Oh what perfect hindsight I have looking back!  I would have started that ROTH IRA a long time ago!  I would have taken the 60% solution and personal budgeting more seriously.  I would NEVER have a joint checking account again.  Whoever controls the money controls the relationship.  Better to have seperate accounts and better input on budgeting and financial decisions.  Plus, if I want to blow $50 on some "useless" home decorating item, I can.  If you want a old beer keg from 1972 - more power to you.

Contrary to Leslee D's experience, the joint checking account between my wife and me has been perfectly fine (and I say that as the one who doesn't control the money! - though, I'm always in the loop). What I wish we had done differently was when we got married to figure a way to live on my income alone and invest hers (OK, use hers to pay off debt, then invest once we paid it off). That would make the stay-at-home mom thing so much easier to do. For those who don't think the SAHM thing works for them due to personality or other reason, consider that some people, like a former boss have to stay home when twins are born both as special-needs kids; when reliable affordable day care is not available, or like three moms where I work who were ready to come back to work and just emotionally and physically could not drop their kids off at day care on the first day back to work. And, if the SAHM thing isn't for you, and you don't run into those roadblocks, just imagine how much sooner you can retire or do the other fun things of life with a big ole pot of money!

Thank you and all the others who talk about finances.  I'm in my early twenties, got a low paying but steady job.  I'm taking yours and other advice about investing whatever I can spare.  I'm hoping this will put me ahead of the game.

CD's, ROTHS, money in the bank are a waster of time.  These accounts only yield less than 10% which is not going to get you anywahre these days given the rising cost of living.  A lot of money in a stock firm will allow you to get free IPO's, so ever go with discounters.  Don't overlook bulletin board stocks.  They are quite powerful and can yield great returns if you know how to trade them and time the market just right.

PEOPLE WILL TELL YOU ANYTHING TO GET THEIR HANDS ON YOUR MONEY..

avoid the stock market and mutual funds as much as possible.  It's risky.  Put your money in the bank (CD's).  It's guaranteed and you don't have to worry about bubbles.  

Travel as much as possible.  Buy a house as soon as possible and pay it off as quickly as possible.  Don't buy too much life insurance.

Remember the turtle always beats the hare.  In life take chances but mostly go for what's certain.

The last two posts were just plain stupid. Any money that you aren't going to need within 10 years should be in the stock market. CD's are for cash to put aside in case of emergency, but don't waste too much money on them considering the low interest rates and better rates of return in other investment vehicles. What Dan Holtz is talking about is gambling, he's just as likely to be bankrupt at 65 than able to retire. While playing the risky stocks can be fun, I wouldn't put more than 5-10% of your portfolio in that type of investment!

I agree with Dan Holtz then on gambling as a legit way to increase your investments.  When I leave Iraq I will have saved about $20000.  I am going to Vegas and putting $5000 on red.  If it doesn't come I'm putting the other $15000 on red.  Too easy!  

This is Mcnews For Idiot Investors.

American economy in crises - a long time coming

When a country and its society import more than they export for over a quarter of a century, it is bound to erod the economy to its primate state.

We have only ourselves to blame, what goods and products are we exporting, what goods and services are produced in the USA, the answer is very little by comparison.

In the past 50 years as our population has increased, technology advanced, we have become a nation that consumes enormous amounts of resources, we shop for competitive prices. Corporate America is constantly looking to increase the bottom line.

Most of the goods for and by Americans and its companies are produced overseas and in the past decade with the advancement of telecommunications, many of the services sector are also imported.

The increased costs of energy over the past 10 years, has affected the economy to unimaginable comprehension.

This economic activity has eroded our economy to its core. It seems that the situation is getting worse every year. American debts are increasing beyond our wildest dreams, endangering the future economic vitality of our future generation.

I hope it is not too late for our society to recognize the graveness of our economic predicament and its resolve to take appropriate action to stem the tide of our economic downturn.

Americans are a nation of great technology and knowhow. We must utilize that technology and our resources to find new means to regain our economic independence.

We must face and implement fiscal responsibility, both by the government and the population with its infrastructure of corporate America.

It is no longer an option, it is a must if we as a nation want to survive and retain our way of life and economic vitality.

Inflation, recession and financial crises are here. Let us take the bull by the horn, initiate immediate actions to minimize and hopefully reverse our economic crises.

Yehuda Draiman, Northridge, CA.

PS

The US economy has enormous momentum. Metaphorically speaking, if someone turned off the locomotive that drives the US economy, the economy would go on for miles before anyone would likely notice something was wrong. But something has been wrong for many years. Is there really hope for the future? Maybe. But the terrible truth is that no one really knows. But if there is hope, we're already on the wrong track. And that has to change.

I agree with Dough Roller on almost everything. I am 50 and if I had one do-over in life it would have been saving more and not accumulating credit card debt. We are almost out of that - but it has taken over two years and a company buyout to achieve that goal. Now at my age I am taking on a new career. I  will make it my life's mission to teach my children so they don't make the mistakes we made. I came to this revelation late - it took the realization that we had a kid to put through college and no savings, no college fund to wake us up. And we made almost $100K a year. We have 3 paid for cars and will never have a car payment again.