Daily Dupaco

Tuesday, May 18, 2010

Action creates money

At age 101, film director Manoel de Oliveira is still working at the top of his field, having just brought his new film to the Cannes Film Festival. The best financial advice de Oliveira has received in his years? "You don't need advice. You need action. It's action that creates money," he recently told WalletPop.com.

Young adults nearly eight decades his junior are now learning to navigate new financial waters in their post-grad world. If you are one of them, here are some action items as outlined by MSN Money that can help set your financial course:
  • Develop a budget so you'll know where you're at--and where you're going. We like "The 60% solution," where essentials come out of the first 60% of your pretax income. The rest goes to long-term savings or debt repayment, short-term goals and fun money.
  • You will always find reasons not to save, but you will never again have this much time to save for retirement or a home, so start, even just a little. Enroll in your company 401(k) plan. Most companies match your contribution; by not enrolling, you're throwing away free money.
  • Budget for paying off credit card debt. Compounding interest is your No. 1 enemy.
  • Get a small amount--$1, $2, $5--of "cash back" from your debit card at the checkout and slip it into your savings jar. At a buck here and there, you'll forget about it.
For the complete list of tips from MSN Money, read "Your 5-minute guide to money in your 20s".
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