Few quick pieces of advice for anyone living in a Modern, Capitalist Economy.

However, here are a few quick pieces of advice for anyone living in a modern, capitalist economy.

  • Financial stability will make you happier than luxury.
  • Study finances.
  • Don‟t watch television commercials.
  • Have a financial plan.
  • Start saving as young as possible.
  • Don‟t buy an expensive vehicle.
  • Be wary about investing in any investment vehicle that punishes you for taking out your own money before the system says you can.
  • Don‟t buy (or more accurately, rent) life insurance. Save that money and invest it.
  • Request to have your body donated to medical science after you die.
  • Request either to not have a funeral service/wake or at least to have one as inexpensive as possible.
  • If you must get married, don‟t buy an expensive wedding ring or have an expensive wedding/honeymoon. You might grumble that a wedding should be romantic and the only way to make it romantic is to spend as much money as possible, but the leading cause of divorce is money problems. Starting off your marriage in debt is the most unromantic thing you can do for your marriage.
  • Don‟t have children until you‟re financially stable.
  • Unless your primary job is to analyze the stock market or you‟re intimately familiar with a business you want to invest in don‟t invest in the stock market. You‟ll lose your money.
  • If you do decide to invest in the stock market don‟t do it unless you have tens of thousands of dollars you can afford to lose. If you don‟t have tens of thousands of dollars you can afford to lose you shouldn‟t be risking your money in the stock market, and on the off chance you do make money off the stock market you won‟t make much unless you invest tens of thousands of dollars.
  • Buy a house. Don‟t rent. Don‟t buy a big house. Buy a small one and add onto it as you can afford to. Otherwise, buy a duplex, triplex, etc. Live in one unit and rent the rest out.
  • There are people who own businesses and there are people who work for people who own businesses. The wealthiest people are those who own the businesses. You should create a business if at all possible.
  • If you don‟t own a business you need a skill. If you don‟t have a skill you can settle for a college degree. Otherwise you‟re going to work a hard job for low pay for the rest of your life, and you probably won‟t be able to save enough money to sustain a secure retirement.
  • You can plan for the short term without planning for the long term, but you can‟t plan for the long term without planning for the short term.