102 Personal Finance Tips Your Professor Never Taught You

[TechnoGuyRob]

This was an excellent read, and I thought I would recommend it to you all! Here's an excerpt:

102 Personal Finance Tips Your Professor Never Taught You

If you're anything like me, you graduated from college and perhaps even took a finance class or accounting class here or there, but you didn't learn anything about managing your personal finances. In fact, there probably wasn't even an opportunity to take any such class in either high school or college. But if college is partly about training us for a job, shouldn't we learn what to do with the money we earn from a job? Especially in a country where 45% of college students are in credit card debt and 40% of all Americans say they live beyond their means, I think it's time to wise up to some of the challenges of money management. A few (say, 102) simple rules can help get your financial life (back) on the right track.

The Painfully Obvious But Rarely Followed Tips

1. Pay yourself first. Try to put away at least 10% of your pre-tax income into a savings account.
2. Spend less than you earn. While this seems obvious, Americans are notorious for doing just the opposite. Stop spending and start saving.
3. Pay your bills on time. Avoid needless late fees and know how much money you actually have.
4. Avoid debt to the extent possible. Student loans and mortgages can be "good debt", but even then, make paying them off a priority.
5. Set a budget. And live by it. Use a computer program or just a paper and pencil. Whatever works.
6. Set concrete goals. Know when you want to buy a new home, when you want to retire, and how much you are expecting each to cost you.
7. Have an emergency fund. Have at least three months' income (some say six) in a high-yield savings account that can be easily accessed.

[Dating Specialist]

Thanks TechnoGuyRob for this fabulous link! Will spread the word further

[Henry]

YES! Everyone should follow these tips. Unless they want to be poor....