What Are Your Money Rules?

Yves SchoofBusiness

Do you have any particular rules or thoughts around money and finances? It might be a powerful motto that you live by.

Here is a list of money rules other people live by: Your Favourite Money Rules.

 

Personally I believe in the following money rules:

 

  • Understand the power of compounding and start investing early

 

  • Understand that basically every life decision you make has a financial (opportunity) cost – make sure you are comfortable with your trade-offs

 

  • Protect yourself from the unexpected – it is not worth taking huge risks

 

  • Be disciplined and rational in your financial decision-making, don’t get too emotional

 

  • Diversify and don’t put all your eggs in one basket when it comes to investments and wealth creation strategies

 

  • Moderate your debt and make sure you can pay it off quickly

 

What are your thoughts? Did you want to add any to this list yourself?

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

DISCLAIMER
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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