The odds are good you and the family played a new board game over the Christmas break They’re a popular gift idea. But did you notice how much more fun it was to play after everyone learned the rules by heart? On this MoneyWise Live, we have more rules you should commit to memory. They’re easy— but a little more suited to “the game of life” than for Candyland. Financial planner and teacher Rob West has personal finance rules you should remember.
These rules are intended to take the guesswork out of playing. And the object of this “game” is to manage your money wisely. These 10 rules compiled by the folks at The Motley Fool bring order out of chaos and peace of mind out of worry:
- Get and stay out of debt.
- Have an emergency fund.
- Get life insurance if you need it.
- Shop for cheaper policies regularly.
- Have a budget.
- Save money wherever you can.
- Invest long term for the future.
- Maintain a good credit score.
- Get professional help if you need it— especially for retirement planning.
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you want to tithe but live on a tight budget and can't find the money to do so, what are some ways to fix this situation?
- If you have 2 special-needs children and receive financial assistance for them that will end soon because of their age and disagree with your wife about how to continue after that assistance ends, how can you come to terms?
- If you have a 401(k) from a previous employer, would it be a good idea to transfer the worth into buying property?
- If you'd like to do some year-end giving and are the owner of an S-Corp, should you give through the company or pay yourself enough to give personally?
- If you've just rededicated yourself to Christ and want to get your finances back under Biblical principles, how do you start?
- If you experienced a foreclosure in the past but are needing to buy now, should you purchase a trailer with high depreciation, max out your finances by buying a house with enough room, or buy a partially unfinished house and finish as you go along?
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