Andrew joins this week’s podcast, discussing our top 10 foundations of personal finance. We share how we’ve made progress against these categories, what we wish we had known sooner and did better when we were younger, and our advice for what to focus on to get your finances in the best shape possible. We discuss each of these 10 foundations:
- Spend less than you make
- Create and stick to a budget
- Make savings automatic
- Accumulate assets that appreciate in value
- Avoid assets that depreciate in value
- Invest your savings early and often
- Live almost debt free
- 80% of personal finance is behavior 20% is knowledge and the numbers
- Your retirement is YOUR responsibility
- To be successful, you and your partner must agree on these principles
Get the full show notes, show references, and more information here:
https://insideoutmoney.org/006-10-foundations-of-personal-finance
Show References:
- Andrew’s Blog: 10 Foundations of personal finance
- Mr. Money Mustache: The shockingly simple math behind early retirement
- Book: The Psychology of Money
- Book: The Simple Path to Wealth
- JL Collin’s Google Talk
- The Morgan Housel Podcast
- Rich & Regular Blog
- Rich & Regular Podcast
- Book: Cashing Out: Win the Wealth Game by Walking Away
- Friends on FIRE podcast #060 – Budgeting vs. Tracking Expenses
- Mint free budget tracking – #1 downloaded personal finance app
- YNAB – You Need a Budget
- Playing with FIRE
- Netflix: How to get rich