Saving

A great list of financial tips to pass along to any young (or older) person, with straightforward advice such as "saving is a form of freedom" and "the key to financial well-being is spending less than you earn:" Don't buy individual stocks. Start contributing to a 401k early. Know what is in your 401k. Make more than the minimum payment on your credit card balance. Your credit score is critically important. Saving is a form of freedom. Buy things cheap - the easiest way to save money is by not...

The financial crisis has taken a heavy toll on the personal finances of most people. A natural reaction is to consider withdrawing funds from a tax advantaged saving plan such as a 401k or IRA. The reality, though, is that funds from such sources can be extraordinarily expensive when all of the penalty fees and tax implications are taken into account. The rules are complex and generally depend on a person's age and the type of plan involved. Some high-level points to consider: The federal...