Top Ten Finance Tips

A random list of the top of my head 🙂

Photo Credit: money by gerardissex

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!

Queries
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)

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12 thoughts on “Top Ten Finance Tips

  1. Some of my rules are

    1. Spend/invest what is rightly yours.
    2. Keep an open ear and mind for any information that may lead to a good investment.
    3. Don’t be too money-minded. The greedier and more badly you want $$$, the more it eludes you.
    4. Don’t be the “new rich” guy.

    Buffett has some good rules too. 😉

  2. ppl: thanks for sharing your finance tips list! 😀

    Interesting balance of both sides of the (pun) coin as well with points 2 & 3

    ooo. what’s the “new rich” guy?

    And yes Buffet has good rules unsurprisingly 😉

  3. There is a check and balance. Let me explain: Let’s say you get luring info which allows you to get rich quickly and abundantly. Do you blindly rush into it and dump the majority of your money into it with the thought of reaping riches? No. Sit back, analyse and research it. When you’re comfortable, go into it; but if your not comfy and confident, let it slide and NEVER regret your decision no matter the outcome.

    The new rich guy is one who is terribly stingy and uncharitable. However, he/she may be one who spends abundantly and wastefully. So we gotta be somewhere in the middle. Here’s my other rule: Use a % of our earnings to help those who are unable to help themselves; and live within our own means.

    Phew… I think I just did an essay here. LOL

  4. @ppl: thanks for the explanation & the essay. keke. very good tips too that can stand as advice too on their own on living within means & more importantly $ to bring happiness to others =)

  5. mine would be:
    1. always pay credit card bills on time
    2. invest in properties in popular areas, they always appreciate and if u can get a good deal from bank lelong, all the better (i’m hoping to retire by 35, latest 40)
    3. i agree with you on the cars thingy, why get such an expensive car when the price would only depreciate… properties first! :p
    4. if you don’t know where your $$ goes, get an excel spreadsheet to help. i have templates that my frens are using as well hahaha
    5. when it comes to paying for a property, pay it up fast as the interest u r paying to the bank is crazy!

  6. @babyangel: 1. very important tip indeed for all those using plastic!
    2. if you’ve done research & property investment is your cup of tea, yes definitely
    3. hehe. looks like you have your priorities straight 😉
    4. there are very good excel spreadsheets as well as free software. used to use Money. Currently using GnuCash myself.
    5. but what if you could invest the money into somewhere else with higher returns then the loan interest? dependent on risk?

  7. hmmm… realise property has lower risk and the value will definitely appreciate especially in good area. i’m looking at long term… as in now, i have almost paid off my house (a few more mths to go) and currently investing in a shoplot and a condo and the rent is paying the installments by itself and after that so on… for no.5, which has higher returns? hehe…

  8. babyangel, can i get you to template my $$ for me? LOL!

    need to pull back my expenses after paying off my biggest Card Bite. still havent got the kick to blog the chunk yet. alas…

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