- When it comes to taking on debt, always think about what it will give you in the end.
- Fund appreciating assets; don’t fund instantly consumed or depreciating goods.
- Credit cards are not evil if paid off in full. Loans for tuition, homes and businesses should help you build lifelong wealth if managed intelligently.
- Saving first and spending second is the habit that financially successful people of all ages have in common.
- At the end of the day, cash flow is the difference between what you have coming in and what you have going out.
- You want positive cash flow at all times in order to obtain favorable loans when you need them and to accumulate lifelong wealth.
- Understanding the importance of emotion, structure and behavior is key to financial success.
- The older we get, the harder it becomes to change our ways–and that includes our money habits.
- In money, as with so many things in life, you need to combine motivation with the right direction and a clear path in order to make new habits stick.
- If nothing else, young adults should understand their balance sheet, cash flow and taxes for a happy financial life.
- Remember to always save first, spend second.
- As you get older, your assets grow and so do your expenses. Never take your eye off the big picture (see the first two takeaways).