Nobody lost money because he didn't understand works of Homer or properly appreciate a Wagner opera. But plenty of people have lost their shirts over not understanding money.

You can find many asset management self help courses on internet or in library that you like. Get quick rich schemes and plans for investing your retirement are just a click away for anyone.

This doesn't mean that you should try this yourself unless you understand it. Many people make mistake of assuming that they are smarter than they are (many also think that they are dumber than they actually are but this has a smaller downside).

Don't let yourself get fleeced because of pride or foolishness. If you don't understand how something works don't mess with it.

2) NEVER use your credit card for a cash advance. The fees and repayment structure associated with a cash advance are outrageous.

3) Have a budget! Your credit card is not free money. Budget your money so that you can pay off your balance at end of each month. If you can’t pay off balance, always make more than just minimum payment.

4) Pay your bills on time, otherwise you’ll pay a late fee between $25-40 every time your late with a payment. Late payments will also increase your chances of having your percentage rate raised on ALL your credit accounts.

5) Request a low credit limit somewhere between $700-$1,500. The object is to have credit available to meet some of your expenses and in case of an emergency.

6) Less is better. You don’t need more than one or two cards at most. The more you have more tempted you’ll be to use them or to “max” them out.

7) Consider using a debit card instead. A debit card is linked to your checking account and purchases are automatically deducted from your account balance. Of course, make sure you have money in your account to cover any purchases you make.

Using a credit card is a big responsibility whether you’re a college student or an adult. Managing your credit wisely establishes a positive credit history which will serve you now and well into future.

Copyright 2005, http://www.yourfreecreditreportnow.com