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Remember when you bought your first house?Ever struggled with a financial decision?Had to balance work and family?If you answered “yes” to any of these questions, then you have “Been There”!AARP thinks your lessons learned the hard way could really help young adults who are now faced with making the same money and life decisions you have already made!We would love to hear your pearls of wisdom for the younger generation. Use one of these to start your story:* I think I could have saved $10,000 if I had only .......* The best financial advice I taught my child(ren) is ......* The best financial advice I wish I had known is ......* The one money habit I wish I could change in my spouse / partner is ......* I don’t regret taking the time to ......You’ve been there, so share any personal experiences you wish to pass on to the younger generation!
Robin's Mom ask me to post this message:
all could have saved $10,000 if we just got started on it! I'm not
sure you could sell young people on a savings program because it
takes such a long time to accumulate what 'extra' they have. Maybe
throwing change in a jar is a possibility. Then cashing it in for
large bills like at least $50. Then stashing that away. You need to
see your savings - not just a number in a bank book - to feel the accomplishment.
The best advice we ever gave to a child was to have them save half of the cost of whatever large thing they wanted - bike, etc. This makes the point of how much things really cost.
Everyone should have one credit card but only one and that for emergencies. It's all too easy to have lots of them and max them out. The worst tale I ever heard was from some of your cousins. They moved their unpaid balances to every new card offered them to take advantage of the low APR. Of course, eventually it catches up with you and then you have a huge rate.
I remember my mother with her stash of envelopes and the dividing up the pay check into each one. Never worked for me because it is too easy to rob from one to fill the empty one. My mother wrote down everything she spent every day and made sure the balance matched what she had in her purse. I never went that far but keeping a tally of what went where in a note book gave astonishing results at the end of the month. The 'entertainment' and 'gifts' columns were always too big. It also helps to know at the end of the year which months are the most trouble when quarterly things come due. A young person could keep track of their allowance/stipend/salary for a month to get a clear idea of where it all goes. Remember your daughter thinking she could support herself if she had enough for rent and food? That 'other' or 'miscellaneous' column will get you every time.
There is no more effective sales pitch than the $1 down and $1 a week that we used to hear. Fortunately, your dad never went for it. His most effective control was to delegate to me those accounts I ran up. When someone else is paying the bills you have no clear idea of what the totals can be. Maybe young people's parents can track spending for them for a while before they are out on their own."