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 20 Things I Should Have Known at 20
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Tony




PostPosted: Fri Jun 01, 2012 3:10 am   Post subject: 20 Things I Should Have Known at 20

http://inoveryourhead.net/20-things-i-should-have-known-at-20/

For what it's worth, I second every one of those 20 "things". I figure that most of you are not even 20 yet, so picking up just a few of the items would place you well ahead of the pack.
Latest from compsci.ca/blog: Tony's programming blog. DWITE - a programming contest.
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mirhagk




PostPosted: Fri Jun 01, 2012 7:53 am   Post subject: RE:20 Things I Should Have Known at 20

Some really good points, and while I'm not quite 20 myself yet, I agree with most of those points. Especially the first one. However you gotta remember that your friends can also be as dumb, or dumber than you on the subject, even if they claim expertise after reading that one book that chapters wasn't sure about putting in the non-fiction section.

See Posted Image, might have been reduced in size. Click Image to view fullscreen.

The world is full of people who claim to know the best for you, be careful who you elect as your adviser on matters, or better yet go to wikipedia and learn about it yourself. My work is now starting up Lunch 'n' Learns where someone who knows something about something does a little lesson on it. Yesterday was about investments, and I learned about index funds that you could use to save up a lot of money if you wanted. At a modest rate for interest in one of these index funds [5% considering the Dow Jones routinely hits above 8%], saving 10% of a minimum wage paycheck starting at age 20, you'll have about $400 000 saved up by the time your 70, and $100 000 even if you quit saving after 5 years. With the first option your interest alone will generate you over $2000 a month. You'll make more in retirement than when you were working. If it's in your tax free savings account, you can even not pay taxes on the earnings. Keep in mind I could be wrong on this, I don't pretend to be an expert after one lunch n learn, but I know enough now that I can at least understand what my bank is telling me.


EDIT: If you calculate how much you'd earn putting in the same amount of money, but instead of the 5% interest per year, if you magically got the credit card interest (20%) on it you'd make $250 MILLION. The only thing is that people default on credit card loans, and if they default on it, then there's nothing the credit card company can really do to get that money back. If there was more accountability for people who default on loans, then interest rates could be a lot lower, making those who can actually pay back their debts have a much easier time doing so, and fostering some good economic growth. Of course work camps aren't exactly ethical.....
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