The Rules of Money

[Broken Arrow]

Hey gang, I need your help with a little project of mine.

I'm trying to compile a list of concepts or rules, written simple enough such that you can even teach it to kids.

Here is mine so far:

- Loved ones are more important than money.
- Do no harm.
- Earn more, spend less.
- Live below your means.
- Have a budget.
- Pay yourself.
- Have an emergency fund.
- Track your spending.
- Learn to save.
- Learn to invest.
- Live debt-free.
- Knowledge is power.

Although there are obvious exceptions to many of these rules, to articulate them within the rules would destroy the simplicity of the rules in itself. I think. Of course, nothing says we can't explore these rules in detail, including its exceptions.

But anyways, can you guys think of any more? Also, is there any good lists out there I should take a look at? I can't imagine that I would be the first to have thought of making a list of rules for money.

[sweeps]

Re: The Rules of Money

Everything in moderation.

[lrjohnson]

Re: The Rules of Money

Don't upgrade.
Reasonable expectations mean met expectations.
Needs before wants.
Money is a tool not a goal.

[PrincessPerky]

Re: The Rules of Money

You don't need it you want it

I got the kids repeating this one already..a bit vauge, but it applies to all the toys they 'need' (and you have to say that need in a high pitched whiny voice!) and will one day apply to 'real finances'

I have 'purple fork rule' when a kid is whining about wanting something that isn't going to happen I say "purple forks" and they remember the whole litany of how GMC once threw a tantrum about wanting a purple fork..so much so that I told him he wasn't ever going to see another purple fork in my house again...and he hasn't...I am able to remind him with just two words and it works..right now I have the story well in mind cause I have to still tell JC the story, but soon she will be on the two word litany..or else she will lose something of her own, and use that phrase.

I think simple one liners are way easier to remember than whole paragraphs and I think it would be easy to have the whole conversation come to mind when you say one line..so I think this is an awesome idea.

[more freedom]

Re: The Rules of Money

I think there is a book called the richest man in bablon(spelling)

It discusses about the rules of money. Many people are recommending that book, so I thought it must be a great book. Personally I haven't read it.