry the torchbearer across Marina Bay. The phoenix was beautifully lit up and everyone watched in awe as it cruised across the Singapore River towards the floating platform, looking like a fabled creature from an ancient legend. The grandiosity of it all was not lost on the audience, and we heard plenty of stunned gasps and exclamations of delight at the sight of the phoenix.
The torch relay continued, with several torchbearers passing the flame, as they made their way to the floating platform. The last torch-bearer, 16-year-old sailor Darren Choy, ran across the reflective pool behind the main stage to light the YOG cauldron, which was housed in a lighthouse structure. When the Flame touched the base of the structure, it travelled impressively up the lighthouse in a column of fire, spiralling upwards and quickly reaching the top where it was greeted by tremendous applause from a dazzled audience. I clapped enthusiastically too, overwhelmed by the sensational finale.
Having attended the YOG opening ceremony as part of the media team from Nanyang Polytechnic, I am honoured to have had the chance to witness this historic event. The experience has given me a taste of what it is like to view events like this through the eyes of someone who works in the media industry, and has allowed me to rub shoulders with accredited journalists all over the world. I look forward to more of such opportunities in future, and hope that I will never let myself become jaded or take these opportunities for granted!
The massive scale of the event only began to dawn on us as we sat in the media section, located at the highest level of the seating gallery against a backdrop of the flags of all 204 participating countries. We watched in awe as journalists, photographers and cameramen from all over the world streamed past us. We admired their equipment, feeling like we had yet to earn our stripes in order to sit with them. It was really an international gathering! Thais sat beside Canadians while Germans chatted excitedly to each other as the Brazilians near them rummaged through their goodie bags. A cacophony of voices with accents from all five continents surrounded us, and left us feeling like we had travelled overseas.
Clocking in at an estimated two and a half hours, Singapore’s version of the Olympic opening ceremony kicked off with a performance by Malay, Chinese, Indian and Eurasian participants. This introduced Singapore’s multi-cultural society to an estimated 2 billion viewers around the world to. For me, that segment was reminiscent of National Day Parade performances, where messages of racial harmony are de rigueur. But when I considered that the world was seeing, for the first time, what Singaporeans have always enjoyed every year, I began to appreciate it in a whole new light.
The next segment, titled ‘Origins’, took the audience through a brief recap of Singapore’s journey from past to present. As a Singaporean, I was thrilled to see our nation’s story being told on such a platform, with the world watching. Singapore does have a lot of achievements to be proud of, built on the hard work and determination of our ancestors, and I was glad that as host city of the YOG, we had been given a chance to let the world know how far we have come.
The rest of the ceremony was laden with symbolism, with segments about what motivates the young Olympians to strive for excellence, and how they overcome insecurities and fears to do their best in the face of competition. There was even a segment titled ‘S.O.S.’ that called for the world to work together to address global problems such as war and natural disasters. Each segment was kept short and sweet, hardly exceeding 10 minutes each. It made the ceremony feel like a fast-paced movie with spectacular special effects such as laser shows and generous fireworks displays at the end of each segment.
The next highlight was the parade of flags of all participating countries. Marcus, Rebecca and I waited impatiently for Singapore’s flag to enter. As we waited, the audience members took turns to cheer themselves hoarse when their nation’s flag was paraded. The excitement and sense of anticipation around us was incredible. A large group of Belgians were seated in front of us, and all of them stood up in a great show of support for their country, yelling, clapping and waving miniature Olympic flags when the Belgian flag made its appearance. As host nation of the YOG, Singapore’s flag was the last to enter, and I do not think I am being biased by saying that it received the longest and loudest cheers. It was my first time cheering for my country along with such an enormous audience, and it warmed my heart to see that it was not just the Singaporeans who stood up for Singapore’s flag. In fact, the majority of the people around us stood up to applaud. How fantastic it was to watch the foreign journalists that my classmates and I had admired earlier cheering for Singapore!
If I had to name my favourite part of the ceremony, it would have to be the culmination of the YOG torch relay. The flame was brought to the Marina Bay floating platform on a giant phoenix vessel built to carry the torchbearer across Marina Bay. The phoenix was beautifully lit up and everyone watched in awe as it cruised across the Singapore River towards the floating platform, looking like a fabled creature from an ancient legend. The grandiosity of it all was not lost on the audience, and we heard plenty of stunned gasps and exclamations of delight at the sight of the phoenix.
The torch relay continued, with several torchbearers passing the flame, as they made their way to the floating platform. The last torch-bearer, 16-year-old sailor Darren Choy, ran across the reflective pool behind the main stage to light the YOG cauldron, which was housed in a lighthouse structure. When the Flame touched the base of the structure, it travelled impressively up the lighthouse in a column of fire, spiralling upwards and quickly reaching the top where it was greeted by tremendous applause from a dazzled audience. I clapped enthusiastically too, overwhelmed by the sensational finale.
Having attended the YOG opening ceremony as part of the media team from Nanyang Polytechnic, I am honoured to have had the chance to witness this historic event. The experience has given me a taste of what it is like to view events like this through the eyes of someone who works in the media industry, and has allowed me to rub shoulders with accredited journalists all over the world. I look forward to more of such opportunities in future, and hope that I will never let myself become jaded or take these opportunities for granted!
