Odds are you and your family will play a board game or two during the Christmas holidays, but have you ever noticed how much better it is once you understand and play by the rules? Well, the same is true in life, and having a good set of rules to live by in the area of finance makes everything work a little bit better. On this MoneyWise, Rob West and Steve Moore share 10 Personal Finance Rules and why they’re important. These are not in any particular order:
- Get and stay out of debt
- Have an emergency fund
- Get life insurance if you need it
- Shop for cheaper insurance policies regularly
- Have a budget
- Save money wherever you can
- Invest long term for the future
- Maintain a good credit score
- Get professional financial help if you need it
- Teach your kids to manage money wisely
Next, they answer your questions at (800) 525-7000 and Questions@MoneyWise.org about the following:
- Are there risks or things to think about when buying a home from an estate auction?
- If your daughter was accepted to college, and will only receive $5500 per year for tuition, would it be wise to send letters seeking institutions to give her an interest free loan?
- What is the Biblical view on credit cards?
- What is the best way to transition financially into retirement?
Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.