You hopefully have many choices to consider when contemplating your response to the question, “What was the best financial move you’ve made so far?”
For me, it’s easy.
You: Haven’t made too many good financial moves, buddy?
Actually, plenty. It’s just that ,as I near completion on my manuscript of book number two, I’ve contemplated this exact question.
You: Hey, that’s cheating.
Hey, it’s my blog.
You: Point taken.
I’ve concluded my best financial move to date has been my decision to keep cars for very long periods of time.
You: How long?
I drove my first car for over seven years before it died. My second car just passed 100,000 miles this last weekend and is over nine years old. So, here I am in my late thirties and I’m still on my second car.
You: With a piece of crap car.
To some people, perhaps–which is why having cars for a very long time is my best financial strategy – not necessarily yours. But having no car payment during 9 of the last 14 years has allowed me to spend more in other areas of my life where I value such spending while still permitting me to save substantially for my future.
What’s been your best financial move so far? Please comment below. Your worst financial move? Take the poll to the upper right.
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Paying off my credit card balance in full every month. This has allowed me to have a great credit score.
Michael,
My best financial move was to hire a financial consultant to manage my retirement portfolio. I may not have millions of dollars(yet!) but my accounts are growing slowly. Most important of all is that I know that someone I have confidence in is watching out for an important part of my financial future. Without him, I’d have to figure it out what stocks to buy, how to diversify, etc. Since I didn’t major in finance I know I’d be endlessly questioning my choices and spending too much time worrying. With him on my side, I’m enjoying priceless peace of mind.
As always, super topic in a super blog.
@Nesha: Paying off your credit card balance in full every month is a great financial move but not for the reason you mention. Paying virtually anything between the minimum balance and the full balance counts as on-time payment so you get full credit (pun intended) in the score calculation either way.
@Nora: Peace of mind is priceless. Congrats on the move to take control of your financial affairs. Thanks for the kind words!
My best financial move: getting my Master’s Degree paid for by my employer. It wasn’t easy working full time and going to school at night. But, now I have $0 in student loans and a really nice diploma on my wall!
My husband and I have also NEVER had a car payment. We only buy cars with the cash we have in the bank. So, ditto to your post!
@Jen: Great additions! Thank you for the comment!