Ten Commandments of Personal Finance

We revisit ancient views of money on the ten commandments of personal finance from timeworn texts and stories.

We revisit ancient views of money on the ten commandments of personal finance from timeworn texts and stories.

Ten Commandments of Personal Finance:

A financial plan is essential to achieve your short-term and long-term goals. According to Proverbs 21:15, “The plans of the diligent lead to profit as surely haste leads to poverty.”

1. Financial Planning

Saving money is an essential financial habit. According to a CareerBuilder report, 78% of American workers were living paycheck-to-paycheck.

2. Saving More, Spending Less

3. Track Your Spending By Budgeting

Spending more than your means is a sour recipe that leads to borrowing more. “Whoever works his land will have plenty of bread, but he who follows worthless pursuits will have plenty of poverty.” (Proverbs 28:19).

4. Manage Your Debt Wisely

The successful millionaires practice budgeting and bargaining. They avoid debt accumulation to lower their risks.  According to Proverbs 22:7, “The rich rule the poor and the borrower is slave to the lender.” Manage your debt wisely.

Start saving for retirement in your 20s through your employer’s sponsored 401K plans. Deposits in small amounts in retirement accounts regularly benefit from tax advantages and compound growth over a long horizon.

5. Retirement Savings

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