If I had any advice for a young person—especially a woman—it would be to stay the heck out of the mall. You don't need all those shoes, trust me. They're a waste of money and chances are you won't wear half of them anyway. Problem is, when you're young, all of that stuff means so much—wearing all the latest fashions and stuff like that. But sooner or later, you realize there's more to life than keeping up with the Joneses.
Amanda, 58, Wilton, Conn.
Live beneath your means. It's the approach that my wife and I have always taken and it's served us well. Young people don't think about the future. But the future always comes (you hope!), and it's no fun getting on in years and not having the money to do what you want to do. We both have extended family that got themselves into serious credit-card debt when they were younger. It caused them to have to struggle for years.
Bruce, 61, Lincoln, Mass.
