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I’m 14 and I don’t want to any debt when i get older. I read some where on here that i should only use debt to buy things that appreciate which is what i planned for anyway and buying things in cash like cars that depreciate. I want to get a job so i can start saving up and i also am going to start my own business selling my handmade hats. after i get some money im going to invest it in the stock market and get the feel for that. what else can i do to make sure i live mostly debt free??
P.S
How do I save money to buy things that I want should I give myself a allowance every month after my paycheck gets here?
Thanks=]
I have had a debit card since age 12.
I have read cashflow quardrant and it says not to live below my means but live to expand my means=]
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easiest way: don’t buy anything that you don’t have the money for.
Start learning how to pay for things on time if your parents have given you a credit card or a debit card.
Live below your means.
Won’t really matter though because of all the debt Bush and Obama will leave us
Edit: 3 thumbs down. I guess people LIKE government leaving us massive debt! Wow….
don’t spend more than you make.
Compound your money… it adds up
Don’t borrow money.
stay away from credit cards. try to pay for everything in cash.
wow you are very intelligent
i wish i would have been like you when i was 14
You will not be able to because of the economy. Thank your parents and everyone their age for screwing your entire life up. Seriously.
Don’t use credit cards, save anything you can, even if its only a few dollars per month and it will all add up.
Unless you’re somehow so independently wealthy that you can pay everything off in cash immediately…….you’re going to need credit cards and that will cause debt to pile up.
Ultimately though, you need to make sure what you’re spending each month is always less than what you’re earning. If you don’t have the cash to pay for something, then don’t buy it.
I recommend setting aside a small portion of your paycheck to go towards an RRSP fund, or something you want to save up for. Also, don’t ever get a credit card. If you do need something like that, use a debit card, they take the money right out of your account. Paying with cash also helps to cut down on spending, by the simple fact of showing you how much you have and teaching you that if you don’t have enough for something, you can’t buy it (or at least probably shouldn’t if you want to avoid debt)
Don’t let your parents put your name on any of there papers At all
Try not to buy things with a credit card (that is in your name)
You will have a credit score higher than Jesus Christ if you let them do that.
Get a checking account, READ everything before getting a Credit Card. If you buy something with your credit card, pay it off right quick. Do not over extend yourself. Take it from me it is hard to get out from under old debt. When I was a teen, i was reckless with my credit cards and I am still paying for it now!
Keep up on your credit cards, work hard for your money and buy only what you can afford, and honestly only what you truly need. You’ll have plenty of time later for all the fun toys! These years are for building for the future!
Don’t buy a credit card. work a full time job and a part time job. Live with mum and dad and don’t pay rent until they kick you out. Scrape cash together to purchase under priced stocks, buy bonds. STAY AWAY FROM DERIVATIVES.
Live and spend like Borat does in Kazakhstan. Even if you only earn $30,000 in a year, you should save $20,000.
GREAT question! You are one smart girl.
Don’t apply for store cards (like the Gap, Target, etc). The interest rates are sky high – just use cash.
Put a certain percentage of every paycheck right into a savings account as soon as you get paid, and don’t touch it for anything.
If you must get a credit card for emergencies, then leave it at home in a drawer to keep you from using it. Charge something on it once a month and then pay it off right away. (If you don’t use your credit card for a certain amount of time, the credit card company can close your account).
Budget your money so you know what you have to spend and on what. An allowance for yourself is a great idea!
Don’t pay for a more expensive college than you need to (i.e., state schools are cheaper than private).
Only get one credit card when you turn 18 and make sure you pay more than the minimum. Dont get any school loans because you’ll spend the rest of your life paying those back…..%
dont buy things just because you want them. Make sure you buy things that you’ll really use. as for how to start life without debts… SAVE UP and don’t live beyond your means!
Kid, you’ve got more brains than 99% of the people in Washington and Wall Street put together. You can’t build wealth with debt, and not understanding that is why our economy is in the mess it’s in now.
Our country is so conditioned to buy, buy, buy, and spend, spend, spend, that when you ask a GREAT question about staying out of debt, the best answer some people can come up with is “make your payments on time”. They apparently think “debt” is something that happens when you get behind on your payments!! That’s scary! =:O
For a LOT of practical advice on living debt free, I suggest you try Dave Ramsey. You can get his books at the library.
http://www.daveramsey.com
don’t waste your money on used things
always buy new things and they will last forever
I know in some ways people are being like Mr. Scrooze. But that is not a life to live. Just don’t spend more than you have and you will be able to save. Recycle and work hard for your money. Take on odd jobs, like baby sitting or doing lawns or clipping coupons. Stay away from credit. Good luck.
