The Ten Commandments Of Personal Finance
From The Retirement Manifesto By fritz@theretirementmanifesto.com
Is it possible that there are some basic principles upon which your personal finance journey should be built? It turns out there are. I’ll warn you in advance – you may not like some of them.
Just as THE Ten Commandments guide us away from our personal nature which is sometimes tempted to do things which seem fun at the time, but lead to long term harm, these “Personal Finance Commandments” can guide you away from doing things which will bring harm to your long term financial goals.
In full transparency, I didn’t come up with the original list. That honor goes to this article from MoneyStepper, which I just read tonight. I liked the concept and the guidelines presented so much, I’ve decided to build on the original article with original thoughts of my own, including the “10 Commandments” title.
In my quest to “Help People Achieve A Great Retirement”, I think there’s a lot of room to share some of the best concepts I come across in my heavy reading on personal finance topics. This one’s a good one, and worth my effort to build upon the concept.
Strive to achieve as many of these commandments as you can, and you’ll be well on your way toward financial independence. Break them, and suffer the consequences.
The 10 Commandments Of Personal Finance
I. Keep Your Housing Costs Under 25% of Your Net Income
Personally, I like these “rule of thumb” guidelines to help you decide how much of something you can afford. When you’re shopping with a realtor, or talking to a banker, they often attempt to “stretch” you to a ratio that’s higher than you should really undertake. So, look at your last paycheck.
How much went into your bank account? If you rent, your rent should be less than 25% of your monthly NET pay (after taxes). Ditto on your mortgage payment. If you’re spending more than the 25% “commandment”, consider downsizing, or seek out a job with higher pay.
II. Keep Your Mortgage Under 2.5 Times Your Annual Salary
Interesting that the first two “Commandments” focus on housing costs. Appropriate, given the cost of the roof over your head is the highest expense you’ll incur in your personal finance journey. Manage it carefully, and don’t buy “too much” home. If you’re making $50,000/year, your home should be worth $125k or less.
III. Don’t Buy A New Car Unless You’re A Millionaire
I LOVE this one. Bottom line: buying a new car is stupid (yes, I said Stupid!). It depreciates immediately, and it’s expensive. It’s one of the worst personal finance decisions you can make. Don’t “Buy New”!
After a few months, it’s “just a car”. Within a few years, if you’re like most people, you’re “itching” for another one. AVOID the materialism – focus on the function. My wife and I have bought used cars for years, and paid cash for all but our first one.
To continue reading, please go to the original article here:
http://www.theretirementmanifesto.com/the-ten-commandments-of-personal-finance/
TNT:
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The Ministry of Finance had referred the draft 2027 budget law to the Ministerial Council for the Economy on September 27, after completing its preparation stages, before the Council approved it and referred it to the Cabinet.
"An Extraordinary Session To Finalize The 2027 Budget"...
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KTFA
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This video is in Frank’s and his team’s opinion only
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Playback Number: 605-313-5163 PIN: 156996#
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TNT:
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KTFA
Monday Night Video
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Playback Number: 605-313-5163 PIN: 156996#
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