Based on your own finacial background, what advice do you have for an 18 year old?

I just turned 18 years old on January 11th and I was wondering if you could give me some finacial advice. I know alot of people have many finacial regrets this day in age. I have no car and I am content with riding a bicycle. I do not attend college yet because I am still in high school. And I'm only getting a credit card to establish my credit. Thanks for any advice!Based on your own finacial background, what advice do you have for an 18 year old?
so true but also learn to put away 10 percent or more of your paycheck and create an emergency fund so that if you lose your job or break your leg you can support yourself for six months without employment and when you gain employment get insurance and AFLAC so that you dont blow all your savings on hospital bills when you break your leg ;)Based on your own finacial background, what advice do you have for an 18 year old?
Pay off your credit card every month no matter what. You can call frequently to check your balance and make sure it is not getting too high, or make frequent payments.


And, save at least 10% of your income no matter what. Figure out how much money you need to live for 3 months with no job and once you have that much saved, put it in a high interest account and do not touch it. I recommend HSBC's high yield internet banking.


You can open another savings account at your local bank for unexpected expenses.
Waitn until you finsih high school. Hope your parents can afford to send you to college because some parents can't afford to send their child to college not even with the help of financial aid. Try to find a job before you can apply for credit. Credit is known as evil for the consumer.Don't apply for credit unless you really need it or your parents are not giving you a dime. I had parents who didn't care about my future. I had to apply for credit cards because I had trouble buying books just to land a good job. I am still paying off my credit little by little. Once you land a job, try to save at least $5 or maybe $10 per paycheck and put it in a savings account. Don't take cash advances out if you really need a credit card. The purchases that you made on the credit card drop first before the cash advance. Don't have at least 5-7 credit cards that you can't pay off. Once you find a job, it will be minimum wage, so charge what you can pay off.
Sounds like you have a great start. Be really really careful with that credit card. Not that I would know (by the way, if Bank of America calls you, my name is Juan Rodriguez and you've never heard of me) but it can get out of control really quickly. Hopefully, you'll be going to school. Try to minimize your loans as much as possible (i.e. work on campus, scholarships, grants, etc.) and jump on them as soon as possible. your next ten years will be getting out of debt, and THEN you can start putting some cash together for later on. When you get a job, get insurance and any stock/retirement package they have.





Good Luck and Have Fun!
Start saving now! Savings account at the bank or credit union, IRA, ROTH (best in my opinion), 401K, even US Savings bonds...whatever it takes! Make monthly deposits, at least 10% of your take home pay (I assume you have some sort of income) and try not to touch it. Establishing a credit line/credit background is great but don't let it get out of hand. Pay it off every month and don't end up with a bunch of junk you dont really need. Be credit wise! Not having a car is saving you a bunch but there will probably come a day when youll want or need a car. Having a good down payment and established credit will serve you well. Again...start now and save!
DO NOT PUT A LOT OF MONEY ON YOUR CREDIT CARD!!! I'm 27 and still paying mine down. Also SAVE SAVE SAVE!!! If only I had saved up for a down payment on my house or my wedding. I wouldn't still be trying to pay things down today.
Go to college.





Keep the credit card, but don't run up more than you can afford to pay.





Get a job and 401k as much as you can afford, and save as much as you can.





Good idea with the bike! Cars and all that go along with them (payments, repairs, insurance, etc) is expensive.
If you don't need a credit card, then don't get one. Go to college. Save for retirement and take advantage of any 401(k) or other retirment benefitts that your employer offers.
Begin saving for retirement NOW. I'm not kidding or being facetious - it's very important to save as much as possible.


Also, you need to work on having a three-month reserve in case of emergency. Find a financial manager willing to work with you %26amp; work out a budget in order to save three months worth of bills/salary aside should you get sick or lose your job. Also, they can help you plan for your future needs. My car insurance agent is offering to help me with this sort of thing - he works for State Farm - so you can find the help in all kinds of places. I live paycheck to paycheck %26amp; that's not a good thing - especially with two young children. Good luck to you!
I am so glad you're thinking about your finances!





First, keep your credit card charges under control, but definitely DO get the credit card if you can. I was always told to avoid credit, and when I was in my mid 20's trying to get a house %26amp; first financed car my interest rate was insane and it was so hard to get established. Very dumb move on my part. As you get older you will want to show responsiblily on a few different types of accounts (loans, store cards, regular credit card), but 1 is good for right now.





Pay your bills on time, every time.





SAVE money, especially if you are with your parents you should be able to save more than most. Plan on AT LEAST 10% of any income you get for permanent savings that you won't touch unless you absolutely have to. Save an additional 10% or more as an emergency savings in case you need it for something.





Good luck!
Credit card only good if you pay off each month. You didn't say if you have a job. If you have a job, save for yourself first, i.e., put a certain amount every payday into an IRA. If you start now, you can be very wealthy by time you want to retire. IRA good because you can't touch it until retirement. Just save for yourself first and always and do it religiously every payday.
You're on the right track. Use the credit card as a form of payment (i.e. pay the full bill every month), this will help you borrow money at an attractive rate later.





You'll need a car, buy a new one cheap (malibu's are nice), car repairs will cost more in the end.





Now here's the important part, keep your expenses down, but spend what you need to have a decent life. Bank 10% of everything you make, always. Enjoy spending the rest!





Life is long, and you really are saving for the day when you can't / don't want to earn more.





