• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Masters Advisors

  • About Us
  • Our Approach
  • Our Services
  • Corporate
  • Blog
  • Contact
  • Client Log-in
Client Log-in Contact Us

The Master’s Minute

Helpful Tools and Tips

The Master’s Minute – Personal Finance 101

June 2, 2020 by Robert B. Miller

The financial difficulties that many people are currently facing during the corona virus pandemic have reminded me of three fundamental principles of personal finance. This sage advice has stood the test of time, and those who have practiced these principles can attest to their effectiveness.
Rule #1: Spend less than you earn.
Rule #2: Have an emergency fund with enough cash to pay for six
months of living expenses.
Rule #3: Avoid the use of consumer debt.
Why do people not follow these three simple rules? For some people it is not an option. Through no fault of their own, they have encountered circumstances in life that make it impossible for them to follow this guidance.
On the other hand, many people seeking immediate gratification instead of preparing for the future have chosen to spend their money on non-essentials. Also, with easy access to credit, they buy things they cannot afford with little regard for what could happen down the road. Larry Burkett called this “presuming upon the future.”
If Americans had practiced the three basic rules, think how much personal financial suffering could have been avoided in the last three months. Think how much less money the federal government would have needed to hand out.
I realize I am preaching to the choir. The overwhelming majority of Master’s clients have not violated rules 1, 2, & 3, but I am thinking of the next generations. Let’s be diligent to pass these principles on to our children and grandchildren. We don’t want them to adopt the thinking and values of the society around them, and we can use our current circumstances as an example of why they should apply these principles.
Are you thinking of anyone close to you who could benefit from Personal Finance 101?

Filed Under: Blog, Master's Minute

Primary Sidebar

Categories

  • Behavioral Finance
  • Blog
  • Client Service
  • Current Newsletters
  • Faith Integration
  • Financial Planning
  • General
  • Investing
  • Market + Industry
  • Master's Minute
  • Master's News
  • Personal Development
  • Strategy
  • What's the Point?

Search Blog

Archives

Footer

Receive Master’s Minute Blog Articles Today

  • This field is for validation purposes and should be left unchanged.

480 New Holland Ave
Suite 7201
Lancaster, PA 17602

  • 
  • 

Contact Us

Albridge log in | Client log in

© 2023 Master’s Advisors • Developed by TinyFrog • Important Disclosures | Privacy Policy

Securities offered through Securities America Inc., member FINRA/SIPC. Master's Advisors is not affiliated with the Securities America companies. Advisory services offered through Securities America Advisors, Inc. This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed. This communication is strictly intended for individuals residing in the states of CO, DE, FL, IL, IN, KY, MD, ME, NC, NE, NJ, OH, OK, PA, SC, TN, TX, VA, VT, WV, WY. No offers may be made or accepted from any resident outside the specific state(s) referenced. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. The company is not liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third party technologies,  websites, information, and programs made available through this website. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the websites you are linking to. All images and Content Copyright © 2020 Masters Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore it is important to coordinate with your tax or legal advisor regarding your specific situation.

Securities America Form CRS

Check the background of this firm on FINRA's BrokerCheck.