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TennesseeTuxedo

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Before you pick a major when going to college, open the want adds (online now) and see how many jobs are looking for that major as a requirement. Colleges will gladly take you money and give you a diploma for basket weaving theory, but it's up to you to try making a living out of it.
True but you’d also keep an eye towards the future. I took some computer programming classes in the early 80’s but never dreamed what was about to happen in technology.
 

BigBear56

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Can’t say enough about having a credit card and using it wisely. My parents got me a credit card at 15 years old with a $50 limit. I would use it for gas and other things while in high school but learned to pay that thing off every month. Fast forward 30 years and I can tell you that learning how to use a credit card to your advantage has helped us a great deal. It’s helped me and my wife establish good credit from a young age and saved us thousands of dollars in interest. We do the same thing as TC, put everything on the card and pay it off monthly if not sooner. Never paid interest on the balance and I love the theft protection as I use it a lot for work. Another thing that will make your credit score skyrocket is paying things off early and making multiple payments per month. We have done so on every loan we’ve ever had
 

shaz

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I know people who use a credit card just to keeps good credit score. I figure if you don’t borrow money, it doesn’t matter, and if you do borrow money and make your payments on time, I assume that gives a good credit score. I have no idea what my credit score is and have never done anything just hoping to build a good credit score.
I dumped my credit card back in 2008 and the only debt I had was a land payment. Found out in 2013 that 2 of the 3 credit agencies dumped me. One had my credit score around 760 and the other 2 nothing like I never existed. I have a credit card now because you never know.
 

herofan

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I can certainly see how credit helps depending on one’s business or individual situation. I guess I’m just too low key and dull to need much. If you recall a while back, I’m the guy who had $15 cash expenses on the farm a couple of months.
 

Banjo

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Use credit cards to your advantage. My bank has a online money management or money tracking program and it will track all my spending, farm expenses and income......at the end of the year i add up a few lines and go to the tax man.....no going thru shoeboxes or coffee cans of receipts.....makes life easy.
I'm sure most banks have something like that.
 

TCRanch

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True but you’d also keep an eye towards the future. I took some computer programming classes in the early 80’s but never dreamed what was about to happen in technology.
My husband had the opportunity to play pro baseball (pitcher), but turned it down and took a job at Michigan National Bank doing something new called data processing (and now you know his age;)). It served him well.
 

moses388

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Good advice above.

On the business side, buy all the ground you can get until you're 30, then be choosy about it. By the time you're my age (46) it will most be paid for, and it will never go away, at least for our time here on earth.

Buy ground with what? If you're under 30, you don't have assets for collateral. Lucky if you have a good job and you can afford a reliable vehicle to get there. If you are under 30 years old, you still have expenses: insurance, gas, maintenance, rent, utilities, food, etc. Out of what is left they try to set a little aside for the future. I don't see how the two ends meet in the end...
 

simme

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Buy ground with what? If you're under 30, you don't have assets for collateral. Lucky if you have a good job and you can afford a reliable vehicle to get there. If you are under 30 years old, you still have expenses: insurance, gas, maintenance, rent, utilities, food, etc. Out of what is left they try to set a little aside for the future. I don't see how the two ends meet in the end...
First piece of property I bought was owner financed. No collateral required. An old lady 50 miles away had inherited the land years before and did not even know exactly where it was. Had never been recorded in her name. The local fertilizer dealer had "assumed control" of the property and we had been his "sharecropper" since we had some old equipment. He thought he was going to end up with it based on possession over years. A real estate agent showed up looking for the property and for a buyer. The fertilizer guy said it could never be paid for by farming. An adjacent large land owner offered $200/acre. My brother and I were young and foolish and took a chance on it at the asking price of $400 an acre. She thought she had 68 acres and sold based on that. Turned out to be 78 acres. Half mile off the road with a right of way. I was 20 years old and purchased it with my older brother. He was 23. Never missed a payment. Have to always look for opportunity.
 

