Comments on: 21st Century Financial Lessons

By: Rick Kahler's Financial Advice: No Just-in-Time Buying | Financial Awakenings

Mon, 03 Jan 2011 15:51:06 +0000

[...] illustrates one of the benefits of having a spending plan and saving for various expenses like food, car repairs, travel, gifts, etc. Having a margin in your [...]

By: Take Your Umbrella; It’s Raining Outside « Reinventing Life at 64

Take Your Umbrella; It’s Raining Outside « Reinventing Life at 64 — Fri, 01 Oct 2010 05:06:50 +0000

[...] the maximum lifestyle you can afford. Most successful financial frugalists have learned to live on less than 75% of their take-home pay. Unfortunately, according to a survey published by Jean Chatzky, [...]

By: Take Your Umbrella; It’s Raining Outside | Reinventing 64

Take Your Umbrella; It’s Raining Outside | Reinventing 64 — Sun, 26 Sep 2010 23:21:53 +0000

By: Rick Kahler's: How to Have Enough Money for Happiness | Financial Awakenings

Mon, 06 Sep 2010 11:54:23 +0000

[...] further and suggest that, while you’re exploring these essential questions, you also work on building some wealth. That way, when you eventually answer the question, “How much money is enough?” [...]

By: Rick Kahler: Visualize Rewards to Invest in Your Future | Financial Awakenings

Mon, 16 Aug 2010 13:12:59 +0000

[...] living the maximum lifestyle you can afford. Most successful financial frugalists have learned to live on less than 75% of their take-home [...]

By: Octavia

Octavia — Sat, 30 Jan 2010 13:03:29 +0000

I want to thank you for sharing what you know is proven to be true. I’m 55 and still learning!! It’s never too late! I am a living witness!!!! Keep up the good work!

By: Terry Rabb

Terry Rabb — Wed, 20 Jan 2010 01:06:09 +0000

Thank goddness someone said it: Your house is a home not an investment vehicle. So many of my over 50 yr old friends totally forgot….and now they have no retirement or home.

By: Susan Hotalling

Susan Hotalling — Tue, 19 Jan 2010 16:57:36 +0000

The best advice I can give to homeowners besides the statement of #6 is have a game plan to payoff that house quickly. We gave ourselves 6 years and got it done. Okay, so you don’t get to own quite as much castle as you wanted and maybe not quite as hot a set of wheels, but you are now in a position to contribute appropriately to your retirement with no excuses!

By: Jon

Jon — Mon, 18 Jan 2010 16:32:15 +0000

Regarding #10 – One of the ways I’ve advised young people to get into the swing of saving up for emergencies, retirement, etc. is to at the very beginning of their careers, invest at least enough pretax $$ in their employer sponsored 401K plan to get the match. As they move forward in their career, each time they get a raise, they should instantly increase their contribution percentage by half of the percent amount of the raise (if the 401K plan doesn’t have any really good long term investment options available, this time is a good point to start an IRA elsewhere and use automatic payments to fund it). By doing this, they’ll never miss having the money in their budget, will live on less than they’re earning, and will have their retirement well-funded when the time comes. Once the pretax options are maxed out or at a target %, they can start a Roth, as well.
An emergency fund is crucial, as well, but the same sort of process will work; start with a small percent, and increase it a bit every time income increases.

By: GetFreePublicity

GetFreePublicity — Mon, 18 Jan 2010 16:22:03 +0000

All lessons were great but I totally agree with #6 “A house is a home, not an investment. Don’t buy more home than you can afford, and don’t buy a home without a down payment”