Friday, September 24, 2010
What Happens When Some of the Richest Men in the U.S. Get Together?
They talk about money...and have milkshakes.
Warren Buffett, Jay-Z, and Steve Forbes recently sat down for a discussion. What else could they talk about besides money? The 3 have very little in common besides being brilliant business men and being rich.
The 3 sat down for an hour long conversation on “the power of luck”, the music business, and success and giving among other things. Take a look...
Warren Buffett, Jay-Z, and Steve Forbes recently sat down for a discussion. What else could they talk about besides money? The 3 have very little in common besides being brilliant business men and being rich.
The 3 sat down for an hour long conversation on “the power of luck”, the music business, and success and giving among other things. Take a look...
Tips on Getting Rich From a RICH Man
Back in January of ’09 I posted 10 investing tips from Warren Buffett, Buffett listed things like “be frugal”, “stick with what you know”, and "believe in America”. For all you out there who don’t know who Warren Buffett is where have you been?
According to his Wikipedia page:
Warren Edward Buffett is an American investor, industrialist and philanthropist. He is one of the most successful investors in the world. Often called the "legendary investor Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world's wealthiest people, he was ranked as the world's second wealthiest person in 2009 and is currently the third wealthiest person in the world as of 2010.
Buffett is called the "Oracle of Omaha" or the "Sage of Omaha" and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation. He also serves as a member of the board of trustees at Grinnell College.
So now you know why the man is mentioned so often in finance circles. I don’t really quite know “what I want to be when I grow up” but I know I want to follow in his footsteps. I have a long way to go. Maybe if we follow his tips we can have a piece of what he has.
Fivecentnickle has nicely laid Buffett’s tips out for us:
1. Reinvest your profits. When you make money, reinvest your profits instead of spending them. Even a small sum can ultimately be turned into great wealth.
2. Be willing to be different. Don’t base your decisions on what everyone else is saying or doing. Think for yourself if you want to be above average.
3. Never suck your thumb. Do your homework, and be prepared to quickly make up your mind and act on it. Avoid unnecessary sitting and thinking.
4. Spell out the deal before you start. Your leverage is always greatest before you begin a job. Always work out the specifics of a deal before you start, even if you’re dealing with friends or family.
5. Watch small expenses. Be vigilant about minimizing your expenses, both in business and in your personal life. By doing so, you’ll ensure that you profits or paycheck go further than ever before.
6. Limit what you borrow. You can’t borrow your way to wealth, so be careful with loans and credit cards. And if you get in over your head, negotiate with your lenders to pay what you can. Once you’re debt free, save money and start investing.
7. Be persistent. With tenacity and ingenuity, you can win against a more established competitor.
8. Know when to quit. Know when to walk away from a losing proposition. There’s no sense in repeating the same old mistakes trying to dig yourself out of a hole.
9. Assess the risks. When faced with a decision, imagine the best- and worst-case scenarios. If the benefits don’t outweigh the risks, then think twice before proceeding.
10. Know what success really means. There’s more to life than money. According to Buffett, “When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.”
A lot can be learned about how to manage money from millionaires, after all they weren’t always rich (most of them anyway). So, Mr. Buffett, I salute you!
According to his Wikipedia page:
Warren Edward Buffett is an American investor, industrialist and philanthropist. He is one of the most successful investors in the world. Often called the "legendary investor Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world's wealthiest people, he was ranked as the world's second wealthiest person in 2009 and is currently the third wealthiest person in the world as of 2010.
Buffett is called the "Oracle of Omaha" or the "Sage of Omaha" and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation. He also serves as a member of the board of trustees at Grinnell College.
So now you know why the man is mentioned so often in finance circles. I don’t really quite know “what I want to be when I grow up” but I know I want to follow in his footsteps. I have a long way to go. Maybe if we follow his tips we can have a piece of what he has.
Fivecentnickle has nicely laid Buffett’s tips out for us:
1. Reinvest your profits. When you make money, reinvest your profits instead of spending them. Even a small sum can ultimately be turned into great wealth.
2. Be willing to be different. Don’t base your decisions on what everyone else is saying or doing. Think for yourself if you want to be above average.
3. Never suck your thumb. Do your homework, and be prepared to quickly make up your mind and act on it. Avoid unnecessary sitting and thinking.
4. Spell out the deal before you start. Your leverage is always greatest before you begin a job. Always work out the specifics of a deal before you start, even if you’re dealing with friends or family.
5. Watch small expenses. Be vigilant about minimizing your expenses, both in business and in your personal life. By doing so, you’ll ensure that you profits or paycheck go further than ever before.
6. Limit what you borrow. You can’t borrow your way to wealth, so be careful with loans and credit cards. And if you get in over your head, negotiate with your lenders to pay what you can. Once you’re debt free, save money and start investing.
7. Be persistent. With tenacity and ingenuity, you can win against a more established competitor.
8. Know when to quit. Know when to walk away from a losing proposition. There’s no sense in repeating the same old mistakes trying to dig yourself out of a hole.
