Cooperative Extension Service Departments
Family and Consumer Sciences Programming
Common-sense Principles of Success in Personal Finance
1. Live within your income.
2. Set financial goals.
3. Save regularly.
4. Make realistic budgets.
5. Organize your financial records.
6. Use an interest-bearing checking account.
7. Open a money market account.
8. Comparison shop for more expensive products and
services.
9. Do not borrow for the wrong things.
10. Avoid paying too much interest for installment credit
purchases.
11. Drive used automobiles instead of buying new vehicles.
12. Avoid paying too much for monthly housing costs.
13. Buy a home for income tax reasons as soon as possible.
14. Reduce your income taxes so you will have more to
spend, save and invest.
15. Avoid paying too much for insurance.
16. Buy inexpensive term life insurance to protect earning
power.
17. Open an individual retirement account (IRA) and
contribute regularly.
18. Make a will for the security of your heirs.
19. Invest in what you understand and get started early.
20. Make your first investment in mutual funds.
21. Make your second investment in some good readings in
personal finance and consider alternative investment opportunities.
22. Begin now to plan for a financially secure retirement.
23. Develop expertise in financial matters and heed your
own advice, because ultimately it is you who is responsible for your
financial success.
24. Take conservative actions to become more than a
millionaire.
Source:
German, E.T., & Forgue, R.E. (1998). Personal Finance (2nd
Edition); p. 702-03. Boston, MA: Houghton Muffin Company |
