I hope I never have money problems

[Reaganfan]

Ever since my parents divorce in 2001, both of them have had money problems. Checks clearing and overdrawing accounts...putting big checks in and having them get eaten up in less than a day....I hope I never have to go through that.

[Tender Branson]

Ever since my parents divorce in 2001, both of them have had money problems. Checks clearing and overdrawing accounts...putting big checks in and having them get eaten up in less than a day....I hope I never have to go through that.

I didn´t know you were married, Mike. I thought gay marriage is illegal in OH, so how can you file for divorce ? Or do you just have a "feeling" you could be going through this ?



*just kidding*

[MODU]

That is why you live within your means and save/invest properly.  Additionally, if/when you get married, both parties need to maintain a personal savings account and a joint account.  That way, both parties can save up a safety net for themselves independently in case the unimaginable occurs.

[opebo]

That is why you live within your means and save/invest properly.  

Wishful thinking there MODU.  A very large segment of the population cannot consistently live within their means because their means is too skimpy to live upon, and/or interrupted by long periods of  unemployment.

As for you, BM, if you are seriously concerned about ever having any money problems, you should change your avatar to Democrat.  The one you have is for people who have no money problems.

[DownWithTheLeft]

Well, I'm pretty set for life as long as I get even a decent job, so I'll just invest wisely and this shouldn't happen to me

[CPT MikeyMike]

BLUF: DO NOT GET A CREDIT CARD

Build your credit by buying a new car and paying it off. Just learn to live within your budget. The less credit cards you have, the better.

I have a credit card and I've used it once this year.

[WalterMitty]

i think everyone, or most everyone has money problems at some point in life.

i bet even people like modu have had money problems in the past, before he got into the lucrative field of war-profiteering. 

[opebo]

Well, I'm pretty set for life as long as I get even a decent job, so I'll just invest wisely and this shouldn't happen to me

Why or how are you 'set for life'?  If you're counting on getting a decent job, it doesn't sound like you're very secure to me!

i think everyone, or most everyone has money problems at some point in life.7

No, rich people don't Mitty.  Only workers, though admittedly that's at least 95% of people.

[WalterMitty]

Well, I'm pretty set for life as long as I get even a decent job, so I'll just invest wisely and this shouldn't happen to me

Why or how are you 'set for life'?  If you're counting on getting a decent job, it doesn't sound like you're very secure to me!

i think everyone, or most everyone has money problems at some point in life.7

No, rich people don't Mitty.  Only workers, though admittedly that's at least 95% of people.

i could have sworn that youve whined in the past about having to come back to the 'bad place'  because you ran out of money.

[opebo]

Well, I'm pretty set for life as long as I get even a decent job, so I'll just invest wisely and this shouldn't happen to me

Why or how are you 'set for life'?  If you're counting on getting a decent job, it doesn't sound like you're very secure to me!

i think everyone, or most everyone has money problems at some point in life.7

No, rich people don't Mitty.  Only workers, though admittedly that's at least 95% of people.

i could have sworn that youve whined in the past about having to come back to the 'bad place'  because you ran out of money.

Yes, of course.  But then I'm not rich.

[MODU]

i think everyone, or most everyone has money problems at some point in life.

i bet even people like modu have had money problems in the past, before he got into the lucrative field of war-profiteering. 

hahaha . . . well, each person has their own history.  Back when you were being paid only $543/month, you learned how to stretch a dollar, but even then you had to carry a balance on your credit card in order to meet ends meet.  Switching from the Navy to sailing commercially was a big relief financially, but just because I started making nearly twice my income didn't mean I could begin to spend twice as much as before.  Knowing that you could wait a year or two for the latest flashy item and save hundreds or thousands without really missing out on anything major is a big key for younger shoppers.  If your PS2 still works and games still come out for the system, there isn't an Earth-shattering need to go out and buy a PS3 the first month it is released.  Etc...

As far as credit cards go, Mike, it is good to have one or two cards where you have a small monthly charge.  Say for example that you subscribe to AOL, using your credit card as payment.  If the AOL payment is your only monthly charge on the card, set up an auto-payoff with your credit card/bank to establish and maintain a positive credit history.  That would go further than paying off your car in cash, for example, since a credit review will show that a) you do spend on credit, and b) you are responsible enough to pay off your debts in a timely fashion.

[Gabu]

BLUF: DO NOT GET A CREDIT CARD

I wouldn't go that far; what I would say is "DO NOT CHARGE YOUR CREDIT CARD IN EXCESS OF THE CONTENTS OF YOUR BANK ACCOUNT".  They're perfectly fine as long as you're not a moron and think of them as free money.  I pay for just about everything with one because it's convenient.  I just clear off my balance twice a month and check my bank account to see whether or not I actually have the money for what I'm buying.

[Democratic Hawk]

I cannot sleep for debt, I'm up to there, I wish I was a bit taller

Dave

[memphis]

Not having money problems is more about what you spend than what you earn. With the exception of a very few Bill Gates types, it will always be easy to spend more than you have.

