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66 Comments
- Otto, on 10/15/2007, -3/+20Or you could, you know, stop buying stuff? There's nothing inherently bad about credit cards. If you use them more than you can afford, that's not the card's fault, it's yours.
- Chompy, on 10/13/2007, -0/+11Woohoo, currency speculation! Nothing could possibly go wrong with this plan!
- abran1984, on 10/13/2007, -0/+10Only spend what you have, save the extras and don't date expensive women. There ya go, I just saved you five minutes.
- inactive, on 10/13/2007, -0/+9Because people want what they can't afford, and they want it right now. Credit cards put "things" within people's reach. The irony is that the debt they incur will put more things out of reach in the future - be it from taxing their income w/ heavy interest-ridden payments, or from wrecked credit from not paying those bills.
- Chompy, on 10/14/2007, -0/+8Yeah, I've got an amazing financial plan, it's crazy. Follow along closely because it's a little complicated. I call it "don't buy ***** you can't afford". If you don't have the cash to buy it, and it's not a house, then don't buy it.
As for credit cards, they are a financial tool, nothing more. If you don't carry a balance they are the best way to buy everything. - Otto, on 10/12/2007, -0/+7Heck no! If you can actually fold coins, then more power to you.
- axisofphilippe, on 10/13/2007, -2/+8Instead, make a monkey out of your money:
http://www.giladorigami.com/PG_Gorillas2.html - gharding, on 10/13/2007, -0/+6Online bill-pay FTW. I don't have a single bill mailed to me. If only I could pay rent online.
- Insomniac33, on 10/13/2007, -0/+6I hate every ape I see, from chimpan 'A' to chimpan 'Z'. No, you'll never make a monkey out of me!
- joshp20, on 10/13/2007, -2/+6why not convert your US dollars to Canadian, Pounds, or Euros for savings? Or even buy metals that don't lose their value against inflation?
- markp93, on 10/13/2007, -1/+5Also, don't buy stuff you can't afford: http://www.dailymotion.com/video/xt0c6_snldontbuys ...
- saifatlast, on 10/12/2007, -0/+3Yeah, pretty much. I really don't see what's so hard to understand about this. People do stupid ***** all the time.
- fnaqzna, on 10/13/2007, -0/+3A student loan is worthwhile debt. The benefit will likely outweigh the cost.
- Otto, on 10/15/2007, -0/+3False. Debit cards are not "real-time", and you can actually overdraw your account with them. Furthermore, when you do, you have to eat huge overdraft charges. Not to mention that if there is fraud and somebody does rack up lots of charges on you, then you're out the money until the investigation is done, at which point you get it back. This can be painful, while with a credit card fraud, you're out no money at all, you simply don't pay the fraudulent charges and they get taken off later.
A debit card is a terrible way to go. No matter which way you look at it, a credit card is superior. As long as you have self-control. - AntBing, on 10/12/2007, -1/+4They sky is falling, the sky is falling! Save some money jerk-off. The government is already going to squash my Social Security, so I've started investing in an HSA (health saving account). I don't need taxes any higher and thats what's going to happen when you run out of money and cry for your share of the non-existent Social Security money.
- saifatlast, on 10/15/2007, -1/+4Zakman is just telling the story of how he screwed up his finances and was living paycheck to paycheck. He didn't say or imply anywhere that this was a universal experience, or that credit cards are bad.
- inactive, on 10/12/2007, -0/+2The firetruck should net you some free, easy women. Save money by not spending on hookers and you should be good to go.
- geoboy, on 10/13/2007, -0/+2Oh my God, I was wrong! It was Earth all along! You've finally made a monkey... yes we've finally made a monkey... yes you've finally made a monkey out of me!
I love you Dr. Zaius. - sgvprelude, on 10/14/2007, -0/+2Ways to save money:
1. Stop smoking
2. Stop getting lap dances
3. Stop drinking
4. Stop buying expensive toys
Why do I want to save money again? - fnaqzna, on 10/12/2007, -0/+2Which is exactly why I don't buy everything I can afford. I save up for "***** happens" too.
- beneathbrooklyn, on 10/13/2007, -0/+2Well I agree that online bill paying and keeping your paperwork in order are paramount to keeping control over your finances (common sense really); The current state of the USD in the Global Market necessitates divesting your savings away from the Dollar.
