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Personal Finance and Investing

jeffrey_pdx

(222 posts)

12. I wish someone had gave me that advice.

Reply to steve2470 (Reply #11)

Fri Nov 7, 2014, 10:21 PM

Nov 2014

Money market accounts are perfect for your first decent car, or your first house, and a little a month adds up.

ETA: money market accounts usually have a bottom limit on what you can use them for, and a maximun number of checks you write each month. So no spending the money on fast food at 3:00 in the morning

ETA2: buy a decent car. It will save more in the long run. I'm not talking some $40,000 Beamer. Just a reliable car. I bought a 2001 Honda Accord in 2007. It gets me where I want to go, and other than one accident, it always does.

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16 replies

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Highlight:

Economic survival advice: what would you tell young people these days ? [View all] steve2470 Nov 2014 OP

I'd tell them never to use a debit card to pay for things. SheilaT Nov 2014 #1

nothing like the feeling of hard cash leaving your fingers lol steve2470 Nov 2014 #2

"Pay yourself first" A HERETIC I AM Nov 2014 #3

good advice ! steve2470 Nov 2014 #4

One thing to look into is a rewards type credit card A HERETIC I AM Nov 2014 #5

more good advice, I have one myself, thanks ! nt steve2470 Nov 2014 #7

I tell them to put as much down for those big-ticket items as possible--..... lastlib Nov 2015 #16

I want to emphasize how important it is to pay as many things as possible with cash. SheilaT Nov 2014 #6

I gave him my old car, totally paid off and totally fixed up to boot steve2470 Nov 2014 #8

Excellent! SheilaT Nov 2014 #9

Two things jeffrey_pdx Nov 2014 #10

good advice ! nt steve2470 Nov 2014 #11

I wish someone had gave me that advice. jeffrey_pdx Nov 2014 #12

Just from personal experience jeffrey_pdx Nov 2014 #13

Instead of a cash gift start a savings account for them that pays some interest. Sunlei Jan 2015 #14

What others have said about saving. SheilaT Jan 2015 #15