Thought on the Six Truths of Personal Finance
Welcome back!
I picked this up off the Consumerist today. They featured an article from The Street, which featured the 6 Unpleasant Truths about Personal Finance.
From the Article in summary they are:
1. You can’t have everything you want.
2. Financial institutions are not your friends.
3. Nobody is going to teach you personal finance.
4. You are your own worst enemy.
5. You need to stop watching TV.
6. Personal finance is easy.
These are some very insightful comments and many of them are some of the main philosophies behind this blog.
My wife and I have learned many of these together, probably the harshest reality of them all is discovering financial institutions are not your friend. It was difficult to wrap logic around the idea that they can treat their customers, the very people they rely on to exist, like such garbage.
I am definitely my own worst enemy and have succumbed to many materialistic sins in my day. After all, I own expensive Apple products and drive a newer car (worst mistake I ever made). But, after hitting ‘financial rock bottom‘ this past year, I realized what really mattered in life and how to take financial control of it. We are probably a month away from having the ship completely righted.
I would, perhaps add a couple items to the list of ‘harsh financial realities.’
7. You can live without it
8. Only worry about it if it will matter in 20 years
9. Credit Cards are, by nature, Evil.
10. Never by a brand new car. Ever.
11. You need a second job or second source of income
12. Don’t attempt to have kids unless you have maternity insurance and money put away.
Do you guys have any you ideas of what you think should be on the list of harsh financial truths?
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One Response to “Thought on the Six Truths of Personal Finance”
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Your points are very well said and they were all practically true. But some of it are hard to follow and are impossible to be done.
-M from Mexico