There is a lot of advice out there on personal finance.
And a lot of the advice that you’ll find is conflicting. It seems everybody has an opinion about something, and with the world ever changing, there are a lot of things that seem to stop being relevant.
Despite that, however, there are a few pieces of financial advice that will never stop being relevant and correct.
Here they are:
Spend Less than You Earn
No matter what changes economically or what the government does, or where interest rates go, the idea of spending less than you earn is always going to be relevant.
After all, how else will you get ahead? Spending less than you earn will keep you out of debt and help you save money.
Save Some for Later
It’s easy to become short sighted with money. There are so many things putting strain on our immediate budgets that it’s difficult to think about later on.
However, saving some money for later will always be good advice. We never know what will happen later and we also never know how long we’ll live. The last thing we need is to be stuck in a sticky situation when we need to retire with no money.
So you should always save some for later – whether it’s in an emergency fund, retirement account, or both (ideally).
Avoid Consumer Debt
There will always be a lot of argument around debt. Some people don’t believe mortgage debt is bad, some people believe student loans are the best way to pay for college, but we can all agree that consumer debt is mindless and should be avoided at all costs.
This will be a principle for as long as there are creditors on the planet.
Don’t get lost in the noise of different people telling you different things. Remember these three things and always stick with them!