9. Assess the risks. When faced with a decision, imagine the best- and worst-case scenarios. If the benefits don’t outweigh the risks, then think twice before proceeding.
10. Know what success really means. There’s more to life than money. According to Buffett, “When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.”
A lot can be learned about how to manage money from millionaires, after all they weren’t always rich (most of them anyway). So, Mr. Buffett, I salute you!
Thursday, September 16, 2010
I Wish I Knew Then What I Know Now
When I was growing up money was tight, or non-existent, so I didn’t learn much about how to handle money from my parents. I did learn what NOT to do financially and I have tried to live by doing the opposite of what my parents have done and I think it has been ok so far.
My piggy bank.
I can’t help but think, “I wish someone would have told me about…” when I was growing up.
My dad's piggy bank. hahaha
Growing up I did have the normal babysitting, paper routes, lawn mowing jobs but I was never able to save the money past putting it in my pocket. Once I hit high school my mom did open a checking and savings account for me, but money never seemed to stay there long either. In college, my checking account was set up so I had to keep $500 in it at all times, which was a good lesson in building up my account.
I received my first credit card in college and didn’t know what to do with it or how to use it. I charged lots of dumb things on it that took a LONG time to pay off. I bought a Playstation on credit and it took me almost 2 years to pay off. I didn’t learn my lesson though. I kept charging and kept owing because, well, that what my parents had done.
Knowing what I know now, the blueprint set out by my parents had me designed to repeat their bad money habits and not to succeed financially. Some things like having a set limit in my checking account that I don’t let my account fall below is great but everything else I learned the hard way and on my own.
If I knew then what I know now about savings, credit cards, loans, and investing I would have a lot more money in my pocket and would be paying less of my hard earned money to everyone else.
What did I learn from my parents?
Well, I learned not to purchase anything on credit that I can’t pay for outright (still working on this one). I learned to sacrifice things I want for things I need. I learned that after 7 years your credit history is cleared, even though my parents still blame each other for their current financial mess some 18 years after getting divorced. I learned the value of hard work and when to ask for help.
What didn’t I learn from my parents?
Basically everything important. I didn’t learn the power of compound interest. I didn’t learn how to budget. I didn’t learn the importance of using credit correctly. I didn’t learn that I should have found other ways to pay for undergrad and grad school because now Sallie Mae owns me. I didn’t learn how the value of my credit, my dad always told me that all I have is my name (my honor) and my credit. He would say, so don’t let anyone mess them up. I didn’t learn not to put utilities, credit, cell phones in my name for other people (I got burned a couple times on this one, but in my defense the people were family so I figured I would be ok, WRONG). I didn’t learn about retirement planning because my mom feels it’s a waste, but I plan on retiring so I need to plan.
What are some of the things you wish someone would have told you growing up about money and finances?
What are some of the things that someone DID share with you that helped you learn how to handle your money?
My piggy bank.
I can’t help but think, “I wish someone would have told me about…” when I was growing up.
My dad's piggy bank. hahaha
Growing up I did have the normal babysitting, paper routes, lawn mowing jobs but I was never able to save the money past putting it in my pocket. Once I hit high school my mom did open a checking and savings account for me, but money never seemed to stay there long either. In college, my checking account was set up so I had to keep $500 in it at all times, which was a good lesson in building up my account.
I received my first credit card in college and didn’t know what to do with it or how to use it. I charged lots of dumb things on it that took a LONG time to pay off. I bought a Playstation on credit and it took me almost 2 years to pay off. I didn’t learn my lesson though. I kept charging and kept owing because, well, that what my parents had done.
Knowing what I know now, the blueprint set out by my parents had me designed to repeat their bad money habits and not to succeed financially. Some things like having a set limit in my checking account that I don’t let my account fall below is great but everything else I learned the hard way and on my own.
If I knew then what I know now about savings, credit cards, loans, and investing I would have a lot more money in my pocket and would be paying less of my hard earned money to everyone else.
What did I learn from my parents?
Well, I learned not to purchase anything on credit that I can’t pay for outright (still working on this one). I learned to sacrifice things I want for things I need. I learned that after 7 years your credit history is cleared, even though my parents still blame each other for their current financial mess some 18 years after getting divorced. I learned the value of hard work and when to ask for help.
What didn’t I learn from my parents?
Basically everything important. I didn’t learn the power of compound interest. I didn’t learn how to budget. I didn’t learn the importance of using credit correctly. I didn’t learn that I should have found other ways to pay for undergrad and grad school because now Sallie Mae owns me. I didn’t learn how the value of my credit, my dad always told me that all I have is my name (my honor) and my credit. He would say, so don’t let anyone mess them up. I didn’t learn not to put utilities, credit, cell phones in my name for other people (I got burned a couple times on this one, but in my defense the people were family so I figured I would be ok, WRONG). I didn’t learn about retirement planning because my mom feels it’s a waste, but I plan on retiring so I need to plan.
What are some of the things you wish someone would have told you growing up about money and finances?
What are some of the things that someone DID share with you that helped you learn how to handle your money?
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