Ten Commandments of Personal Finance

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

Surveying these words adds a different perspective on finances whether you are celebrating the upcoming holidays or not.

1. Financial Planning

Set reasonable priorities incrementally as you engage in deep thought and conversations with your partner. It is often hard to address many features of a sound financial plan on your own.

2. Saving More, Spending Less

Having readily accessible funds in liquid funds such as money market securities helps you avoid increasing debt.

3. Track Your Spending By Budgeting

Avoid Lifestyle Inflation Overspending leads to materialism and lifestyle inflation that is hard to maintain.

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4. Manage Your Debt Wisely

The successful millionaires practice budgeting and bargaining. They avoid debt accumulation to lower their risks.

5. Retirement Savings Deposits in small amounts in retirement accounts regularly benefit from tax advantages and compound growth over a long horizon.