FMOOD 0149: The 4 Tenets of Personal Finance - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

There are four main tenets of personal finance. If you keep these truths in mind, you will always succeed when it comes to your finances. These same tenets apply no matter where you are at in your walk with improving your financial situation.

 

The first tenet is the budget. The budget is key. I've said this before, and I'll say it continuously: the budget is the core of everything that you do financially. It doesn't matter if you are in debt, out of debt, buying a house, buying a car, saving for retirement, planning for college - regardless of what it is, it all starts with the budget.

 

The second tenet is debt management. You need to be managing your debt, whether your goal is to pay off debt entirely or simply reduce the amount of debt that you currently have. When you are making moves financially that have to do with debt, you need to consider the big picture of how the new debt will affect your finances.

 

The third tenet is future-focused goals. These goals would include future-looking scenarios, such as retirement, investments, college savings, and other future endeavors. 

 

The fourth tenet is generosity and philanthropy. This isn't just Bill Gates that we're talking about. All of us should be generous and help others, especially if we have experienced financial issues in the past ourselves. We know how scary it can be and how desperate we may become when we are in financial trouble, and our generosity to help others will naturally reflect that empathy.

 

Keeping these four tenets in mind will help you to be successful with everything related to your personal finances. You will make better choices, and you will stay better focused on the big prize: getting out of debt and getting into prosperity.

 

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