GMN

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I use a Fidelity credit card that automatically deposits 2% of my charges into a Fidelity investment account. I buy most everything with the credit card. Recurring monthly bills (utilities, cell phones, etc) are on auto bill to the credit card and the credit card bill is on auto pay from my bank account. I use a Lowes credit card that gives me 5% off all purchases there and it is on auto pay from the bank account as well. I write very few checks and make a little on the 2%.
I’d never pay bills all month using a charge card-risky-not even for 2% back-Lowe’s credit card dangerous too-if u don’t pay it off the interest is sky high 27% best to save up and pay as u go for appliances etc..
I think my advise would be save up as much money in savings for a nest egg it creates peace of mind and decreases the surprise factor and stress
 

simme

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I’d never pay bills all month using a charge card-risky-not even for 2% back-Lowe’s credit card dangerous too-if u don’t pay it off the interest is sky high 27% best to save up and pay as u go for appliances etc..
I think my advise would be save up as much money in savings for a nest egg it creates peace of mind and decreases the surprise factor and stress
I have never paid interest on a credit card. Auto pay the bill in full each month from my checking account. I am not an impulse spender. That is the real danger - buying because you want something and it makes you feel good instead of because you want it and can afford it or better yet, need it. Yes, don't buy what you can't afford or you will be trapped in a bad situation. Lots of people have no self control.
 

WFfarm

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I have never paid interest on a credit card. Auto pay the bill in full each month from my checking account. I am not an impulse spender. That is the real danger - buying because you want something and it makes you feel good instead of because you want it and can afford it or better yet, need it. Yes, don't buy what you can't afford or you will be trapped in a bad situation. Lots of people have no self control.
You're the customer the credit card companies hate. They loose money on you, especially if you have a rewards card.

I'm the same way. I have a GM card and a Bass Pro Card. Saved a lot money on a new truck, and get a new gun about every 5 years with no money out of pocket.
 

rlrobinhood

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You're the customer the credit card companies hate. They loose money on you, especially if you have a rewards card.

I'm the same way. I have a GM card and a Bass Pro Card. Saved a lot money on a new truck, and get a new gun about every 5 years with no money out of pocket.

As mentioned earlier, you should really check out the Fidelity credit card. 2% on everything you buy. No gimmicks. I have it all go into a college account for my kids. Its really amazing how quick that can add up. But, as stated you have to be VERY diligent and pay off every month.
 

farmerjan

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The Lowe's credit card is also very handy for the no interest for 6 months on charges over $299. I have bought a few things for the house that way and am getting a new freezer next week. I am disciplined enough to make sure I have the money to pay it back ... pay a minimum every month but no interest on that large purchase. I make sure it is set up to put all the payment on the current charges due, and then I pay a chunk once or twice and then pay the balance off before the 6 months due date. Helps especially like with knowing there is going to be a chunk of money like from selling calves in say 3 months... but I need it now or there is a good deal/sale on it now. Several of my credit cards have some sort of rewards.... and NOT ONE of them has a yearly fee.....

But again you have to be disciplined to pay them off.... I have carried a balance the last couple of months while getting things squared away with moving, but the interest is worth it because making payments on time has helped my credit and I knew that making a rent and mortgage payment for a few months was the only way to get this work done to buy the house and then get moved into it. Better than borrowing money long term at the bank, and my mortgage rate is under 3% .... so a couple months interest on a not huge balance has allowed me to get into this house and then I will be much better off with such a small interest mortgage and lower payments ; with insurance and taxes included; than I was paying in rent. What I save in the difference in the rent will more than make up for the interest I paid for a couple months.
All that aside, I always paid them off in full every month so as to not pay any interest in the past.
The banks/credit card companies hate me too... so much they upped my limits with no increase in my income twice in the past 2 years.... and I make a very small amount of money by today's standards.
 

Walking W

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I know people who use a credit card just to keeps good credit score. I figure if you don’t borrow money, it doesn’t matter, and if you do borrow money and make your payments on time, I assume that gives a good credit score. I have no idea what my credit score is and have never done anything just hoping to build a good credit score.
Dave Ramsey says a credit score is really an "I love debt" score. He also says that credit cards and debt are like snakes. If you handle them long enough, sooner or later you will get bit.
 

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