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Financial Wisdom for under 30
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Submitted by mydogsarelazy on September 25, 2006 - 5:05pm
My nephew is doing well financially, and we talk about money from time to time. I have formulated a "do these three things" advice program for him, and here it is....
1) Make a Long Term Investment.
Before your thirtienth birthday make a long term investment. It could be a block of stock, a painting, an investment diamond, a piece of land, something that you think will be more valuable over time.
Research your purchase carefully and know a lot before you buy.
It has to be something that you are ready to hang onto for at least 20 years, and you need to know that you should not sell it if things get tough.
2) Avoid Debt
Debt is your enemy. The only debt you should have is secured debt for real estate or a car, and possibly some student loans if you are finishing school.
3) Avoid "flash"
If you do have some money don't spend it on fancy cars and clothes even if you can. If you flash what you have, people will value you for your money and not for yourself. If you want to be flashy do it when you retire.
Anyone else have advice for under 30s?
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