Last week's blog was about managing money. And I had several questions about managing money. I figured that there had to be something simple that everyone could understand. And yet was effective, And as seems to be the case on most occasions these days anything you think should be there, is there.
And when I found, "All the financial advice you’ll ever need fits on a single index card", I was intrigued. And interested.
And the notes on the talk seemed that it was exactly what I was looking for.
"At first glance, fiscal planning can seem more complex and time-consuming than it’s worth. But according to Professor Harold Pollack of the University of Chicago, you can fit all the financial advice you’ll ever really need on a single index card. Economics correspondent Paul Solman takes a look at Pollack’s ten easy tips for simple and sensible money management."
While all the 10 tips may not apply to everyone, these are solid. Just follow them and you'll do better at managing your money than any financial planner ever could.
Pollack’s 10 Tips
1. Strive to save 10 – 20% of your income.
2. Pay your credit card balance in full, every month.
3. Max out your 401(K) and other tax advantaged savings accounts.
4. Never buy or sell individual stocks.
5. Buy inexpensive, well diversified indexed mutual funds and exchange-traded funds.
6. Make your financial professional commit to a fiduciary standard.
7. Buy a home when you are financially ready.
8. Insurance – Make sure you are protected.
9. Do what you can to support the social safety net.
10. Remember the index card.
And when I found, "All the financial advice you’ll ever need fits on a single index card", I was intrigued. And interested.
And the notes on the talk seemed that it was exactly what I was looking for.
"At first glance, fiscal planning can seem more complex and time-consuming than it’s worth. But according to Professor Harold Pollack of the University of Chicago, you can fit all the financial advice you’ll ever really need on a single index card. Economics correspondent Paul Solman takes a look at Pollack’s ten easy tips for simple and sensible money management."
While all the 10 tips may not apply to everyone, these are solid. Just follow them and you'll do better at managing your money than any financial planner ever could.
Pollack’s 10 Tips
1. Strive to save 10 – 20% of your income.
2. Pay your credit card balance in full, every month.
3. Max out your 401(K) and other tax advantaged savings accounts.
4. Never buy or sell individual stocks.
5. Buy inexpensive, well diversified indexed mutual funds and exchange-traded funds.
6. Make your financial professional commit to a fiduciary standard.
7. Buy a home when you are financially ready.
8. Insurance – Make sure you are protected.
9. Do what you can to support the social safety net.
10. Remember the index card.
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