Live below your means.
10. Go to work, work hard, earn/make money every chance you get.
9. Spend as little as you can, Save and invest
8. Don’t borrow money
7. Have good insurance for large losses
6. Eat frugally, don’t eat out at restaurants often
5. Marry a frugal and penny wise person with the same goals as you
4. Don’t drive new cars ever, buy slightly used and pay cash
3. Take care of your health, it is expensive if you don’t
2. Have a fund for emergencies so you won’t need a credit card ever
1. Vote for Fiscal Conservatives, they aren’t trying to take your money to pay for someone else to not follow the above.
OK I hate this. It teaches us nothing. Take, “live within your means”. That can also be restated as spend all you have. A better way to think of it is, what do I really need? And is there money leaking out somewhere, spending I did not intent.
If you invest, invest in something that grows and does not take away 1% in fees. 1% is about 10% to 33% of the growth. That is if you think your investment is growing at 3% to 10% a year. And normally that 1% is just the fee at the top. Underneath are other fees. So if your money handler takes 1% and he puts you in a fund like a mutual fund or bond fund, they are taking another 1%. So now you are giving away 20% to 66% of your growth.
Talk yourself out of wanting to acquire more stuff. Its just more hassle. And don’t buy to impress. Your friends don’t really care too much. Stay simple. And hang with people who are simple and real. They are normally nicer to be around anyway.
Don’t buy new as long as the old still works. Remember you are paying the government every time you upgrade. If you can put off a new car or TV another year, the new ones are even better. And the government loses some tax money. A win win.
One good piece from the article...
Talk about money issues. In advance. It’s shouldn’t be taboo to discuss money with your spouse, kids, parents, etc.
Blame someone else for your problems.
Raise palms and demand gimmedats at welfare offices.
Live comfortably for the next 60 years.
Don’t be a cheapskate either.
First two lessons are psycho-zen, feely-talky.
Live within your means, but what that means is . . .? Prioritizing sounds good, but that requires a little deeper philosophy and theology, right? After all, what principle of priority are they suggesting: "If you feel like you're not spending your hard-earned cash in a way that's making you happy. Heck, spending makes the unschooled happy.
Saving with objective To spend? The most sought for savings are to generate additional wealth.
401K is OK when your employer contributes.
For tracking, use Excel for starters.
Kitchen appliances should be your friend, not your enemy. Learning the basics of cooking will not only result in healthier eating, but also saves a HUGE amount of money by not having to eat out so often. And if you know the basics, you can use them to learn more sophisticated cooking skills to make amazing meals that impresses everyone but professional cooks.
The nuts and bolts of it.
Track Your Money: Saving Advice From Rockefeller
The Advice
“Now let me leave this little word of counsel for you. Keep a little ledger, as I did. Write down in it what you receive, and do not be ashamed to write down what you pay away. See that you pay it away in such a manner that your father or mother may look over your book and see just what you did with your money. It will help you to save money, and that you ought to do.”
Imho of course.
5.56mm
Invest 1000 bucks in Cattle Futures.....
The most basic money lesson is understanding math. Numbers do not lie, but sometimes you do have to look at the numbers inside of the numbers. This has served me well over the years.