Would You Like to Have More Money? Follow the 10 Powerful Rules of Personal Finance Everyone Must Know

posted on December 11, 2017

Want to get ahead financially? These 10 powerful tips will help you get and stay ahead. You'll have much more money (and fun!) over the long run.

Set Goals

Set some goals and create a realistic plan to meet them. Check your progress from time to time, and make adjustments as necessary.

Know the Difference Between Want and Needs

Food, clothes, and shelter are needs. Everything else is a want. Many people get themselves into trouble spending more than they can afford on things they don't need.

Have a Budget

Do your best to stick to it. Live within your means.

Start Saving Now

The sooner you start saving, the more money you'll have later.

Pay Yourself First

Put some of your paycheck directly into a retirement account. You avoid paying taxes on it. You'll build up a nice nest egg over time.

Learn the Difference Between an Asset and a Liability

Assets have value (your house, car, etc). Liabilities are what you owe someone -- credit card debts, loans, etc.

Avoid Credit Card and Other Consumer Debt

Don't rack up liabilities that might take you years to pay back. Live within your means to get ahead financially.

Pay Down Debt With the Highest Interest Rate First

You'll have more money over the long run.

Don't Invest in Things You Don't Understand

If it sounds to good to be true, it almost always is. If you don't understand something, you have no business investing in it!

Have an Emergency Fund

Have six to eight months of income saved for a rainy day. Accidents, recessions, and health issues are a part of life. Make sure you're prepared for them.

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