Comment: Both of these comments - excellent advice

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Michael Nystrom's picture

Both of these comments - excellent advice

I remember when I got my first credit card, in college. It was a Chase card with a $2,000 limit, and I'll be damned if I didn't hit that limit in about 3 months! And I didn't even know what I bought. Just a little here, a little there - going out to dinner... lunch ... breakfast. It all adds up quick, especially if you're not paying attention.

Eventually I sold my car to pay off that debt.

Saving is important, but with the declining dollar, it is a concern. One of the functions of money that the USD does NOT serve is preservation of wealth. It works fine as a medium of exchange -- for now. So I would advise dollar cost averaging into silver and/or gold. Each week or month, take what you've got and buy an ounce or two. Don't worry about timing the market - this is money that is being saved and never spent. One day in the future you might cash it in for a house.

Ideally, the goal that I see is self sufficiency. You don't want to have to work for the man your entire life. Preferably, you don't want to work for the man at all. Ideally, you want to be your own boss, able to make your own living with your own skills. In order to do that, you need to have skills that are valuable in the marketplace.