Success is based on your ability to control your money. This post is meant to give my opinion on basic personal finances and not as a tutorial. No kidding… The information I’m about to give is based on my own experiences, the good the bad and the crazy. Growing up in a household where money was scarce to non existent I gained a healthy respect for personal finance (money). Burned in my memory was a time the cupboard was bare and a dime was under the linoleum so I cut it out and bought spaghetti. Never mine the hole was in the middle of the kitchen floor. Spaghetti and catsup was a delicacy and filling. Also sandwiches made from margarine and sugar. No nutritional value. However, it was filling. When money is sparse you develop an awareness of its value and power. As my family moved from apartment to apartment and into the projects I watched how the absence of money led to crime and jail. Learning that education led to money I joined the Navy which led to the GI bill, the only way I was getting to college, and a career. That is a story for another time. In a capitalistic system you are encouraged to spend as much and a fast as you are able. Big mistake. Learn to save.
Rule One: Lending or borrowing money to anyone will only cause troubles. Trying to get back money you loaned is embarrassing and I guarantee, you will lose friends.
Rule Two: Save half of your income. Worth repeating save half of your income.
Rule Three: Banks and mortgage lenders will lend you money if you have money. Trying getting a loan without money….Beware of banks, credit card companies, mortgage lenders and lone organization of all types all are out to get your money and they are not your friends. Just miss a payment and see for your self.
Rule Four: Buy used, that new car smell will cost your a small fortune. From furniture to appliances buy used. A cup of coffee each day from a local shop will add up to thousands across a few years. Binge buying will empty your pockets or credit card. Carry cash and leave the credit card at home. Do you really need a TV cable connection. Your cell phone bill. Do you need a Smart phone or will a lesser phone program work. Never try to empress anyone with your possessions. That is a fools game.
Rule Five: Learn to invest. That up to you. A lot of information on the internet. Be careful.
Rule Six: Marriage is a gamble in the best of all worlds. I’ve been married twice. The first for twelve years and The second for twenty four years. I doesn’t thinks I have the time for a third being seventy four years of age as of this date. I believe this aspect of life is probably the most important due to the fact you will lose more money than you can imagine during your marriage and pending divorcee which is fifty to sixty percent of the populate all depends on which statistics you believe. My first marriage. I married my college sweetheart and all her debts. Yes, you have to check out the finances for your love-ones. After the marriage ceremony you will find out about his/hers spending habits. Those shoes so many shoes. the college tuition, The fur coat and spending like a madwomen. And after the divorcee you winding up with almost nothing. She sent me the wedding band and kept the diamond engagement ring per her lawyers recommendation. Remember New York State is a no fault state. All she has to do is get a lawyer and you will pay and pay. The second marriage after twenty four years she walk out and took as much as she could and after finding out she had planned this for awhile my trust factor decline appreciably. Oh, by the way I was served her divorce paper on Valentines day 2017. Now that’s class personified. I’m not defending myself or marriage per-say just the financial implication of marriage. If you did a cost benefit analysis of marriage you wouldn’t do it. What God put together let no man take apart unless its a lawyer. Live together till you become tired of each other than move on. Love and marriage is fleeting. A bank account is forever till death do you part. Good Luck
Rule Seven: Take care of your self first.
Rule Eight: Take care of your self first
Rule Nine: Take care of your self first
Rule Ten: Take care of your self First
Next Time: Eduction