GUEST BLOGGER: KATHY RIGGS, USU PROFESSOR
Back when most young mothers were small children or perhaps not yet born, a bit of financial wisdom was printed in the Financial Wisdom Supplement of the National Center for Financial Education (NCFE), authored by then President of the group, Loren Dunton. It was titled, simply, “The Ten Commandments of Personal Finance.” In keeping with copyright requirements, the items are written in their original format as “Thou shall” or “Thou shall not” statements.
Are these same tenets identified over 20 years ago (1994) still current? See what you think.
1. Thou shall NOT put out more money than taken in.
2. Thou shall spend money thinking of your future as well as your present.
3. Thou shall remember that compound interest is never retroactive.
4. Thou shall NOT collect credit cards nor use them carelessly.
5. Thou shall honor always thy debts and obligations.
6. Thou shall develop a spending plan and spend money on savings or investments.
7. Thou shall always search for high interest rates and a good return.
8. Thou shall live moderately today and not worship the god of materialism.
9. Thou shall practice dollar cost averaging* in your investing.
10. Thou shall obtain a financial education so as to be no one’s fool.
Note: Dollar Cost Averaging is an investment strategy where an investor places a fixed dollar amount into a given stock or bond on a regular basis regardless of what is happening in the financial markets. The result of this strategy allows investors to take advantage of buying more shares when prices are low and fewer when prices are high thus averaging the benefit over time. (See https://www.investopedia.com )
You may have made related financial goals at the beginning of 2019. Now is a great time to return and review your progress. Update your goal timeline if needed so you can be successful.
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