Comments on: My Ten Commandments of Personal Finance

By: Lillie

Lillie — Thu, 18 Feb 2010 19:59:50 +0000

I certainly agree: Amen on #10. It’s true that money doesn’t buy love, happiness, health or peace of mind. If you love what you do, and get money from it, that’s more than three fourth the battle. You offer all valid points and involving your spouse and the family in what’s happening with the family’s finances is always important. Communication is key and having a budget in place that everyone is privy to is essential. Thanks for sharing the 10 Commandments of personal finance.
Lillie´s last blog ..Teen Credit: The good and bad that you need to know.

By: Best of 2009

Best of 2009 — Thu, 31 Dec 2009 01:42:07 +0000

[...] Len Penzo has quickly become one of my favorite bloggers this year, earlier this year he revealed his Ten Commandments of Personal Finance. [...]

By: Make Your Own Designer Clothes? The Price of Fashion

Make Your Own Designer Clothes? The Price of Fashion — Thu, 03 Sep 2009 00:50:51 +0000

[...] Len Penzo: My Ten Commandments of Personal Finance [...]

By: Len Penzo

Len Penzo — Tue, 21 Apr 2009 00:13:05 +0000

Bret,

Thanks for the kudos! And I agree, Bret, we really do end up giving away too much of our income to others — in so many different ways, to boot. It is especially sad though for those who do it while working in a job they do not enjoy.

Len

By: Bret

Bret — Mon, 20 Apr 2009 17:11:34 +0000

This is a great post.

I highly recommend Item 2, which is to Pay Yourself First.

So, many people are working their lives away, in jobs they like or don’t like, just to give away all of their income to others.

It’s so very simple, but most people don’t get this one point.

Work for yourself, no matter what you do for a living.

By: New Bankruptcy & Debt Carnival #33 - Live Online Now!

New Bankruptcy & Debt Carnival #33 - Live Online Now! — Mon, 20 Apr 2009 10:59:10 +0000

[...] Penzo presents My Ten Commandments of Personal Finance posted at Len Penzo . [...]

By: Len Penzo

Len Penzo — Mon, 20 Apr 2009 01:57:50 +0000

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

By: Michael

Michael — Mon, 20 Apr 2009 00:43:19 +0000

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: The Carnival of Personal Development - April 13th, 2009 Edition | Creating a Better Life

Mon, 13 Apr 2009 16:59:18 +0000

[...] Penzo presents My Ten Commandments of Personal Finance posted at Len Penzo . [...]

By: Len Penzo

Len Penzo — Fri, 10 Apr 2009 22:46:14 +0000

Very Zen, Tom. I like that!

Len