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Five Financial Rules To Lives By

Under Family Category: Family Finance

Try and follow these rules no matter what your situation or income (oil barons and media magnates aside):

1. Don’t spend more than you earn.
Okay, you’ll probably have to borrow for major purchases such as a car or house, but if you can’t meet your repayments, you’ll lose everything. Work out how much you earn and what it actually costs you to live before you commit to a major loan.
A bank, finance company, car salesperson or real estate agent might thinkyou can afford the repayments, but you’re the only one who really knows your circumstances.

2. Always have something put aside for a rainy day.
It’s the unforeseen things you can’t budget for that can be your financial undoing. No matter how healthy or wealthy you might seem now, no-one can see that truck hurtling around the corner.

Supposedly secure jobs can suddenly disappear, an unplanned-for family member can make a surprise entrance. It’s all part of the mystery of life, but there’s a psychological advantage to having even a little pool of accessible in an emergency.

3. Don’t put all your eggs in one basket.
This applies to all investments at any level. It makes obvious sense that if you put all your money into property or the share market and that sector falls, that’s all your money gone. It’s a good, basic rule to keep in mind when you seek advice from financial experts when investing money.

4. If it sounds too good to be true, it probably is.
The reason you are being temted with promises of such high returns for your investment is because of the high degree of risk involved. Don’t let visions of a new, fantastic lifestyle overtake good sense.
Picture this person offering this deal to, say, your sweet eldery grandmother. Would you laugh out loud? Would you kick this guy’s butt and send him packing? It’s a good reality check to take.

5. A bird in the hand is worth two in the bush.
Parking your money in the bank might not be getting you ripper returns, but it’s worth twice the same amounth invested and then lost in a risky venture. have a long good look before you leap.

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