Author Topic: The 10 Most Important Things About Personal Finance That You Must Know  (Read 2578 times)

Systems101

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I particularly like #2, 6, 9:

2. Do not let your expenses expand to your income.
6. Understand that the financial world is purposefully made to confuse people.
9. Figure out how to balance your happiness with your financial success.

http://observer.com/2017/02/the-10-most-important-things-about-personal-finance-that-you-must-know/


Ann

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1. First get a job that gives you a paycheck.
This is one thing that many people overlook.


I don't quite understand who the audience is supposed to be.  Despite the financial ignorance in the United States, I feel that most people understand that it really helps to be employed with a paycheck.  At least at first.  Who are these "many people" that over look that?

Save at least 50% from each paycheck. Most people call BS on this. They complain that it is impossible to save 50%. Well, how were you living before you got your job?

I am surprised and pleased that a "mainstream" article is advocating a savings rate of 50%.

But . . . before I had a job?  Yeah, my parents paid for things . . . and student loans then when I was in college (I had poorly paying student worker jobs to supplement).   I think that young adults from middle class backgrounds who ask themselves "how was I living before I got a job?" can be setting themselves up for a standard of living trap ("At 20 I should be able to have the life that my middle-aged parents have now!").

iowajes

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I am also baffled by the "How were you living before you got your job?"

I was subsidized by someone else, so I was actually living very nicely.  The standard of living provided by my parents was not one I could have afforded when I first started working.

Travis

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1. First get a job that gives you a paycheck.
This is one thing that many people overlook.


I don't quite understand who the audience is supposed to be.  Despite the financial ignorance in the United States, I feel that most people understand that it really helps to be employed with a paycheck.  At least at first.  Who are these "many people" that over look that?

Save at least 50% from each paycheck. Most people call BS on this. They complain that it is impossible to save 50%. Well, how were you living before you got your job?

I am surprised and pleased that a "mainstream" article is advocating a savings rate of 50%.

But . . . before I had a job?  Yeah, my parents paid for things . . . and student loans then when I was in college (I had poorly paying student worker jobs to supplement).   I think that young adults from middle class backgrounds who ask themselves "how was I living before I got a job?" can be setting themselves up for a standard of living trap ("At 20 I should be able to have the life that my middle-aged parents have now!").
I figured #1 was a generalized way of poking at people who "follow their dreams" or do something that doesn't actually pay the bills.

AlanStache

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The line about saving 50% definitely needed an asterisk.  I am probably above that, but as a blanket statement I could see it being very off putting to many people that do need finance help.   
Be the person Mr. Rogers knows you can be.

Johnez

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Article offers nothing that one can't skim off of other financial blogger sites. I wouldn't doubt that's what the author did-note the "save 50% of your pay" hmmmmmm where did THAT come from lol. Where are the facts, figures, reasoning? This is not an article, it's not even a good or half way decent forum post.

Capt j-rod

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I struggled at first to hit the 50% mark. What I wasn't putting the equation was that the principle amounts from loan payments counted as savings. After I was able to add the mortgage and student loan principle payments in I was well on my way.