Our first lesson in credit cards is to remember that it can happen to you.

I know that we all have our own experiences with credit cards. For me it took awhile to learn my lesson in life. I had made it through college, Peace Corps, some world travel and so forth, all without ever having carried a balance on a credit card.

Silly me, I thought I was out of the woods. I had made it to 25 without any credit card debt and had the naive idea that because of this I was immune to getting in over my head. When I did finally start to use a credit card, in bad combination with horrid job market in Portland, I thought I was totally in control of the situation. Before I knew it that was no longer the case.

James had his affair with credit cards briefly during his first round as a grad student without his sugar mama ;-) He managed to find his way out quickly as some are fortunate enough to do.

We are learning our best to be financially savvy but some times you learn the most from your mistakes. If you can learn from other’s mistakes that is even better!

The lesson here is that you could be old or young, rich or poor, and it can still happen to you.

Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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