Tuesday, August 26, 2008

Think differently about saving money

Americans are some of the worst savers in general. An article on YahooFinance offers seven counterintuitive ways to save money:

Spend money. You should limit unnecessary purchases but spend money on necessary upkeep and maintenance items that will save money in the long run.

Don’t stay home in front of the television. Instead of staying at home, take the initiative and take classes or attend seminars that will help improve your financial situation.

Don’t spend time learning how to invest. Wait until you’ve built up a nice nest egg and mastered your finances then learn about investing in individual stocks.

Don’t leave your investments to experts. Do your own research. It’s your money, learn how to manage and take responsibility for it.

Don’t let salary determine job choice. You’ll be more productive and eventually better paid if you are happy with what you are doing.

Don’t buy the cheapest things. Buy things of value that will last longer.

Don’t buy things on sale. Buy items on sale if they are items you really need.

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