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?
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