It’s all about living within your means! DO NOT use credit cards unless you can pay the balance off every single month! It’s about learning to live without til you can afford what you want. Start saving NOW for a car. You don’t need a new car, buy a reliable used car, take care of it and you can drive it for many years. Not only is your insurance cheaper, but the longer you drive it, the less it costs you to own a car! You can have a new car someday when you can truly afford it and it gives you something to look forward to. You can save many ways by shopping at thrift stores or garage sales. Estate sales are another way to have fun and get furniture and household items cheap! Learn to be happy with what you have, we really don’t need to have all the junk we gather and things aren’t what makes us happy anyway. Getting a grip on that will help you make wise choices with your money! Save all your change, you’ll be surprised how fast it adds up! Good for you, I hope you’re successful with your plan of living debt free, you’ll be so glad you did!
Don’t go crazy over a car. That’s the best advice I can give you… I had way too many friends who, when they were in their late teens, go a job and bought a car totally on credit.
The cars got repoed, everything… now their credit is in the toliet.
Don’t ever apply for a credit card, you don’t need them. All maintain 2 months of bill (cost of two months) in a savings account, if not more. Buy only what need, and yes give your self an allowance to buy the things you want.
don;t get credit cards
don;t buy anything you don’t really need.
don;t buy other people expensive gifts,
do not go near credit cards if you can save up for the things you really want and need
Only use a Debit Card,
Never buy something You can’t afford……!!
Read the book ‘The Total Money Makeover’ by Dave Ramsey. It is a excellent guide for how to live your life debt-free.
Well this means never get a credit card or if you get one NEVER use it or you are doomed to have debt. Also no student loans, you are doomed to have debt with student loans for college or whatnot. Do what you can to not owe anything in college meaning get scholarships. Do very well in high school and do sports etc so you can get into school without paying too much out of pocket. Never use credit or loans and you would be debt free. Use cash for everything. Also even using a debit card be careful with how often you swipe.
Make a list of everything you buy and the money you spend. Keep up with all receipts as a way of keeping track of the money you spent. Also, when you have a job budget out your money like list how much money will go towards savings (untouched), how much money will go towards bills or buying items you want, how much money will go towards needs. Prioritize everything and this should help you be debtfree!
Yes, avoiding debt is actually not a very good way to build wealth at all. As you say, debt to buy appreciating assets is awesome. As a general rule, I say maintain as much good debt as you can and usually try to take as long as you possibly can to pay it back too! Well managed cash flow will make you wealthier and do it more quickly than simply not carrying debt.
Take a mortgage for instance. If you have a 25 year, extend it to a 40. You will have a lower monthly payment (ergo more money to spend), and you still have the same opportunity to take advantage of any asset appreciation (you’re also on the hook for depreciation is the bad side).
Become a leverage master (leverage has risks too, take care of your first principle stuff, like a good job and stuff).
Wow a lot of “avoid debt” robots answering. Work hard, learn lots. When you can, and you can use your time to earn more than a financial advisor costs, get one. No advisor worth their salt will tell you to categorically avoid debt in my experience. It’s the manner in which you acquire debt and for what that is absolutely key. There is such a thing as overleveraged (economy), but you’ve got plenty of brains, reading and experience are all that’s missing
You’re young. You have plenty of time. The best thing you can do is not to do any unnecessary spending. If you ever get a credit card, do not charge a bunch of stuff and just pay the minimum balance. Only charge for emergencies and pay the amount off when the bill comes in. As far as savings, you sould always put a minimum of 10% of your earnings into savings each paycheck. Right now is not the time to go investing in the stock market. The economy is very unstable right now. The best way to invest is with a mutual fund. It’s a variety of stocks but is less risky. I would suggest going with a parent to your bank to discuss investment opportunities with someone there. You should think about planning for your retirement. An IRA is a good way to do that. You put in so much money a week/month, etc. If you started now and continued up till the day you retire you would probably have more than $200,000 or more, depending how much you put in the IRA. But again, you’re young. Don’t worry so much about these things. It’s great that you want to be responsible but try to be a kid. You have the rest of your life to work.
That’s a great goal. A key to being debt-free is to make enough money to afford the things you need (and hopefully some of the things you want!).
So at your age you should focus on your schoolwork (boring, I know). This way, you will have options when you graduate high school.
If you want to go to college, you will have that option because of your grades. If you would rather learn a trade, that will be open to you as well. It makes sense to start thinking about your future career now, but bear in mind that you may change your mind as you get older. So, don’t do anything now (for example, make bad grades) that may foreclose opportunities in the future.
Good luck!