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Tuesday, December 09, 2008
Money rules
Liz Pulliam Weston's article discusses 9 important rules to live by. Among the rules:

- Differentiate between needs and wants
Our actual needs are pretty limited: food, shelter, clothing, companionship. Just about everything else is a "want," and our wants are essentially endless.
.- Scarcity makes your choices for you
It's lovely to believe in a world of endless abundance, but the reality is that at any given point in time, our resources have limits. Whether it's oil in the ground, our time here on Earth or the cash in our pockets, there's only so much available to be spent.

People who ignore this reality are the ones who run out of paycheck before they run out of month, or who extend their unsustainable spending by relying on credit cards, home equity loans and other reckless borrowing.
- The pointlessness of the hedonic treadmill
- Every money decision has a cost of its own
- Why supply and demand rule
- Throw no good money after bad
- The role risk plays
- The time value of money
- The miracle of compound interest

Many of the above rules are probably cliche' for financially-savvy. However, they are good reminders. Many of the financial and credit-related problems we are seeing right now would not have happened had the individuals and firms not broken many of the above money rules.

For complete article: 9 money rules to live by
posted by Ruby @ 10:54 AM  
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