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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (113533)3/30/2008 4:44:26 PM
From: Debt FreeRead Replies (1) of 306849
 
you have the right idea, but the big thing we need to teach them is to avoid credit at all costs (exception being for being a house). If they could learn that if they don't have the cash, then they can't afford it, their life would be so much better. So what if you don't have the latest toys

A good rule of thumb endorsed is 80/10/10 rule. Spend 80% of your income on your needs, give 10% to charity and save 10% for yourself

JMHO

PS - fund the party out of the 80%
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