Here are some basic financial truths:
- Income – Outgo = Exactly Zero
- Consumer Debt is NEVER helpful long-term
- Saving a little every month trumps trying to save a lot once in awhile
- Automatic savings is far more consistent than relying on oneself to write a check every month
- A spending plan prepared BEFORE the month begins allows one to accomplish far more than one without a plan
- No one has ever cried that they had saved too much money, but many have cried over saving too little
- Retiring entirely dependent upon Social Security is far worse than retiring independent of Social Security
- Working together with your spouse on money will improve your marriage
- Prayer really works!
- Seeking wise counsel from those who have “been there – done that” always trumps “going it alone”
- Mutual funds are not the only way to build financial wealth
- Everyone CAN be debt-free – it is a choice
What are some other financial truths you would share?