Personal Finance: The Five Principles

I like to hear about success stories, and here is a good one

For the past five years, (a teaching group) has challenged their students to collectively squirrel away $100K over the course of a single semester—and most years, students surpass the challenge.

It sounds too good to be true and it may indeed be too good to be true. And yet, it is still inspirational. How to get started down this path? Here are the five principles the teachers believe in

  1. There is no one size fits all formula – we are all different
  2. Time is Your Biggest Ally – You need to save less is you start earlier
  3. Don’t Make Imitation purchases – Don’t try to keep up with the Jone’s. Buy what you need and can afford
  4. Talk money with your significant others – You don’t get rich alone. Instead, you do well when you collaborate
  5. Don’t worry about mistakes if you follow process – You will make mistakes. But you can get beyond them if you understand the bigger picture

These are rather general, but I think a nice foundation


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