Here’s an interesting way to present some golden rules to help the general public deal with the current recession. It’s a great post today that lists the 10 Commandments of Personal Finance. Here’s a summary:
- Though Shalt Take Action
- Though Shalt Pay Off All Credit Card Debt
- Thou Shalt Understand the Difference Between Wants and Needs
- Thou Shalt Live on Less Than You Earn
- Thou Shalt Pay Yourself First
- Thou Shalt Set Financial Goals
- Thou Shalt Educate Yourself and Be Responsible for Your Decisions
- Thou Shalt Save and Invest
- Thou Shalt Protect Your Finances
- Thou Shalt Donate to Worthy Causes and Those Less Fortunate
Some of these are down to common sense, but it’s amazing how many people aren’t aware of the fundamentals. I have a friend who’s an expert at keeping himself and his family healthy (he can talk about healthy grilling for hours), but really doesn’t have an idea how to manage his finance. I bookmarked the post to send to him because it’s versed in a way he might understand.
So pop down to The Abundant Alliance Blog and read the detail.