Trent: What are your thoughts on low cost target year retirement funds rather than low cost broad based index funds? For those who do not know, the target retirement funds include a low cost broad based stock index fund, a bond fund, and usually some international stocks. This mix is adjusted each year, gradually lowering the stocks in favor of bonds, so that when you retire you have about 50% stocks.

Deb C: Everything I have read says that you should at least invest enough in a company retirement plan to get the company match. Otherwise, unless it’s a truly terrible plan, you’re missing out on free money. You need to look at the big picture, not any one expense or return. Do the math yourselves at home.
Company plan 5 year average return % + % match – fund % expense ratio – fund fees = net return
Low cost mutual fund 5 year average return % – fund % expense ratio – fund fees = net return
At worst, you might come out ahead by investing only enough to get the full match, then put the rest into the low cost index fund.

Cash is king.

This should probably be rephrased to “eliminate debt with a debt snowball. Use the method that gets you to change behaviour and encourage you with good results.”

“Check your credit score regularly to make sure nothing bogus shows up.”

Do this three times a year from each of the credit reporting agencies, every four months, rather than all three at once.

Though I think the number one fundamental ‘idea’ is to do a budget, every single month on paper. This is alluded to with some of these ideas you’ve listed, but it really does stand on its own. Writing down all our spending every single month over the last three and a half years is how we were able to win at the debt snowball. When we first got married, we knew I made good money, but we spent it like crazy without planning. After we started budgeting it every month, we realised that I made *really* good money, and we were able to make it work better for us and our goals.

Do a budget. Every month. On purpose. Only then will you even begin to win at personal finance.

I would add: invest early! Compound interest is our friend!

This is a long way off for me, but I think that a good idea for a kid’s first vehicle would be to get a real cheap car and fix it up together. You can save money (on the car and insurance), spend time together, and learn some automotive knowledge that will teach them how to be more self reliant when it comes to repairs later on.

I think that these tips are pretty accurate, and it just reinforces them when you hear them from so many experts.

I wish I had thought through many of these a looooong time ago. Maybe a few less lattes and a whole lot more savin’