The reality is that over the next several years because of the FED's frivolous printing of Dollars the value of this "reserve currency" has been destroyed. Keeping your hard earned cash sitting in "savings" at some bank earning negative interest (once you factor inflation) is a fatal miscalculation. If you're serious about one day retiring and living off your financial investments or savings you need to consider reducing your paper holdings (especially those denominated in the USD) and investing in precious metals. Or at the very least a fiat currency that still earns a decent interest rate like the Euro.
Personally I'm long on gold bullion but its not for the faint of heart. You have to be willing to do your own homework and not just take what someone says on say a social bookmarking website and run with it. There's a great expression I heard once: "Keep 10% of your wealth in gold and hope it doesn't work." - MarkOfTheDead, on 10/14/2007, -1/+3Isn't that what stock photos are for?
- fnaqzna, on 10/13/2007, -0/+2Don't forget to mention that it may take you a year or two to set aside 3-6 months of expense funds.
- witebuddha, on 10/12/2007, -0/+2i enjoy everyone saying 'dont spend money you dont have'... apparently you guys all had money to start off with... student loans... car loans... if you don't come from money then you don't HAVE money...
- gjbrown, on 10/12/2007, -0/+2But what about my hooker and firetruck addictions?
- fnaqzna, on 10/15/2007, -2/+4It's not the cards that are bad. It's the debt.
I treat credit cards exactly like debit cards. No debt at all. - bob135, on 10/14/2007, -2/+3I don't understand why anyone ever gets into credit card debt. What makes them believe they will somehow be able to pay it off in the future, or that their future expenses will be lower? As far as I know inflation is still within the expected 1-2%. If this is the case it is factored into the interest rates so it shouldn't significantly harm your savings.
- robinbal, on 10/12/2007, -0/+1Thanks mate, thats exactly what stock photos are for, cheers
- saifatlast, on 10/12/2007, -0/+1I haven't quite had that problem but I'm digging you up, because it'd work.
Only want to spend $300 this month? Take $300 out of the bank, and don't touch your any of your cards until November 1st (well, November 12th, I guess). - sifuchar, on 10/12/2007, -0/+1When I read this:
FTA: "Are you short for month money at the end of each month?"
it made me wonder what "month money" was and if we should really be taking advice from this web-sight? ;)
FTA: " ...just walk away and take 26 hours or longer to consider the purchase. Once it’s out of your site, you may find..." - tkidBOSTON, on 10/12/2007, -0/+1I think carrying only cash is really the way to go if you have a hard time keeping a budget.
I budget my monthly expenditures to $450/mo and just add $15 cash to my wallet each day. That way you really can't spend money you don't have. This is the only method that has kept me from running up my credit cards. - witebuddha, on 10/12/2007, -0/+1what about student loans? i didn't have the money to go to college....
- Sunnygurm, on 10/12/2007, -0/+1I can sum this article up without even reading it: don't spend money you don't have
- NnyCW, on 10/12/2007, -0/+1Exactly. They have also allowed me to establish a very good credit history in a short amount of time, along with earning some cash back too, all while not having to worry about carrying an assortment of cash around all the time.
- markperia, on 10/12/2007, -0/+1hopefully this'll help me once im out of college. Its so sad to think that after this Ill be knee deep in debt.
- ekin09, on 10/12/2007, -1/+2This is a refreshing article to see on the front page.
- fnaqzna, on 10/12/2007, -0/+1No judgment from me. I think it's noble.
- robinbal, on 10/14/2007, -0/+1Excellent advice, that what I did many years back paid of my cards and destroyed them
- diggerphelps, on 10/12/2007, -0/+1Only problem with saving cash (USD) is that interest rates are too low, and the future value of the cash is eaten away by inflation, taxes and the dollar's current troubles against other currencies.
It is a good idea to save, though, and I do, but current US Fed policies punish savers and the frugal while rewarding the irresponsible profligate spenders and "money wasters."
