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Reply to "If you or your mom are a financial badass"
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[quote=Anonymous]I feel like I'm pretty good at personal finance. The key is to set things up to remove temptation to a) spend all your money or b) make risky investment buy or sell decisions based on greed or panic, which leads to buying high and selling low. 1. Spend less than you earn, automate moving money to savings. 2. Invest at least enough in your 401k to get the full match. Invest it in a retirement target date fund or index funds. Increase the amount you save until you're at the max. 3. Don't buy a house unless you'll be able to stay in it at least 7-10 years to avoid the risk of having to sell at a loss. 4. If an investment is hard to understand after a little bit of research, don't do it. Also stay away from buying individual stocks unless you're using "fun" money and treat it as a hobby not your source of retirement security. 5. Shop around for rates on savings/CDs and loans. [/quote]
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