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Personal finance rules you MUST stick to, and those it’s ok to break (sometimes) | #daitngscams | #lovescams | #datingscams | #love | #relationships | #scams | #pof | #match.com | #dating


Warren Ingram (Galileo Capital) shares his ‘breakable’ and ‘unbreakable’ personal finance rules, and explains why – on The Money Show

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As the festive season bears down on us, it is managing their finances that’s top of mind for most consumers.

On The Money Show, personal financial adviser Warren Ingram (executive director of Galileo Capital) steps in with some timely advice on those ‘common sense’ guidelines.

While some great golden rules should be followed without question he says, there are others that can be ignored… just a little bit.

Not all personal finance rules are cast in stone… There are rules that REALLY shouldn’t be broken, but then there are some where we should be flexible and a bit more balanced. I think it’s understanding ourselves as human beings and being honest about who we are… and what motivates us.

Warren Ingram, Executive Director – Galileo Capital

Ingram shares the breakable (sometimes) and unbreakable rules:

Breakable rules:

1. Pay off your home loan quickly: When interest rates are low, and you can get more returns from investments, then you don’t have to allocate all your money to your mortgage.

2. Don’t spend money on luxuries: People work best when they get rewards. Living a life of self-denial so that you can retire early is not healthy or sustainable. (Balance the need to save and invest with the need to live, e.g. experiences with loved ones can enhance your life but a fancy shirt not so much.)

3. Adapting your ‘enough’ number: Changing goals is ok provided you don’t live a compromised life. (When Ingram was younger he aimed for a certain amount of money and planned to stop working at that point. However, as he got older, he wanted to experience a bit more and do more charitable work – that meant his ‘enough’ number had to increase.)

Unbreakable rules:

1. Spend less than you earn every year

2. Invest your money for long-term gain, and avoid short-term thinking

3. Avoid expensive debts like credit cards, personal loans and overdrafts

4. Always have an emergency fund

5. Be debt-free before you retire

6. Don’t compare yourself to others (especially on social media) – you don’t know what is happening in their lives

Scroll up to hear Ingram’s advice in detail

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