Money... the world revolves around it and most of our life on earth will depend on it if we want to live in society. I'm reading tons of books about economics, finance, banking, and other strong topics. I believe that thus far, nobody has put it more succinct than Scott Adams, in his latest book Dilbert and the Way of the Weasel
. So here is his important list, so feel free to take great notes. Some of it is common sense.Everything You Need to Know About Financial Success
- Eliminate all debt except for your mortgage
- Create an Estate Plan
- Maximize your tax deferred retirement plan
- If you have kids, save for college through a 529 plan
- Buy a home you can afford
- If you have a family, get term life insurance
- Put six months of expenses in a money market account
- Pay yourself first at least 10% of your income
- Invest your savings in no-load diversified funds:
- 60% in stock funds
- 20% in bond funds
- 10% in REIT funds
- 10% in money market funds
