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December 19, 2010

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Great List! And I am absolutely with your take on #6 - spending less is awesome, but being miserable is not. There's a balance.

I would add two:

Thou shalt think in Real terms - that 5% raise? It's not. Its 2% if there's 3% inflation. That 1.5% APY? It's
not....and so on and so forth. Dispel money illusion.

Thou shalt think on the margin - is an additional unit of effort/investment/time worth the additional return?

And I'd add to the idea of opportunity costs - these are huge for economists - it's foregone earnings from your next BEST alternative. You have to put some thought into what those alternatives are.

My favorite is number one, although it may appear the goals are mutually exclusive at first. However, you can always do some really great things in life for minimal cost.

I will say that sometimes complex problems actually do have a simple solution. People sometimes are reluctant to accept a simple solution though.

I am so glad that I never cared what other people had. If I did, I would have been miserable the first 23 years of my life.

I love the list. Ceturies old wisdom that still applies today. That is if you listen. But hey when you have all these hot shots who can talk a good line on TV then who needs this century old wisdom?

Well maybe if we did not blind ourselves with the thoughts of wall streets teachings, and kept even a portion of what was listed, we would not be in the mess we are in for the past two years and will continue for even more years.

Here are my Ten Commandments of wealth and happiness

1. Thou shall not earn thy wealth in dishonest ways;
2. Thou shall not spend more thy earn;
3. Thou shall not accumulate wealth without sharing it to others;
4. Thou shall not earn our wealth without the use of leveraging;
5. Thou shall not use people and love money;
6. Thou shall not place our wealth in single investment;
7. Thou shall not make our money thy master but make thy money our servants;
8. Thou shall not entertain thoughts of lack and procrastination;
9. Thou shall not regard thy wealth as thy own but rather God's creation and;
10. Thou shall not be wasteful in times of fat cows.
9.

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