Commandments of Personal Finance

[jeffrey]

If you were asked to teach someone about the importance of personal finance, what personal finance commandments would you give to them?

[Like2Plan]

The first three for me would be:

1. Save! Even if you don't have a lot coming in. Save a nickel, save a dime, save something.

2. Do not charge anything on CCs that you can't pay off when the bill comes in.

3. Plan for a rainy day.

[PrincessPerky]

Donate some....there is (nearly)always someone worse off than you.

Straighten out needs VS wants...I want a McMansion, I need shelter.

Find a system that you can use, be it CCs paid off each month, cash only or debt cards, use what keeps you in the black (or gets you closer to it each month)

[jIM_Ohio]

nothing is without risk

set expectations for what return you want and why you want to save.

the richest people I know have among the smallest houses, but take the best (and most) vacations.

the #1 key to financial success is being good at what you do and exploiting the earning power that gives you.

[Coleroo]

1. Live off of only half of what you earn
2. Save the rest
3. Start early
4. Never buy anything on credit

[Aleta]

1. Pay yourself first.
2. Spend less than you earn.
3. Make a plan (budget) for your earnings.
4. Only buy or spend for items that you have allocated.
5. Search out ways to lower your expenses. (Cable, internet, insurance,
telehone)

[jedi]

1. Set financial goals and have a financial plan.
2. Manage your money and reduce expenses.
3. Grow your money (save and invest).
4. Protect your fortune.

[Snodog]

Dont buy things you cant afford to impress people you dont even like.

[jamai]

if you can't afford a luxury item 3 times over, don't buy it!

[PrincessPerky]

Don't buy the luxury item if you can't afford the upkeep...just cause you can afford 200$ a month to finance a boat doesn't mean you can afford the upkeep and time off work to use it...and what good is is to have a boat that you can't use?