Simple Rules in Life, Simple Rules of Financial Planning

September 10, 2016

 

I came across a MEME on Facebook recently called “The Simple Rules of Life”. The three rules listed are as follows:

  1. If you do not go after what you want, you’ll never have it.

  2. If you do not ask, the answer will always be no.

  3. If you do not step forward, you will always be in the same place.

Pretty decent and simple rules, but I thought what would be three rules of financial planning? Here’s my take:

  1. If you don’t understand financial topics, you’ll never be financially stable.

  2. If you spend everything you’ve got, you’ll never have more than you do now.

  3. If you think you are your money, you’ll never have enough of it.

Financial planning and retirement success…really just about everything we do relies on how we use the resources we have. Our financial lives depend on cash flow (what comes it, and what goes out) Positive cash flow often translates to positive outcomes in our financial lives. Negative cash flow almost always translates to negative outcomes.

 

Another MEME you’ll see on Facebook from time to time is “Confidence is never having to compare yourself with someone else in the room.” Shouldn’t it be the same way when it comes to money and how we choose to live our lives?

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