Financial Truths
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?
Cashing out a 401k when you leave your old job is never a GOOD idea.
Using cash envelopes for food, clothing, personal spending, enertainment, and Christmas shopping always leads us to spend less and more thoughfull.
Using debt to pay debt leaves you…. IN DEBT!