[opebo]

Not having money problems is more about what you spend than what you earn. With the exception of a very few Bill Gates types, it will always be easy to spend more than you have.

Please outline how making $7/hour leads to a comfortable sufficiency.

[Jake]

BLUF: DO NOT GET A CREDIT CARD

Some of the worst advice ever. Credit cards are an excellent tool to use in life because of their convenience. Instead of walking inside the gas station and pre-paying, you just swipe the card, instead of carrying around a wad of cash to buy groceries, you just swipe the card, etc. The problem comes when people use them as some sort of "free money" or cash advance and end up paying the minimum payment every month while their finance charges and purchases add up. The trick is to pay off your balance with each bill, and if you can't, spend less with the credit card. I have a relatively small credit limit ($300) so that restrains anything gigantic I'd be tempted to charge, but I still usually end up with a $150 bill each month from buying books and tickets online, purchasing gas, and my Netflix subscription. However my most recent paycheck always covers the balance owed so I don't have to dig into my savings to pay for things.

A little (obvious) advice for people:
1. Establish both a savings and checking account at a bank that will give you the best deal.
2. Draw up a budget for each pay period (1, 2, 4, etc. weeks).
3. Subtract that budget from each paycheck and deposit that money in the checking account (which may have a debit card or use a credit card).
4. Deposit the rest into your savings and make a rule that you won't dip into the savings except for emergencies and vacations.

That way you'll have the money to pay your bills and anything left over is actually saved. Too many people my age just cash out their paychecks and blow it. Saving money is a lifetime exercise so you can ensure you'll always have enough; it doesn't have to start at 20, 25, 30, or beyond.

[KEmperor]

BLUF: DO NOT GET A CREDIT CARD

I wouldn't go that far; what I would say is "DO NOT CHARGE YOUR CREDIT CARD IN EXCESS OF THE CONTENTS OF YOUR BANK ACCOUNT".  They're perfectly fine as long as you're not a moron and think of them as free money.  I pay for just about everything with one because it's convenient.  I just clear off my balance twice a month and check my bank account to see whether or not I actually have the money for what I'm buying.

Why don't you just use a debit card then?

[True Federalist (진정한 연방 주의자)]

Why don't you just use a debit card then?

Current law provides better protection of your money if you use a credit card instead of a debit card.

[MODU]

BLUF: DO NOT GET A CREDIT CARD

Some of the worst advice ever. Credit cards are an excellent tool to use in life because of their convenience. Instead of walking inside the gas station and pre-paying, you just swipe the card, instead of carrying around a wad of cash to buy groceries, you just swipe the card, etc. The problem comes when people use them as some sort of "free money" or cash advance and end up paying the minimum payment every month while their finance charges and purchases add up. The trick is to pay off your balance with each bill, and if you can't, spend less with the credit card. I have a relatively small credit limit ($300) so that restrains anything gigantic I'd be tempted to charge, but I still usually end up with a $150 bill each month from buying books and tickets online, purchasing gas, and my Netflix subscription. However my most recent paycheck always covers the balance owed so I don't have to dig into my savings to pay for things.

In your example, a debit card is the better tool for such transactions.  You don't incur any interest debt associated with your transactions, plus you don't risk losing track of your expenditures by overspending.  Too many people think "I can put it on the credit card and pay it off at the end of the month," only to be surprised by how much they actually spent.  This happened to my sis-in-law a few years ago.  And since you are using your debit card, you know how much money is remaining in your account with a simple click online.  Noticing how much money is left to be spent is a good way to help restrain from spending too much money on insignificant items like candy, drinks, dvds, (insert any other age-appropriate items which kids might spend their money on these days) etc.

[Gabu]

Too many people think "I can put it on the credit card and pay it off at the end of the month," only to be surprised by how much they actually spent.

If you're constantly being surprised by how much you spend, you have bigger problems than the fact that you use a credit card.  Unless someone stole your credit card, you should always know exactly how much you're putting on the thing.

[Undisguised Sockpuppet]

Indeed.

[memphis]

Not having money problems is more about what you spend than what you earn. With the exception of a very few Bill Gates types, it will always be easy to spend more than you have.

Please outline how making $7/hour leads to a comfortable sufficiency.

Live like my grandmother, though I suppose comfortable is a subjective term. In any case, if you stay at a low paying job for a while and act like a reasonable employee, you will most likely get a promotion or a raise sooner or later.

[Gabu]

Not having money problems is more about what you spend than what you earn. With the exception of a very few Bill Gates types, it will always be easy to spend more than you have.

Please outline how making $7/hour leads to a comfortable sufficiency.

Live like my grandmother, though I suppose comfortable is a subjective term. In any case, if you stay at a low paying job for a while and act like a reasonable employee, you will most likely get a promotion or a raise sooner or later.

opebo has asked that question a million times and ignores every single answer given because he is a troll out for attention.  Just ignore him.

[King]

money problems...  Checks clearing

That's a good thing, Naso.

[KEmperor]

money problems...  Checks clearing

That's a good thing, Naso.

I seriously doubt Naso has the slightest idea of what NSF means.