However as for number 6, if it is a business that you can start without paying someone else money to teach you (for example, you walk dogs, and decide to start a dogwalking business. Or, like me, you paint, and decide to sell prints.) then you should definitely make a small investment in yourself, to get started.

Sometimes the side work that you can do turns out to be a great second income. Just not if it’s a “system” or “program” that someone is selling to you.

A word of warning about the separate accounts before you are an adult. Legally, your parents have full control over your money whether you earned it or not until you are an adult. Opening an account in a child’s name is a commonly used way of hiding extra money or income from the IRS and can cause problems during an audit.

Do you think trust funds were created for the good of the millionaire’s children? Na, it’s just another tax shelter.

Also I did the credit card thing at age 17 to establish my own credit. It never became a problem because I always paid the balance in full.

I’ll cop to the margin trading too, since I had a brief fling with day trading from ages 18-22. But I always had a strategy in place to cover my margins. I only made one really, really dumb trade while under the influence of caffeine and peer pressure. At the time I suspected I was doing it on bad advice, but I did agree to it. My bad.

A couple big mistakes that aren’t on the list:

- letting a parent or relative have access to your account, particularly if it means you’re locked out of money you earned yourself
- co-signing on a loan for ANYONE

The only way to ruin your financial future is to not repay what you’ve borrowed in the allotted times. Plain and simple.

I’d say I came out ahead… I’m debt free and have been for several years. The two rigs and the house are paid for. My retirement account is stocked. I could retire today if I so chose, but I like that free health insurance that the boss pays, – it appeals to my frugalness

So – no to all but #5 above… I have borrowed money to put down on rental houses… and I consider that an investment. They all worked out well.

Good post! Luv the comments back and forth!

Oh – about the no college loans… I think my attitude rubbed off on my daughter. She’s in her 2nd year of college – at the local community college – working and a single mom of 2. Between scholarships and working, she’s managed to pay for it all so far, except for some textbooks she’s borrowed. And she’s made dean’s list, so working, motherhood, and fulltime college can be done – but it takes a LOT of drive and ambition – which luckily, she has! And she is determined NOT to get a student loan, unless it becomes urgent in year 4 of her nursing degree, which is what she wants to do. It can be done!