What are the ten most important things about personal finance that someone without a finance background must know?
Most of these I already “knew”, but had to learn the hard way.
1. Compound interest
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2. Budgeting
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3. Remember to pay yourself
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4. Most credit counseling programs are a scam
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5. Pay cash whenever possible
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There are plenty of times when this is not ideal. But i believe the general principle is sound.
6. Making payments (like credit cards) for consumable or perishable goods is not good.
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Are you still paying off that fancy dinner 3 months later. Do you even remember what it tasted like.
7. Don’t be afraid to invest in quality products
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8. You don’t have to be the first owner…..
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Or the last.one. There is often value in purchasing 2nd hand goods. And selling things you no longer want or need is a source of extra income
9. Start early.
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Whether it is investing, saving, working, or budgeting; the sooner you start the further ahead you will end up.
10. Another benefit of paying cash.
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Is saving your change. Not only do I find coinage interesting, by throwing those coins in a jar I’m saving a percent of every purchase.
11. While bankruptcy should be avoided….
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It is not insurmountable. Don’t give up hope and don’t repeat the steps that got you there.
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