Oldfag here, in my late 30's. I was browsing this board and thought I'd drop some knowledge to my younger frens here that took me years to learn the hard way on my own. I was going to post this in /biz/ but the more I thought, I came to the realization that finances can put a lot of stress on a person by affecting their mental state, motivation, relationships, etc. Gaining control of your finances early in life is tantamount to your success later in life - both financially and mentally. Regardless of whether you are a wagie or not right now, the habits you develop managing what little money you do have at the moment properly will set you up for success once you have a career and some serious funds to work with.
Some background on me: late 30's, married, kids, house and a pretty good job. My parents were middle class growing up, both of my parents coming from lower-to-middle class income households when they were growing up. With that being said, my parents never had a real grip on their own finances, let alone the wisdom to pass on any tips or best practices to me. Therefore, the little advice that they did give me was usually shit. Not by their own fault, just by their lack of knowledge and their own poor financial upbringing. My parents always seemed to be playing catchup. Nigger rich one day, tight finances the next. The one thing they always did was their best to support the household and help out their kids but they could never seem to help themselves.
Having my own kids now, I look to break that cycle of zero financial knowledge and instill the knowledge of every financial mistake and good move that I've ever made into my children. It seems to be working.
Below I'll drop some bullet points of Do's and Don'ts (both as a parent and a young adult) from my perspective and personal experience. I'm not a financial adviser or by any means ultra wealthy, I'd consider myself comfortable. I know one thing for sure, I'd be a lot more comfortable and have a lot more wealth if hindsight was 20/20 and I had a little roadmap when I was starting out. This isn't a comprehensive list, just some thoughts and tips. If I think of more I'll add them later.
>Work Ethic: The one good thing my parents did (and that I am doing with my kids) is instill a good work ethic and lead by example. At 14 it was mandatory to get a job in my parent's household and I continued that tradition with my kids. Learning the value of mPost too long. Click here to view the full text.
