The biggest MM lessons learned

[chessie]

What are your biggest MM lessons learned on MM?

For starters, different retirement options other then 401ks- and how to use them wisely, child costs--I was shocked to find out how much they REALLY cost, 529's/ESA's for my nieces.

[phunluvin82]

I have learned a lot about leveraging that I never knew before...I used to be more in the 'all debt is bad debt' mindset, and now I don't necessarily think that way.

I also used to be more in the 'renting=throwing your $ away' mindset...but after reading/learning more about this here, I feel better about the fact that we will be renters for the forseeable future (it's what works for us right now).

However, I think the biggest lesson from MM for me hasn't been a 'lesson' so much as a motivating kick-in-the-pants.

[Deleted]

retirement. We are behind and know it, but I know how to fix it and once we get to the point where we have no daycare and/or more income, it will be our first priority.

[Brie]

Don't go to law school.

[pugz]

it's probably bad that I'm drawing a blank, right? I don't think I'm very MM in real life, I just love all of you.

[cheese]

If I had to pick just one....retirement (specifically ROTH IRA).

I feel like I am constantly learning and that from lurking my entire thinking has changed about money and has change DH's thinking also. I am so glad I found the board when I did because we would be in deep sh!t if not.

[Deleted]

E-fund vs. just blindly saving.

[CloudBee]

Living beneath our means. Sometimes it's hard to take a step back and not drive the newest, fanciest car, or be smart about how we go about the purchase of our next home, etc. Especially when you get a raise, and want to realize that raise in a tangible manner. (We throw raises into the bank/investments, typically.) It pays off, though. Our investments, cash reserves, and retirement are so solid. I wouldn't trade that security for the things we give up.

[abramos]

saving for retirement and having an e-fund.
Also, being able to have a decent DP for our home. I never thought in a million years it would happen in a HCOL place we live in. Certainly not the 20% we hoped for but it was decent.

[jgleespen]

ROTH IRA's

[heygrey]

from mm? spend the money on paper before you have it in hand. really, just good budgeting.

from my own life - be patient with bigger purchases. things go on sale, sometimes you can just borrow from friends, and sometimes you realize you didn't need it after all.

[Deleted]

Living within our means, and pay yourself first.

[ladybrettashley]

This board does not represent the general population, specifically they are higher earners and more financially savvy than most people. I think that's a good thing...lurking here has gotten my butt in gear about being smarter with my money!

[phunluvin82]

May 17, 2012 11:32:25 GMT -5 ladybrettashley said:

This board does not represent the general population, specifically they are higher earners and more financially savvy than most people. I think that's a good thing...lurking here has gotten my butt in gear about being smarter with my money!

lol...yes, I would agree with this.

[mollz007]

If you need a new car, wait until you can buy it with cash. Loans suck! If you have to finance, put down as big of a DP as you can.

Pay off your CC balances in full every month.

Track our spending- I have learned that we stop at quiktrip before/after work for snacks way to much! Even little purchases can add up!

[missmis99]

I agree about the renting part of it. I was in a huge hurry to purchase a home b/c I thought I was throwing away money on rent. I wish I would have waited until I was more prepared for it financially.

[momabear]

How to track finances and not being "surprised" by expenses all the time.