Comments on: SmartMoney Magazine’s “7 Money Mistakes” – And The Simple Dollar’s “7 More Money Mistakes”

By: Cameron

Cameron — Sun, 22 Jun 2008 00:33:56 +0000

One thing I always say….

Do not open a credit card until you have enough money in a savings/money market to pay off the entire credit line.

By: Eric

Eric — Tue, 03 Jul 2007 13:01:54 +0000

#3 ( a ) Low or no intrest financing can be a real trap. Read the fine print and know what you have to do to REALLY avoid paying the hidden high interest fees on the product.

By: Beth

Beth — Mon, 02 Jul 2007 18:25:01 +0000

Thanks for including #6–”Spending money as soon as you get it.” That’s where I was sitting until recently. It’s better to have zero than to owe money, but it’s not that much better. Better is having money saved so the number never drops from zero.

By: Nick

Nick — Sun, 01 Jul 2007 14:10:11 +0000

I have to agree with Kevin on this one. Investing while your money is being drained through high interest loans isn’t going to get you anywhere.

Your cashflow is like a stream. Every debt you have is blocking that stream. Credit cards and other high interest loans can make your cashflow dwindle to nothing more than a trickle if you don’t address them quickly. Address that first and you don’t have to worry about it.

Maybe I’m biased, as I was in 68k worth of debt early this year, but being out of bad debt is probably the best financial decision you can ever make for yourself.

By: Barry

Barry — Sun, 01 Jul 2007 12:55:51 +0000

Actually, if you can trim $200 per month from your monthly budget it’s better than $200 earned in an investment…. assuming it’s a taxable investment return. You’ve already paid the tax on the $200 you cut from your budget, but if you make $200 on a taxable investment, you’d have less than $200 left after paying Uncle Sam…

By: Kevin

Kevin — Sun, 01 Jul 2007 00:50:05 +0000

investing and retirement aren’t the same thing. As you can see he said “start your 401k NOW” By “investing” I believe he meant buying stocks and mutual funds held in a taxable account in an attempt to make personal money. This is definitely not a good idea when you still have debt.

By: MVP

MVP — Sat, 30 Jun 2007 17:34:09 +0000

This pretty much sums up your entire blog and all its posting. I guess you can pack it up now ; )

By: Amber Yount

Amber Yount — Sat, 30 Jun 2007 15:41:29 +0000

good tips, im gonna make my husband listen to the dave ramsey cds

By: LTruslow

LTruslow — Sat, 30 Jun 2007 15:25:37 +0000

I have always had a problem with those who believe that you should not invest before paying off all debts and establishing an emergency fund. For many, they would never begin saving for retirement. While an emergency fund and eliminating debts are important, saving for retirement is an absolute must.