Comments on: My Ten Commandments of Personal Finance http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html The offbeat personal finance blog for responsible people. Thu, 16 Feb 2012 12:09:40 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: 8 Big Reasons Why You’re Getting an F in Personal Finance 101 « Len Penzo dot Com http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-93216 8 Big Reasons Why You’re Getting an F in Personal Finance 101 « Len Penzo dot Com Thu, 08 Sep 2011 23:33:21 +0000 http://lenpenzo.com/blog/?p=573#comment-93216 [...] to do to earn an F in Personal Finance 101.  To me, Personal Finance 101 is all about mastering my first commandment of personal finance: spend less than you [...] [...] to do to earn an F in Personal Finance 101.  To me, Personal Finance 101 is all about mastering my first commandment of personal finance: spend less than you [...]

]]> By: Non Chexsystems banks http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-64173 Non Chexsystems banks Tue, 02 Aug 2011 03:20:10 +0000 http://lenpenzo.com/blog/?p=573#comment-64173 I just love part where you will have Pay Yourself First.It's the truth! I just love part where you will have Pay Yourself First.It’s the truth!

]]> By: M. Sanderson http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-242 M. Sanderson Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-242 Amen on number 10! I followed a path in medicine because it was what my parents wanted me to do. I wasted 8 years of my life going to college before I finally realized that it wasn't what I really really wanted to do. Now I own a small business of my own, but I couldn't be happier. I'm not as wealthy as I would have been if I stayed in medicine, but I am happily content. Amen on number 10! I followed a path in medicine because it was what my parents wanted me to do. I wasted 8 years of my life going to college before I finally realized that it wasn’t what I really really wanted to do. Now I own a small business of my own, but I couldn’t be happier. I’m not as wealthy as I would have been if I stayed in medicine, but I am happily content.

]]> By: Wilson http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-243 Wilson Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-243 I think you've really captured the key points here. You are so right about spending less than you earn. If everybody just stuck to that one, there would be no need for the others. I think you’ve really captured the key points here. You are so right about spending less than you earn. If everybody just stuck to that one, there would be no need for the others.

]]> By: Len Penzo http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-244 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-244 @M: I'm glad you've found your calling. I think a corollary to number 10 is don't go to college just because everybody says you are supposed to. College is not for everybody, and it certainly is not a prerequisite for success. And I don't think eight years of college can ever truly be considered wasted -- that is unless you spent it at (insert name of hated rival university here). ;-) @Wilson: I think you make a good point there. Why didn't I think of that? Then again, if I would have, my post would have been titled "My One Commandment of Personal Finance" and that wouldn't have been quite as compelling. :-) @M: I’m glad you’ve found your calling. I think a corollary to number 10 is don’t go to college just because everybody says you are supposed to. College is not for everybody, and it certainly is not a prerequisite for success. And I don’t think eight years of college can ever truly be considered wasted — that is unless you spent it at (insert name of hated rival university here). ;-)

@Wilson: I think you make a good point there. Why didn’t I think of that? Then again, if I would have, my post would have been titled “My One Commandment of Personal Finance” and that wouldn’t have been quite as compelling. :-)

]]> By: tom http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-245 tom Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-245 Your budget should be treated like the bible. You keep it with you at all times and live it, breath it Your budget should be treated like the bible. You keep it with you at all times and live it, breath it

]]> By: Len Penzo http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-246 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-246 Very Zen, Tom. I like that! Len Very Zen, Tom. I like that!

Len

]]> By: The Carnival of Personal Development - April 13th, 2009 Edition | Creating a Better Life http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-247 The Carnival of Personal Development - April 13th, 2009 Edition | Creating a Better Life Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-247 [...] Penzo presents My Ten Commandments of Personal Finance posted at Len Penzo . [...] [...] Penzo presents My Ten Commandments of Personal Finance posted at Len Penzo . [...]

]]> By: Michael http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-248 Michael Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-248 I agree with your viewpoint, and would just expand point 5: Strictly follow golden rules of budget distribution between wants and needs. I follow this formula: 50% - needs (inclusive emergency fund and insurance), 30% - wants, 20% - savings. Here 100% are post-tax income plus cash equivalent of the benefits. All ingredients are inclusive benefits. Press the needs below 50%, or increase income to keep it there. I agree with your viewpoint, and would just expand point 5:

Strictly follow golden rules of budget distribution between wants and needs.

I follow this formula: 50% – needs (inclusive emergency fund and insurance), 30% – wants, 20% – savings. Here 100% are post-tax income plus cash equivalent of the benefits. All ingredients are inclusive benefits.

Press the needs below 50%, or increase income to keep it there.

]]> By: Len Penzo http://lenpenzo.com/blog/id573-my-ten-commandments-of-personal-finance.html#comment-249 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=573#comment-249 Good points, Michael, and I think that is a good budget allocation. Your point that your emergency fund and insurance should be included in your needs is especially well taken. Readers: Notice that this is on top of a 20% allocation of additional savings, which would most likely include items like your vacation/mad-money funds, retirement funds, etc. Len Good points, Michael, and I think that is a good budget allocation. Your point that your emergency fund and insurance should be included in your needs is especially well taken. Readers: Notice that this is on top of a 20% allocation of additional savings, which would most likely include items like your vacation/mad-money funds, retirement funds, etc.

Len

]]>