20 Rules of Personal Finance - Deepstash
20 Rules of Personal Finance

20 Rules of Personal Finance

awealthofcommonsense.com

214

No More Broke

Learn more about moneyandinvestments with this collection

Identifying and eliminating unnecessary expenses

How to negotiate better deals

Understanding the importance of saving

No More Broke

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Salary is not the same as savings

Having a high salary does not automatically make you rich; having a low salary does not automatically make you poor.

Your net worth is more important than how much money you make. It’s amazing how many people don’t realize this simple truth.  All that matters is how much you save out of your salary.

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Saving is more important than investing

Pay yourself first is such simple advice, but so few people do this. 

The best investment decision you can make is setting a high savings rate because it gives you a huge margin of safety in life.

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Live below your means...

Live below your means...

....not within your means. 

The only way to get ahead financially is to stay behind your own earnings power.

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Credit cards

Carrying credit card debt is a great way to negatively compound your net worth.  But credit itself is important.

Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of thousands of dollars by lowering your borrowing costs. So use credit cards, but always pay off the balance each month.

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Understand your spending habits

If you want to understand your priorities  gain control of your finances, look at where you spend money each month.

The goal is to spend money on things that are important to you but cut back everywhere else. And if you pay yourself first you don’t have to worry about budgeting, you just spend whatever’s left over.

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Build up that savings account

Build up that savings account

You have to have liquid assets to take care of things when life inevitably gets in the way.

Most of the time these “emergencies” are things you should plan on happening periodically. 

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Cover your insurable needs

This is a huge personal finance margin of safety item. Just remember that insurance is about protecting wealth, not building it.

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Know where you stand

Everyone should have a back-of-the-envelope idea about where their net worth (assets – liabilities) stands.

 Before knowing where you want to go you have to know where you are.

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Taxes matter

Taxes matter

Everyone should try to do their own taxes at least once just to understand how it all works. 

It can be maddeningly complicated, but it can help you save money over time if you know where to look. Take advantage of as many tax breaks as you can and always understand your personal tax situation.

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Make more money

Saving and/or cutting back is a great way to get ahead, but it’s an incomplete strategy if you’re not trying to earn more by enhancing your career. 

Too many people are stuck in the mindset that there’s nothing they can do to get a better job, take on more responsibilities or earn a higher salary. That’s nonsense.

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Think about financial independence

...instead of thinking about retirement. The goal shouldn’t be about making it to a certain age so you can ride off into the sunset, but rather getting to the point where you don’t have to worry about money anymore.

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CURATED BY

lucy_d

Investing and saving is not the same thing.

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