1. You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t.
2. It’s normal to assume that all financial success and failure is earned. realize that not all success is due to hard work, and not all poverty is due to laziness.
3. This may sound harsh, but I hope you’re poor at some point. learn to be poor with dignity and you’ll handle the inevitable ups and downs of financial life with ease.
4. If you’re like most people, you’ll spend most of your adult life thinking, “Once I’ve saved/earned $X, everything will be great.” Then you’ll hit $X, move the goalpost down the field, and resume chasing your tail. It’s a miserable cycle to be in. Save your money and strive to get ahead. But realize your ability to adjust to new circumstances is more powerful than you think, and your goals should be about more than money.
5. Don’t stay in a job you hate because you unwittingly made a career choice when you were 18 years old. Your dad shakes his head at college freshmen choosing a major to guide their lifelong careers. Almost no one knows what they want to do at that age. Many don’t know what they want to do until they’re twice that age.
7. The best thing money buys is control over your time. It gives you options and frees you from relying on someone else’s priorities. One day you’ll realize this freedom is one of the things that makes you truly happy.
8. The road to financial regret is paved with debt. Also, commissioned salesmen. But mostly debt. It’s amazing what percentage of financial problems are caused by borrowing. Debt is a claim on your future.
9. Your savings rate has a little to do with how much you earn, and a lot to do with how much you spend. I know a dentist who lives paycheck to paycheck, always on the sliver’s edge of financial ruin. I know another who never earned more than $50,000 and saved a fortune. The difference is entirely due to their spending.
10. Don’t listen to me if you disagree with what I’ve written. Everyone’s different.