Make as much as you can as soon as you can.





Other than the required car, don't ever, ever borrow to purchase a depreciating asset.
read all you can about finances. there is a great book i recommend to ALL - Nice Girls Don't Get Rich by Dr. Louise Frankel. Please read it - i wish i would have as soon as i first got a job. Do not look at after bills how much money you have left to spend. look at it as how much you can hold on to - we are living in a consumer driven society %26amp; focus so much on what else we can have %26amp; waste so much money! Thirty years old might seem like a long time from now, but believe me, it goes waaay faster than you think. Be successful! Go GET THAT BOOK!
my only financial advice to you at that age is DON'T GET THE CREDIT CARD ! IF you want to ';establish'; credit, buy a car !
Don't use your credit card thinking you will earn enough before the bill is due to pay it. Keep track of your accounts so that you are sure you have enough in the bank to cover what your getting with your credit card. You don't want to get into debt right out of the gate.


Interest rates are EVIL.
DO NOT GET A CREDIT CARD!!!! I'm in 25 thousand dollars through school and my own stupidity.*Bawling* Get your credit up by getting your own cell phone contract. If you do need a student loan, start making payments before you graduate.
Start saving NOW. The magic of compounding interest doesn't make a bit of difference if you wait until you are old. Trust me, I'm 40 and can retire whenever I want.





Small amounts of savings add up. If someone saves $2000 per year from age 20 to 66, they would have $975,000 accumulated after 46 years, assuming an 8% average return. Savers who wait until age 30 and save $2000 per year for 36 years would have $440,000 and those who wait until ages 40 and 50 and save $2000 per year for 26 or 16 years, respectively, would have $188,000 and $73,000. Pay yourself first. Set aside an affordable amount each month in accounts designated for your financial goals.
Don't charge what you can't already pay for. A charge card should only be used in case of an emergency. Then just save, save, save. The earlier the better and I applaud you for thinking of this so early in life. Shows you have a great head on your shoulders. Also, don't count on the government for any of your retirement money. I figure if it's still there.... great. If not, I'll still be able to hold my own. Make sure that when you're weighing job opportunities you take their retirement plans into consideration.
Credit card was a bad idea. You should have got a cell phone and jewlery. Just be carefull about what you sign and really read every things and dont get credit cards that you cant pay off and dont take loans that you cant pay back. And always watch the interest rate on everyhing.
dont get a credit card it will only put u in debt.get a part time job put like 25 away each time u get paid. ask your parents to help u to get a small loan for a car or something to that effect pay that off and that should help u get good creditand dont be over 30 days late on payments also get an ira account and put some money in every month.
1. Dont get a credit card.


2. You have your whole life to save money but you only get one youth. Spend your money on holidays, adventures, vacations, and stupidity-you can start saving after college.
All good answers so far, NO on the credit card. The more money you can save, the better. Remember all interest made from someone else off of you, like from a credit card, is more money you have lost. Someone who can save up to buy their own car = winner. Someone who can pay off their house the fastest = Bigger winner. JMHO.
This is what I did and I have GOOD credit and I am almost 19. (On feb.10, happy bday to ME!) Anyways, I had no credit so I got a credit card! Its hard to get one but Citibank gave me one for students. It established my credit. But dont go crazy oK? Then once you have credit you are set, just don't abuse it. Pay your bills on time. Thats all.
In response to some of the other responses, if you don't have credit established, you can't get a car. I was in the army with a guy who paid cash for everything so when he went to get a loan for a car, they wouldn't give him one because he had no history.





Still, I'd advise against the credit card as well. The best financial advice I ever got was ';Pay cash for everything';. Wish I'd taken it.





Another nugget I'd advise is to evaluate yourself before college. If you can resist the urges to be stupid around the opposite sex, and you are nearly certain you know what you want to do, go. Otherwise, work some menial, minimum-wage jobs until you have the drive and focus to NOT screw up in school. I went to community college for 3 years because I wasn't sure where I was going. I ended up in the Army which got me back on track, but then I still had to complete school. I ended up taking out too much in student loans and will be paying them off for another 15 years until I'm 40 or so. One of my brothers has been in school for over 7 years - can't imagine how long he'll be paying.





Financial things I've learned:


1. Most bankruptcy proceedings are a result of excessive medical bills.


2. No matter what auto you drive, there are 2 undeniable facts. First, it's starting to breakdown the second you drive/ride it. Second, there are either better vehicles already on the road, or there will be next year.


3. Student loans take forever to pay off.


4. Cell phones are great ';for an emergency';, but really, when are you in the middle of nowhere, with no help nearby, and you still get a signal?





So in a nutshell, here's the advice I would give my kids if they were old enough:


1. Always have medical insurance, no matter what crappy job you have to work to maintain it.


2. Go to college when you're ready, not before. Educators everywhere will tell you the best students are the adult learners so don't be afraid to wait. Don't be afraid to question the teachers either - you're paying them for Gods sake.


3. Always buy a used car.


4. Don't take out loans unless there's no other choice. Pay attention to the interest rates!


5. Save something every week, even if it's just $5. Build that habit and it will prove invaluable at the most unexpected time.


6. Everything in this world breaks - bodies, cars, computers. Plan to change oil in your car, get a new bike chain, new clothing, more food, etc...


7. No one gets to where they are alone. Don't be stupid - ask for help if you need it.





Good luck.