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?

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  1. Travis on November 5, 2010 at 3:24 am

    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.

  2. Nick on November 5, 2010 at 6:47 am

    Using debt to pay debt leaves you…. IN DEBT!

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