Please read the whole article at http://www.getrichslowly.org/blog/2008/06/26/the-nonconformists’-guide-to-personal-finance/
And I am impressed by the article.
Oh just to revisit some of the principles mentioned there:
- Emergency saving funds (I usually have them, but seem to be doing bad on this count these days)
- paying off credit card balances every month ( I religiously follow this. Never paid a single penny extra to the credit card company)
- being aware of all your expenses (I try hard but am not good at it yet :( basically I try to keep everything in my memory and its not a good idea)
- using a cash method for discretionary spending (this is a good idea)
- long term index-fund investing (still to understand it)
- there is no such thing as a good debt (home loans, car loans, education loans, all are bad in the end, they constrain your freedom)
- a house is a liability not an asset (so true except for those who are in real estate business ;) )
Actually the article is about much more than just this. It discusses your larger view of life and how your management of your finances assist you towards achieving those.
Oh go ahead and read the whole article yourself. Its worth it.
http://www.getrichslowly.org/blog/2008/06/26/the-nonconformists’-guide-to-personal-finance/
1 comment:
nice to see you blogging!
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