What are your major rules of business and money?
Do you have rules for using money? I have 5 basic rules not that I am never guilty of breaking them on how money should be used or applied.
1. Money is only good enough to make more money. A bunch of toys are nice but they take money to support and rarely make any back.
2. (Equally as important as #1) Get from under the bosses. You will never be wealthy so long as someone else can control your earnings.
3. Stay out of debt. As long as you owe someone you are in part working for them.
4. If you have to go into debt do so only when absolutely necessary and get out as quick as possible.
5. Never do business with relative and friends. It hardly ever stays totally business like, then you have to get nasty with family and friends and seem heartless, or they try to take advantage of the private relationship you have.
Like I say, at times I am guilty of breaking them, but what money rules you have and how easy are they to keep for you?
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Ditto on your rules 3, 4 and 5. I like to keep certain things like insurance, utilities, amenities fees paid ahead as much as possible and I keep a nice rainy day fund when possible too.
1. Money is freedom. You can quit your job when your boss sucks, buy what you want, and feel secure. But, the emphasis is not on the buy material things, it is on be able to if you feel like it.
2. Stay out of debt, or if it makes sense to go into debt, be able to pay it off if necessary.
3. Save. This is to help you get enough money to acquire the freedom sought in number 1. I am more of a tortoise than a hare. Slow and steady wins the race.
4. Remember money doubles every 15 years at 5% interest. Save $500,000 by the time you are 50, you should easily have $1 million at age 65, even if you never save another penny.
5. Once you get yourself to a good point with your saving, enjoy yourself a little. Money gets money, and if you have done everything right, soon you will be able to not worry so much.
Make sure I always have at least some form of acceptable bus fare ready to get my ass down to the welfare office if shit hits the fan.
Round up.
Underpromise and overdeliver.
Weigh cost (savings or expenditure) against time/convenience.
Buy the best quality possible in your means so you don’t buy twice later on.
We don’t go with rules so much as try to maximize the income, and minimize the expenses.
1. Money isn’t the most important thing in the world.
2. Sometimes, it’s best to stash it all in cash in your mattress
3. Money isn’t what I live or work for but it sure helps pay for private pre-school (though that shouldn’t cost as much as it does, but that’s a separate conversation)
4. Money is made up by people, it has no significance other than the one we give it.
5. Money isn’t the most important thing in the world. (it bears repeating)
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