(Did that come off dirty?)
Good morning sexy savers! Did you have a good week of bringing home that bacon? Are your side hustles going nice and strong? Pay off any more debt this week?
Let’s go back in time today, shall we… I want to know all your financial “first times” today for no particular reason other than pure curiosity :) Leave them in the comments below, and we’ll all get to know each other a bit more personally today!
Here are the 5 questions to answer:
- First checking account
- First credit card
- First loan
- First investment (stock)
- First mortgage
I’ll start us off here as usual…
#1) My first checking account
Probably my sophomore or junior year of high school when I started taking on my first part-time jobs. Previous to that I usually just spent all the money I made off babysitting or cutting lawns, etc, and didn’t need a place to store any of it. Towards the end of high school, however, my father repeatedly reminded me that I better start saving some “spending money” for college as they’re not giving me a dime over college tuition. Which of course I couldn’t complain about since they were giving me the gift of a life time! So I started banking 90%+ of my earnings which was promptly spent by the end of every college year until I replenished it the following summer ;) Pizza and beer were no joke!
#2) My first credit card
College! Which was co-signed with my parents (and rightfully so) to make sure I didn’t do something stupid with it. It started out “for emergency use only” (this was before the invention of cell phones and online banking, and really the entire internet for the most part (back in ’97)), and over the years I successfully crept in a few goodies here and there just to see if I could get away with it ;) I did, but my parents said it was coming out of my graduation gift later, haha… Fair enough.
(PS: Remember how tricky colleges were too with allowing banks to come in and give away free t-shirts and mugs just to get you signed up to their credit cards?? Thank GOD rules came in after to change that messed up system… A single stupid shirt for years of bad debt and interest, what a scam…)
#3) First loan
I believe it was the $1,000 loan I took out from the Bank of Mom and Dad for that supped up moped I just “had to have” to get to class every morning. Apparently using my own two legs like everyone else was too exhausting for me! (Although, I must say, it did make for quite the way to pick up girls in the evenings. This thing looked like a miniature motorcycle and everyone wanted to ride on the back!)
#4) First investment
Technically it was whatever was in my 401(k) at the time I finally pulled the trigger on it, but since I don’t remember what funds I had then let’s go with XM and Sirius Satellite Radio. Like a moron I used to try day trading them thinking I was a genius (my friends and I all worked at E*Trade and everyone was doing it!), but in the end I just lost most of it and decided investing “wasn’t for me.” At least with individual stocks… Now of course I’m all about investing, but just in smarter – more logical – ways than dummy day trading.
#5) First mortgage
The time I bought a $350k+ house on a whim within 48 hours and no money down… when I wasn’t even looking to buy! Fortunately we were able to afford the payments and it completely changed my life forever (it’s the main reason this blog got started 7 years ago), but man… what an idiot. Every time I make that mortgage payment I’m reminded of the biggest financial mistake of our lives, haha… Though fortunately more good has come from it than bad :)
Alright virgins, your turn… Tell me all your financial firsts!
PS: To see all our previous 5 for Fridays, click here. People love to divulge things :)
[Photo by Pargon // tweaked by J$]
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