Good advice. Now, if only the young ones will take it!

Photocopy the message.

Pass it around.

o j - O.K.?

I can vaguely remember being like that when I first moved out of my parent's home when I turned 21...Party Hardy! I remember it was often stressful being broke before payday, and thankfully learned how to not spend every cent I made and to start making paying myself a priority. I feel that usually regardless of what a person makes that they can find at least a little to spare to put aside for emergencies or hard(er) times. Luckily I learned how to and became fairly financially secure

With so many folks, both young and old, regardless of how much their income would be increased, they would still manage to get it all gone on a weekly basis, claiming that they couldn't afford to save a cent.

Sue

Did you read the other day of that sports' "hero" ...

... who managed to go through something like 87 million ... in 15 years??

Now is broke.

o j

I preach that to our kids every chance I get. Don't know if I'm making any headway, but I sure hope so. It's called "do as I say, not as I do" to some extent.

I don't know if you are familiar with Suze Orman in Canada, but she's a financial adviser who has a show on CNBC who tells it like it is (and not always kindly). She says you should have at least a 6-month cushion. She also preaches on starting young and saving.

As for the handcuffs, I thought "OMG, OJ's being naughty!"

o j?

Naughty?

Surely you jest!

(I've been trying hard to behave myself, since the folks gave me "what for", for being too risque, a couple of years ago).

It's been quite a burden ... but I seem to be bearing up!

o j

Dave Ramsey? "Where cash is king, debt is dumb and the paid off home mortage has replaced the BMW as the status symbol of choice.....". Am I close....?

I assume you are all aware that in the US the unemployment rate for those under age 25 is about 20%. I think hand to mouth, paycheck to paycheck is a pretty realistic expectation for 1 in 5 young people. And if they can make it check to check, they are doing pretty well in this environment.

The bank is better at accepting extra payments (according to the rules) ...

... than at foregoing regular payments if one'd been laid off for a while.

I figure that some cushion on hand gives one some maneuvering room.

o j

Everyone in out family was at one time or another. LOL, my husband was a police officer, and he cuffed the kids, their friends, his parents, his siblings, my siblings and of course me at one time too.

All in good fun.

Moni

She says you should have at least a 6-month cushion. I agree! And when you have the 6 month cushion it's okay to go out and buy new underwear if you need them. Don't you think OJ? lol

BTW - did you send your son your old underwear to get the new ones? I must have missed that update. Sorry... getting off topic here.

No I never have been in handcuffs.

Sue

I did payroll in a small school district for 25 yrs. My last 10 yrs there, I made a decision to 'talk to' each new teacher who was hired. I had them come in with their completed employment paper work. I spent a few minutes with each one encouraging them to join the credit union within one year, and to start a long-term savings plan with 403Bs, etc, within 5 years. I hope some of my advice helped some of them.

(No handcuffs for me, oj, I'd be afraid it would be like the I Love Lucy show where they didn't have a key.)

I've been waiting for years for someone to ask me this question. YES!! I have been in handcuffs. They were real ones too! My girlfriend's teenage brother put me in them right before leaving to go to the store with his mom.

While at the store, he ran into a friend and decided to spend the night, with the key!! I went horseback riding and spent the night in handcuffs. It was not fun!

That said, I've never been handcuffed by law enforcement.

Hi golddust,

Glad that I wasn't around ... with your friend having two pair of the cuffs that he was spoiling to install!

Financial handcuffs (that, usually, one installs oneself) ...

... almost always last longer than overnight. A lot longer!

Also patser,

As you say, many youth are finding it difficult to find employment, these days. Having said which, possibly some are somewhat too fussy in what they're willing to accept. And trying to get by on a thin paycheque certainly is no fun. A non-existent one, even worse (even if one can live at home).

In which case, I've suggested to folks that I knew that windfalls, such as a settlement for injury, a bonus, a tax refund, etc. be not just spent on a whim, but that an attempt be made to regard it as capital, to hang on to it, as a cushion in case of greater need, the beginning of a retirement fund, etc.

The "retirement fund" being even more important in these days of fewer pension plans being available.

And ongoing employment being somewhat uncertain.

Beginning a savings/investment plan early is even more important in such circumstances: the earlier, the better.

Many young folks, whose horizon extends about as far ahead as next week, find it hard to take a long-term view of things - perhaps especially regarding financial stuff.

ole joyful

Yes, I have been handcuffed by a police officer. A couple of years ago, I attended the Citizens' Police Academy here and getting handcuffed was one of the things we did. We also got to shoot real guns with wax bullets in them. The class that graduated last week got to drive police cars at high speeds on a "pretend" chase around an industrial area at night. They got to use the lights and sirens.

Any further comments?

Having a few bucks available in case of substantial unexpected need seems to me to be much preferable to not having such.

Have you heard how many dollars extra the Payday Loan type of folks want for the loan of a few hundred dollars for, say a couple of weeks?

ole joyful