I realize that they are trying to encourage investment and grease the wheels of the economy, but there needs to be a couple bones tossed to those of us who don't "gamble" away all our hard-earned money. - witebuddha, on 10/13/2007, -0/+1a lot of people need a reality check when they read about debt or saving money online... its easy to jump quickly to judgments... but take yourself out of your own class for a bit and realize that this is a vast majority of americans... many people aren't handed the opportunity to save money... they start their lives in poverty and try to work their way up... credit card debt and loans are nothing more than playing the system... i've been taught as a kid to use everything at my disposal...
i am not terribly off myself, but i came into the real world IN debt... health problems and student loans have me working full time while i'm still a full time student... and you know what? i still have a roof over my head and food on the table... i'm surviving... but i'm playing the debt game... working the system... yeah my interest is ***** on my mastercard... but when i blew a tire last month, i could pay for it... when i needed to save for a new (well used) car when mine was totaled, i could pay for it... all that 'saving' i did vanished quickly when my SO (that pays half the bills) lost her job from a back injury (that was no one else's fault, it just happened)...
all i'm saying is that ***** happens... and i'm MIDDLE ***** CLASS... its really easy to see the majority of people in debt under me when i'm right at that line myself... i can go home tonight after work and school and sit down and watch network tv (***** i love cable, but its entirely too expensive) and smile that i'm living with only a few grand in debt total... but that isn't america... america is mother. *****. poor.
everyone has heard the clamoring of the 'sub-prime' market... and every other week i hear about another store or establishment that has fell under because of people failing to pay their debt... wtf, remember that 'hip' cell phone company (i can't remember its name) that marketed to younger , college age people that couldn't normally afford much for a cell phone? THEY WENT UNDER... why? because america can't afford that *****... give us money or loans and we will turn that ***** into debt...
because when it comes down to eating or paying your cell phone bill... people will eat...
now... i KNOW people do ***** up and buy ***** when they don't need to... we all have that friend that is always borrowing cash even though he just spends it on getting drunk or buying his bitch a necklace... something stupid like that... but that isn't who you need to worry about... those ***** will always find a way to be in debt... always...
people need to get of their high horse and see that america is in trouble... we need to worry about the people who just can't get out of debt even though they have a job... because they have a family to support... because they have cancer... because they have student loans to pay off... because ***** happened and they couldn't afford it... people who have legitimate problems...
i'm not a ron paul supporter... but i do believe in his stance on the federal reserve... we need to stop making up money and reinstate the gold standard... credit in general has this country ***** up...
not because people abuse it for selfish/materialistic gains... but because people are desperately trying to ***** survive... and credit line or loan debt is survival... its free money in the eyes of those who have to make due with what life handed them....
i don't blame the poor... i don't blame anyone in particular really... its a national problem... all i'm saying is that there has to be another way to reach to those in need... and that some people need to stop assuming everyone in debt is deserving of such...
this probably made no sense... but i'm too lazy to edit it... because i have to get back to work. - Jadey, on 10/14/2007, -0/+1It has the watermark on it still, so he just copied it rather than purchasing it.
- DiscoLando, on 10/12/2007, -0/+1Credit cards don't solve '***** happens' moments, they only buy you a limited amount of time. In the end, you'll still get burned for using credit.
Set aside a separate reserve of 3-6 months of your typical monthly expenses and you'll be far, far safer than just having a credit card to rely on. - fnaqzna, on 10/12/2007, -0/+1Check your bank. You just might be able to make that payment through them. I pay everything through my bank. If the transaction cannot be accomplished electronically, the bank sends a check. Either way, the cost to me is zero.
- robinbal, on 10/14/2007, -0/+1did you mean 'why do you want to live?
- witebuddha, on 10/12/2007, -0/+1eventually... but i don't have money right now because i'm paying on student loans... full time student, full time job, making payments... make just enough money to be over the poverty line... i pay my bills on time and i can survive fine... but when my car breaks down or i get sick, i have 0 money... i don't have a lot of credit card debt (only like $300, which is by no means a lot), but i can see how easy it is to slip into it.... people are quick to judge when they honestly have no grip on that lifestyle....
- witebuddha, on 10/12/2007, -0/+1and no judgment from me either... i just like to remind people that this is a majority of america... i do fine and i'll always have a roof over my head and food on the table... and you are right, student loans are a worthwhile debt
- fnaqzna, on 10/12/2007, -0/+1It'll keep you under budget, but it won't tell you where the money went. I've found that bookkeeping in and of itself can control spending. Just knowing where the money goes can help you change your spending habits and save.
- robinbal, on 10/13/2007, -0/+0Atleast the advice was good. BY the way how should it have been written
- idiotic, on 10/12/2007, -1/+1pay with cash or don't buy it.
- witebuddha, on 10/12/2007, -1/+1... yeah but you can actually save... when that happened to me i was 20... i didn't have anything saved :/ so i started in debt...
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