I Wish I’d Known at 18: Money Advice For a Graduating Senior Story

What I Wish I’d Known at 18: Money Advice For a Graduating Senior

I’m just about to hit a big milestone: my oldest is about to graduate from high school and head out into the big bad world.

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[{"selector":"#anim-bfa9c261-b75e-4846-b7cd-196a861033ce","keyframes":{"opacity":[0,1]},"delay":0,"duration":2400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6d675690-58b9-41b3-8993-6c29a3114396","keyframes":{"transform":["translate3d(0px, -99.4978%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Seems like just yesterday he was 6 lbs. 6 oz when we brought him home. Now he is 6 feet 6 inches and weighs 190 lbs. While there will be few benefits of seeing him off, I am sentimental about having him leave home. Read More

18 years goes by quick! So in honor of sending (kicking) him out of the nest, here are 7 Basic Habits of Prosperity I want him to understand and begin to apply in his life.

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What I Wish I’d Known at 18: Money Advice For a Graduating Senior

Becoming a smart money manager is one of the most profitable “side-hustles” you can have. Sure, it’s a bit intimidating at first. It all seems complicated. The good news is that you can do it “just-in-time.”

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Because you will find that your money saving motivation ebbs and flows and your temptation to spend is abundant, you should automate your finances as much as possible.

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For the average personal investor, picking individual stocks is no different than horse racing. You’re looking at a “track record” and then you are just trying to “pick a winner.”

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In order to beat the market average, you must have superior knowledge. I can’t “beat the street” and neither can you. And you know what? Most “experts” can’t beat the street either.

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A good rule of thumb is never to borrow money for anything that doesn’t pay you back. A few examples: MD degree = yes. House = maybe. Car = no. Vacation to Europe = no. See how it works?

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What I Wish I’d Known at 18: Money Advice For a Graduating Senior

I’m just about to hit a big milestone: my oldest is about to graduate from high school and head out into the big bad world.

18 years goes by quick! So in honor of sending (kicking) him out of the nest, here are 7 Basic Habits of Prosperity I want him to understand and begin to apply in his life.

What I Wish I’d Known at 18: Money Advice For a Graduating Senior

Becoming a smart money manager is one of the most profitable “side-hustles” you can have. Sure, it’s a bit intimidating at first. It all seems complicated. The good news is that you can do it “just-in-time.”

1. Be Your Own Advisor

Because you will find that your money saving motivation ebbs and flows and your temptation to spend is abundant, you should automate your finances as much as possible.

2. Stay the Course

For the average personal investor, picking individual stocks is no different than horse racing. You’re looking at a “track record” and then you are just trying to “pick a winner.”

3. Know the Difference Between Gambling and Investing

In order to beat the market average, you must have superior knowledge. I can’t “beat the street” and neither can you. And you know what? Most “experts” can’t beat the street either.

A good rule of thumb is never to borrow money for anything that doesn’t pay you back. A few examples: MD degree = yes. House = maybe. Car = no. Vacation to Europe = no. See how it works?

4. Avoid Debt

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