When others know you have money saved up, they will turn to you when they need some cash. Unless you are absolutely convinced that they can pay back, resist the urge to dip into your hard earned savings. Chances are if they run in the red and need to borrow, they will have difficulty paying back. Don’t jinx your savings. Just learn to say ‘no!’.
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Understand the difference between spending and investing.
Simply stated, investment means putting your money where it will give a financial benefit over time. A house is a good example. A car will deteriorate in value over time. Contrary to investing, spending throws money out the door and never comes back. Be smart. Find out about investing from your parents.
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