A random list of the top of my head 🙂
10. To get financially savvy, read (or skim) the Business Section in papers, financial magazines, etc. At first it won’t make sense. Over time, it will.
9. If you are with a partner, discuss finances together. It helps if one is more inclined towards spending & the other towards spending for check & balance. If you are single, learn or find a system that works. Do not trust your dog or cat as your finance adviser 😉
8. New cars depreciate very fas
7. Clothes, wine & most hobbies are not monetary investments (no matter what they say otherwise – those situations are rare & few like Detective Comics #1)
6. Invest in stocks if: A) You are interested, learned & can afford mistakes in investing B) You are substituting the word ‘investing’ for ‘gambling’
5. Else stick in Unit Trusts. (And despite the disclaimers, pick the ones with the best long-term return %)
4. The 95:5 rule apply. Following 95% of the crowd makes you lose money. Be the 5%.
3. It’s never to young to start learning (or teaching) others on saving & investing.
2. It’s never really too late (and you wouldn’t be reading this article if otherwise…)
1. Pay yourself first is (still) the most important rule of all!
What did you think of the Top Ten Finance Tips list? Any other great finance tips that I missed out?
PS. I just made up the 95:5 rule (I think :P)