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Everyone has their own favorite personal strategy for wealth building. Some people believe that you should leverage your assets as much as possible in hopes of returning great returns. Others are more risk adverse. Some love credit cards, some hate them. Through the course of this blog, I plan on explaining to you, my readers, what I believe when it comes to money, and why I believe it. I thought that some of you might like to know where I stand when it comes to money, and explanations for all of these things will come later. Here are the fundamental financial principles that I live my life by.

  • Knowing is not enough, one actually has to do what they know.
  • Writing and following a monthly budget is mandatory
  • 10% of my income goes to the local church
  • ALL Debt should be avoided at all costs, yes even credit cards.
  • One should save up a decent sum of money for emergencies
  • After being debt free, one should invest in mutual funds with strong track records inside tax sheltered accounts
  • One should always live on less than he or she makes
  • One should work really really hard to be the best at what they do.
  • Minimize expenses in all areas possible (I spend ~700 a month)
  • One should set financial goals and work hard to achieve them.
  • Minimizing risk in one’s financial life is a priority.
  • One should make an investment only after they understand it thoroughly and can explain it to the typical high school freshmen. One should never buy an investment based on the authority of another person.
  • One should never buy whole life or cash value life insurance.

A lot of my beliefs are very unconventional in today’s world. I hope that some of you disagree, it will make for some great discussions. In the future, expect posts which explain each of these financial beliefs that I hold.



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