Daily Money Minute

Fotolia_54867638_XS_7“You can do things at 21 – such as spend more than you earn – that you shouldn’t do at 66.” ~Chris Wright

It is a fact that age is a factor to be considered when making money decisions. At 21 even if you make the silliest money decisions, you have the time, the energy and the potential earning capacity to recover from any financial mess that might result from naïve and unwise decisions. In your autumn years this is not the case. You need to be far more careful and conservative in your financial decision-making and you should moderate your attitude to risk. Risky financial decisions in your 60s can lead to penury in your old age. Being young and financially foolish is one thing; being old and financially foolish is quite another thing altogether.

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

Show Buttons
Hide Buttons