I hate being responsible. I chose to forego a vacation this year, and instead use my tax refund to pay off a credit card. I know it's the better thing to do in the long run, but right now I'm really, really regretting it. I think that whenever you pay off a debt, you should get some sort of bonus or something, at least more than a self-pat on the back. Then maybe I'd feel better about this. At least I'm not contractually obligated to Chase Bank any more. I guess that feels a little good in some way.
Once I've got my other credit card and my car paid off, then I'll be completely free and clear. I really should start an IRA and an investment portfolio. I've heard it takes over a million dollars to adequately retire - $300,000.00 for one person alone to be able to afford the cost of healthcare over the span of their retirement. Imagine how much it costs to actually live (not enjoy, just survive) your retirement, presuming that you live to be the age of 80. That's a LOT of freaking money. I'd better get a move on.
I don't think that anyone can stress enough to young people how important it is to be financially stable. When you're in high school, you take classes such as history, social studies, math and sciences. You might even take a class or two in home economics, or the parenting class where you're permanently attached to a life-like baby doll, to stress the importance of how hard it is to be a parent. I have yet to see, however, a class that teaches us how to invest, how to manage finances, how to save, and how to use credit wisely. The implications of taking a course such as that would be beyond compare.
So many young adults in this day and age don't know anything about being fiscally responsible. I myself, at the age of 22, am just now realizing how important it is. I'm lucky, however, in that I have not gotten myself into the same situation as many of my peers. Many people my age have horrendous credit, don't save, don't balance their checkbook, and refuse to acknowledge that debt is a problem. Ten years down the road, when they're trying to purchase their first home, maybe then they'll realize how important these things are. By that time, though, it will be far too late.
If I had a Million Dollars.....
By ezcheezbob - Posted on April 15th, 2008
A reward for paying bills? That would be awesome. Maybe the reward could be a steadily lowering interest rate or something. That would be appealing.
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Mind Control is Easier Than You Think
Yeah. Most of the time when you pay off a credit card or a loan from the bank they aren't cheering you, they think you suck, because they can no longer milk you for all you're worth. Credits cards = death!
Well I work for Wells Fargo Bank as a Lead Teller and I can agree with you. When you do pay off on your debt , the bank doesn't praise you for that. But if you are able to keep a good credit score, you can get everything the bank has to offer. I do also agree that many younger people should try to start saving now instead of later because it can hurt you in the long run when you try to save a the last minute. I have seen many people deposit $10000 -$50000 dollars and spend it all in a day or two. This is not only just older people but younger people spending like this. When I try to save people from spending so much like put ting their money in a savings account, CD IRA or a 529 plan, most of them say they will think about it and never get any of these money savers. It's just sad. Really sad.
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