Creating Luck for Personal Finance Success

Pool is all luck.  The more I play, the luckier I get. - quote on my pool rack

The same is true for personal finance.  The more one does the following, the luckier one gets.

• Before turning 30 and, if possible, before 25, be employed in a job that pays well.
  
  
• Automatically save a percentage of what one earns. 10% is a good start. First have an emergency fund.  Then invest the rest.  Remember, don't bet against America.
  
  
• Live below one's means.   Buy only what one needs.  Simple yet, it works.
  
  
• Avoid using debt.  That includes for higher education.  In many cases, debt is a spiral downward to personal finance failure.  
  
  
• Make extra payments each month to mortgage and car loans to pay them off faster.
  
  
• Marry someone who has these personal finance values.  It's easier when both work together.
  
  
• Teach skills to one's kids.   As adults, kids should be financially independent and not require bailouts.

Still it doesn't guarantee success and YMMV.

For more on Reflections and Musings, check back every Saturday for a new segment.

This is not financial advice. Please consult a professional advisor.

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