The Golden Rules of Personal Finance

The Golden Rules of Personal Finance
  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your money make more money: invest, start a business or invest in your education.

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It is too risky to rely on one source of income. Try to generate income without trading your time for money.
Ways to generate extra income:

  1. Start a web-shop - Sell something you use yourself.
  2. Write and publish a "how-to" book about something you know.
  3. Create a product you can sell. What can you design and produce within two days?
  4. Buy and sell objects you know a lot about. This is the easiest way to generate cash and help people get what they want.
  5. Build an app.

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Use a rewards credit card, online bill pay or automatic bank draft to put all your bills on autopilot. Be aware that using your bank account for automatic payments has some concerns like:

  1. There is maintenance required in case you change your biller or bank.
  2. If phone bills get racked up due to unfair roaming charges and get automatically debited from your account, your cell phone company may not give it back.
  3. Bounced payments incur additional bank charges and penalty.
How to Approach Investing
  • Pay attention to the fees you pay in your funds, also called expense ratios, as they can eat into your returns. It’s generally recommended to stick with low-cost index funds.
  • Rebalance your portfolio once a year. You need to take a look at your brokerage account every once in a while, to make sure that your investment allocations still match your greater investing goals.

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