Finally being on my own...any financial tips?

[backpocket]

Hei, I'll finally start working, though I'll be starting from the way bottom of my profession. My dad thought this would be a good chance for me to learn to be independant, so he just gave me enough money for six months (hopefully), and told me to be financially intelligent, learn about the world, and well, learn to sink or swim.

I'm determined to make this one work, so I believe I'd have to learn how to manage my finances first. I'm one of those people who'd get their money and finish it by the middle of the month, and I know that's not a very good system for the long run (or short, for that matter).

So if you guys have any tips about what really screwed you guys up in the beginning, or what helped you guys the most...I hope you guys can share it with me here. Thanks.

[BrettAshlee]

If you're just starting out in the world of work and independent finances, I think it's important to learn as much as you can about how money works in the world. Depending on how you use it, it can put you way ahead or way behind. Make sure you learn about how good and bad credit can impact you, and the importance of maintaining a good credit report.

It's easy for people to burn through money quickly without a good financial plan. But a good financial plan is more than just a "should" plan. A "should" spending plan may sound ideal, but it rarely works long term because we end up depriving ourselves of the things we want, and feeling like we are living life according to someone else's values. Money is simply the currency we use to create the lifestyle we want, and in the end, you will create the lifestyle you want, not the one you "should" create.

The people who are successful at spending money on what they "should" are successful not because they have the willpower to do it, but because they are driven to do so by their lifestyle values and goals.

Getting clear on what you really want out of life can be a big help in making smart daily financial decisions. Becoming passionate about a goal or vision changes the way you think, act, and exchange your money. Powerful personal goals help us define our boundaries and choices - a lack of them keeps us living (and spending) in the moment!

[simonsta]

My advice: Think Big, Act Small. Cashflow is the lifeblood of your new venture, so don't squander money on anything you don't really, really need. Make sure you have a proper business plan (it doesn't need to be a fancy document though!) - something to guide how you'll spend money and of course earn it - and be realistic!

[1000feet]

Forget about what you have - every month, make sure you earn more than you spend. That's the most important thing. Doing this can be as simple or complicated as you like, but as long as you aren't doing it you have a big problem.

[Ponce]

The answer is right in your hands......who gave you the money? ... talk to your dad, after all he was that one that made it.........or, give him the money back and tell him to give you the monthly interest.

Life is complicated only if you make it so.

[bobo]

Work really hard and get knowledge about everything in your business, take in as much as you can, you have a great opportunity here, with your father sponsoring you. All profits that you make, re-invest it in your business and make it grow. Good luck!

[Jes]

I agree that you should go to your father for advice. It will show him you are serious about trying to succeed. And if I were you, I'd ...

1. Put that money he gave you away and forget about it. You won't fully understand the value of it until you truly NEED it.
2. Get a job. Or you have a job? Whatever. Keep your job. Don't leave until you've got something else lined up ON PAPER---whether it be another offer or a business plan.
3. Buy what you need, not what you want. You need food. You don't need it prepared and delivered to you.
4. Don't finance anything. If you can't afford it now, in cash, you can't afford it.
5. Save as much of your earnings as you can. Don't go to extremes and deprive yourself, but save at least 10%.
6. Invest. Not in what Jim Kramer tells you (believe me, mass media is not the right resource for financial advice), but once the markets stabilize, invest another 10% in safe bets. Hope for double-digit growth, but don't expect it.
7. Stay single as long as you can.

[JimOfferman]

Originally Posted by Jes

7. Stay single as long as you can.

Curious... why? Monetary concerns aside, relationships enrich your life... why would you want to avoid that?

[1000feet]

Originally Posted by JimOfferman

Curious... why? Monetary concerns aside, relationships enrich your life... why would you want to avoid that?

Enriching your life aside, two incomes paying for slightly higher bills goes a long way! I guess it depends who you're chasing after though

[backpocket]

Originally Posted by BrettAshlee

Getting clear on what you really want out of life can be a big help in making smart daily financial decisions. Becoming passionate about a goal or vision changes the way you think, act, and exchange your money. Powerful personal goals help us define our boundaries and choices - a lack of them keeps us living (and spending) in the moment!

That's a good, simple advice.

1000feet: true, true

Thanks for the input guys. Wish me luck!

[mustard76]

Originally Posted by Jes

7. Stay single as long as you can.

Bad advice. The truth is that you need to be choosy and marry the right person. Then, you'll be better off financially, spiritually and emotionally.