Living Advice for Younger DUers [View All]

At 64, and doing OK, I thought I'd share some financial and other advice that may help younger DUers be doing OK when they turn 64, too. Most of this advice is the same advice my father would have given me, had I asked him. I followed his example, mostly.

1. Strive for excellence in whatever work you do. Excellence rises, while mere adequacy sinks.

2. If possible, take the initiative and be in business for yourself.

3. Buy a modest home in your 20s or early 30s with at least 20% down and pay it off as soon as you possibly can. Do not borrow on this home. Ever. If you need to move, sell it and put the entire equity in the new home. Pay that one off as well, as soon as you can. It is your home, not an investment opportunity.

4. Be moderate in your acquisitions of material goods. The 42" HDTV may well be more than adequate. The 60" TV is probably overkill.

5. Consider buying good, used automobiles, boats, and other such transportation items. Let someone else absorb the early depreciation.

6. Beware of buying expensive toys you will end up not using. Rent them when you need them, instead.

7. Continue learning throughout your life. Broad knowledge in several areas will benefit you in many ways. Read widely.

8. If possible, do things yourself. You can learn to do almost anything and save large sums by doing many things for yourself, rather than paying someone else to do them.

9. Save as much money as you possibly can without becoming Scrooge-like. Do not put these savings into high-risk investments, but opt for secure growth and the safety of your capital.

10. Eat a healthy diet and avoid habits that are harmful to your health.

11. Be generous with your contributions to charitable organizations, whether they are money or time. This will feed your soul.

12. In business and in your personal life, treat every person you encounter with honesty, courtesy, kindness, forbearance, and respect. If you have enemies, avoid them as much as possible, and maintain your principles in all dealings with them.

13. Be slow with anger and dissatisfaction in your life. Roll with the punches and maintain your balance at all times. Accept what you have no power to alter, but work to improve the society around you as far as is possible.

14. Consider carefully before giving your word to do something, since you must fulfill what you have committed yourself to do. Be faithful to your word always, since you are the one most damaged when you fail to keep your word.

15. In important relationships, like family, do not put your desires above the needs of others, but treat them as no more than equal to others' needs.

16. When things go wrong, learn from them and do not repeat the same mistakes that led to the failure.