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Zac Bissonnette

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How to Manage Your Money So You're Not Mooching Off Your Parents in Your 40s

Posted: 05/ 1/2012 8:17 am

All parents dream of a better life for their children and, ideally, a life so good that it doesn't involve bad choices and huge debt for their twentysomethings. So what's the secret? In my latest book, How to Be Richer, Smarter, and Better-Looking Than Your Parents (Portfolio/Penguin, April 2012), I tackle everything from managing student loans and buying a first car or home, to negotiating your way out of paying the bill when you smash a phone in a hotel room. Here are nine tips to get you started on your way to becoming richer than your parents:

1.) You Are Not Your Car
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One survey found that half of car owners view their cars as a reflection of who they are. Get over it; few attitudes can torpedo your financial life quite the way that thinking you need a hot car to be hot will. Studies show that the happiness boosting impact of a new car only lasts about two weeks, and most women have figured out that guys in hot cars they can barely afford are horrible relationship material.
One survey found that half of car owners view their cars as a reflection of who they are. Get over it; few attitudes can torpedo your financial life quite the way that thinking you need a hot car to be hot will. Studies show that the happiness boosting impact of a new car only lasts about two weeks, and most women have figured out that guys in hot cars they can barely afford are horrible relationship material.
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