On Personal Finance

MINDEN, NV 12/17/2014 by Wise Bread

Personal finance rules can serve as handy means for guiding your money behavior. But rules of thumb that don’t fit your situation can be a waste of time — or worse, actually worsen your finances. Here are 15 personal finance rules that, depending upon your circumstances, you should consider.

Personal finance rules can serve as handy means for guiding your money behavior. But rules of thumb that don’t fit your situation can be a waste of time — or worse, actually worsen your finances. Here are 15 personal finance rules that, depending upon your circumstances, you should consider breaking. Although this is a generally sound rule, there are a few justifications for breaking it. First of all, personal finance isn’t an all-or-nothing practice. Good financial planning involves balance and attentiveness to your unique situation. If your debt is low-interest, it might behoove you to pay it off more slowly in favor of saving money first (such as for retirement or major expenses). Remember: compound interest has immense value, so the more money you can invest earlier in life, the less money you’ll have to invest overall. (See also: The 5 Most Important Financial Lessons People Learn in Their 20s).

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