Comments on: What personal finance lesson do you wish you had been taught by your parents or in school?

By: Archie B

Archie B — Sat, 03 Apr 2010 13:05:35 +0000

There is only one priciple I wish I had learned at a much younger age, which is the principle of compound interest. Using compound interest and starting early with a relatively small investment, re-investing interest earned in a safe but regularly profitable mutual fund, CD, diversified stock portfolio or other fund returning a decent interest rate/ROI, and adding to the amount invested at a very modest rate (like, say, what you make at Wendy’s flipping burgers every week), by the time you’re 35 you can be a millionaire or close. Compound Interest is the whisper of God Himself in the ear of young people, but few adequately listen. Buy into mutual funds young. Add to them regularly, investing each paycheck, reinvesting dividends and all returns on investment. Continue this throughout life until you have enough to really take a shot at something and, when you are in your early thirties, you will be shocked how much better off you are than the average person.

By: Brett

Brett — Thu, 01 Apr 2010 14:04:09 +0000

Compound Interest! It is hard to save when your young, but it is amazing how fast your savings grow if you have a decsent interest rate. Here is a link to an interest calculator:

By: 95% will see no tax increase

95% will see no tax increase — Tue, 30 Mar 2010 23:23:33 +0000

credit cards are the devil

By: fozzi_x

fozzi_x — Tue, 30 Mar 2010 04:31:36 +0000

I wished what was taught was not to train everyone to become an employee. All schools really teach is how to become a good employee to work for the rich. In addition, they won’t tell you that when you get out of school there’s no guarantees. They won’t tell you that you will work for the rich, pay taxes to the rich, bank with the rich, its quite a conspiracy. The least they should teach you is how to become rich. Wouldn’t that be a major course when all the while you are teaching students to work for money? Why not teach them to have money work hard for you?

Its no suprise that people are school sophisticated, but financially ignorant…would that explain the large government deficit America has? Politicians seem to be smart, but when it comes to financials they aren’t so sharp. In the end…financial education should be mandatory in this global information age economy.

By: Vic

Vic — Sat, 27 Mar 2010 09:42:39 +0000

Scrap Algebra and teach kids what a mortgage is and how they work teach them compound interest and how insurance and credit cards works.

By: Sarah

Sarah — Thu, 25 Mar 2010 06:10:17 +0000

The dangers of credit card companies and how to use one responsibly if you’re going to get one.

By: Doctor Deth

Doctor Deth — Sun, 21 Mar 2010 20:40:30 +0000

definitely the dangers of overusing credit cards – I was in debt for over 20 yrs – keep current with payments, but paying tons in interest, couldn’t reduce balances – it finally helped push me into bankruptcy, along with some other issues like divorce, car repo and losing my job – I’m cured now and building wealth and savings for retirement

By: Judy

Judy — Sat, 20 Mar 2010 05:48:33 +0000

I wish I could teach the world:
Don’t ever carry credit card balances – it ruins your credit
Don’t even think of leasing a car – its moronic
Don’t ever rent furniture
Don’t ever buy a time share
Don’t even think of financing furniture – save up for things.
Save to buy a car, as much as possible.
Put 20% down on a house – even if you think your friends will make fun of you for having a small house.
Put money away in a ROTH, 401K – as much as possible
Become as self- insured as possible – stop making insurance companies rich
Always have 6 months worth of living expenses socked away.
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