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Home Economics Follow These 20 Finance Rules To Begin Stacking Wealth
Economics

Follow These 20 Finance Rules To Begin Stacking Wealth

TristaMarch 5, 2020
Always remember to put you first when it comes to your money. Shutterstock.

3. Protecting Your Money Means Protecting Yourself And Family

When you come into money, you want to help your friends and relatives. You may even want to help charities and give a child a little more to be thankful for in their life. While you can do these things, it’s essential to remember the rule that protecting your money means you are protecting yourself and your family. This is especially true if you have or want children. Very few parents want to see their children struggle in life, so they try to save money for them through a savings bond, savings account, or trust. 

Of course, this is something you should do, but to do this, you need to make sure you are taking care of yourself and not giving your money out to people who can already provide for themselves. Therefore, when you have to say “no” to your brother because he wants you to pay his rent instead of work, don’t feel bad about it. Help him in other ways by finding him a job or learning how to manage the money he does have.

Paying yourself first means you come before your bills, but it doesn’t mean you don’t pay your bills. Shutterstock.

2. Pay Yourself First

This rule follows the rule above how protecting your money is protecting yourself. It’s something that many people don’t comply with because people will see them as greedy or selfish. However, making sure that you pay yourself before everyone else is making sure you can live comfortably for the rest of your life. It also helps when it comes to saving, investing, and making sure your family is taken care of. 

After all, you can’t help your children pay for college when you don’t have any money yourself. While they can get student loans, do you really want your children racking up over $100,000 in debt right away when you can take the extra step and pay yourself so you can help them when it comes time to do so?

If you have always wanted to go to Disney World, go and have fun, just be smart about spending money. Shutterstock.

1. Spend A Little Money And Have Fun

Let’s face it, not all of these rules need to be about saving, investing, and making sure that money goes exactly where it should when it should. You also need to have a little fun with your money, just not too much. For example, if you want to take your children to Disney World, have a great time while doing so. 

However, you should also remember to focus on a budget and save for a period of time before you rush and give them the time of their lives in Florida. After this, maybe wait about a year before you take your family on another fun vacation. This will allow you to possibly set up a vacation fund instead of dipping into your savings. 

Sources:

“How to Become a Money Magnet.” Stacia Pierce, Stacia Success Blog. 

“Your Money Cheat Sheet.” Liz Weston, Nerdwallet. March 2017. 

“The only 4 money rules you need to follow to become rich.” Christy Bieber, USA Today. September 2017. 

“10 Golden Rules On Money & 20 Inspiring Quotes About Money.” Gecko and Fly. January 2020. 

“15 Rules of Money.” Alux. June 2019. 

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