38 Secrets for Financial Success: My Personal Finance Manifesto

By Len Penzo

Awhile back, somebody asked me to summarize my personal finance “playbook” in a blog post. Well … Here it is:

Debt is a form of indentured servitude where people agree to sacrifice a portion of their future earnings in exchange for instant gratification.

ATM machines are the Achilles’ heel of impulsive spenders.

History tells us that all fiat money eventually returns to its intrinsic value: zero. The US dollar is fiat money.

Given a choice, it’s always better to live your life anonymously rich, rather than deceptively poor.

If you have to ask your boss for a raise, then you need to find a new employer.

When in doubt, always choose credit over debit.

It’s almost impossible to effectively manage your personal finances if you don’t track your income and outgo.

Only suckers play the lottery.

People who properly manage their finances don’t fear credit cards. In fact, they embrace them.

Credit card “convenience” checks are anything but.

Frugality has its limits. The most effective way to stretch your income is by finding ways to earn more money.

Treat your household like a business; actively manage your finances and continuously look for ways to maximize your income.

Not everyone requires a budget to effectively manage their personal finances.

When it comes to saving money, patience is a virtue.

Nobody should pursue a non-technical college degree until they’ve calculated their projected payoff point and return on investment.

Precious metals such as gold and silver are for insuring wealth; not investing.

Money does not buy happiness. If you’re looking for nirvana, you need to focus on attaining financial freedom.

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