Most Basic Rule to Personal Finance

Spend less than what you make.

A very very simple way to explain this… If we compare two persons, one making $50,000 and spending $45,000 and the other making $100,000 and spending $105,000, who’s going to be better off and has more money?

Now to be able to do that, it means following one or many of the behaviors below:
– don’t spend more than your monthly salary
– tracking your finance (money in-flow an out-flow)
– have a monthly budget
– distinguish wants” and “needs”
– try not to “borrow” from credit cards
– pay off any “bad” debt at high interest rate

Originally posted 2007-02-26 23:24:44. Republished by Blog Post Promoter

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