Notes to My Daughter About Money

The safe way to double your money is to fold it over once and put it in your pocket. ~Frank Hubbard

• Never depend on anyone to support you; earn your own money. The price is greater than you can imagine.
• Odds are you will outlive your husband. Make sure you are financially prepared to live without him.
• Invest a minimum of 10% of everything you earn.
• Remember many are not as fortunate as you; donate as much time or money as you can afford to a charity on a regular basis.
• Keep in mind; money can’t buy good taste or class.
• Diversify your investments.
• Don’t use credit cards unless you have the means and the discipline to pay them in full each month.
• Don’t spend more than you have. Remember the more you own, the more what you own owns you.
• Buy a car you can afford.
• Don’t buy a home until you have a 20% down payment; if you can’t save that much, you can’t afford it.
• Invest in a retirement plan.
• Keeping up with the Jones’ is stupid, they are likely in debt.
• Don’t borrow money or lend money to a friend. Many a friendship has been sacrificed due to loans that were never repaid. If a friend is in need and you can afford it, give them the money and forget it.
• As unromantic as it sounds, make sure you discuss money with your fiancé. Financial problems are a sure path to divorce.
• Unless your husband has significantly more money than you, enter into a pre-nuptial agreement.
• Always keep a little nest egg aside that only you know about.
• Throughout history there have been shysters with get rich quick schemes. If it sounds too good to be true, it is.
• If you are blessed with money; be careful. There is always someone willing to say or do anything to take it.
• Money is not the root of all evil; lack of money is the root of all evil.