Build your discipline in avoiding large purchases when you are starting out and not
getting into debt early — that may take you years to pay off.
It's very easy to
get into debt early.
Not exact matches
I often say if you're willing to go
into debt for $ 100,000 - 150,000 to
get an MBA and have two years of your life with no work experience, why on Earth wouldn't you just join the most ambitious
early - stage startup you know and work for a paltry salary to
get the experience?
If you do
get into financial trouble and end up in
debt, it is important to acknowledge it as
early as possible.
Fortunately, I didn't
get into debt problems, and it allowed me to build by credit history
early on.
If you
get into the savings habit
early and start putting that money aside
early, even though you still
got that
debt you
get into the habit of saving so that once your
debt's paid off you can continue on with that habit.
Returning to our
earlier example, if XYZ
gets into trouble due to poor management and earnings, its ability to pay off its bond
debts may come
into question.
I know we've made mistakes especially with
getting ourselves
into so much
debt so
early in life, but we are working hard towards digging ourselves out of the hole.