Twenty-One Rules of Money-2022 Edition

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By Richard & Kaitlin Fergeson and Kaitlin Fergeson. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Kaitlin and I reviewed these 21 Rules of Money last year on Episode 18.
Richard decided to make a 2022 edition and address some of our current financial concerns and plans for the future following these rules.
The 21 Rules of Money

1: 70/20/10 - Live on 70% of your income, invest 20% and give away 10%.

2: If you can’t buy something with cash, don’t buy it with credit (other than car or real estate).

3: Have six months of living expenses in cash but no more than that.

4: Don’t waste money.

5: Don’t spend money based on emotion.

6: When investing your money, do your due diligence, then do it again.

7: Think four generations in the future before you spend or invest your money. Will it benefit my children’s children?

8: Never carry a credit card balance unless it’s at 0%.

9: Never have all your money in one account. (Read Profit First if you haven’t)

10: Never have all your money in one investment (unless it’s your first deal).

11: Never spend more than you can truly afford. You have to know what you can afford.

12: Don’t spend money solely to impress others, the Joneses are broke, you just don't know it.

13: Make sure the reward always outweighs the risk.

14: Treat your money as if you worked hard for it, even if you didn’t.

15: Never work for the same dollar twice.

16: Manage and adapt your budget monthly.

17: Know your numbers (this is most people’s biggest issue)

18: If it sounds too good to be true it is, trust me.

19: Inform yourself of how taxes work and pay accordingly, get a good CPA.

20: Never rely on just one source of income, the average millionaire has seven.

21: Spend your time earning money until you can spend your money earning time.

93 episodes