Tips from My Money Color

Last update: October 18, 2007 - 5:58 PM

Get minor with majors. Making minor changes to major financial parts of your life can balance desires and savings. If eating (or drinking) out costs you $2,000 per year, could you spend $10 a week less? Most would answer yes.

Be good with bad debt. There is good debt (mortgages, school loans) and bad debt (credit cards, large auto loans.) Know the difference. If you owe money on credit cards, it's the same as a negative return on an investment.

Buy a less expensive car with better mileage and keep it two years after it is paid off. Make cars with rust as much of a status symbol as jeans with holes.

Source: Vector Wealth Management, Minneapolis

Recent Your Money stories

Chris Farrell: Tax-free savings plan may not be family's best bet for college fund - October 18, 2007

Chris Farrell: Tax-free savings plan may not be family's best bet for college fund - The problem with such plans is that the money is only tax-free if it's used for education. What if you need it for something else? More