20 Foundational Financial Principles You Can Live By (+ 100 Articles to Dive Deeper)

These are the 20 financial principles I've compiled since 2013 about finances.

MoneyMiniBlog is founded on these principles, and you can expect our articles to line up with them.

In fact, the 100 articles linked below go into even more detail. Explore the top 5 articles for each principle and deep dive into those that resonate with you.

Here are 20 foundational principles you can live by… starting with the basics.

1. Giving is the foundation of your financial health

How's your giving? It's in giving that you receive, but you should give to give, not to receive.

Top 5 to Deep Dive:

1. 20 Unique and Creative Ways to Give That You Don't Know About
2. 8 Ways to Give Directly to People in Need
3. The Importance of Giving
4. What a Man From Nazareth Taught Me About Money
5. Where is Your Money Really Going When You Donate to Charities?

2. Plan for the worst

Emergencies will always happen. Even more so when you aren't prepared. An emergency fund (not a credit card) is foundational for surviving hard times.

Top 5 to Deep Dive:

6. 4 Ways to Save $1000 Fast (And Keep it Saved)
7. 4 Ways to Start an Emergency Fund
8. 7 Tips for Building an Emergency Fund
9. 7 Unexpected Costs to Save For
10. How to Be Prepared for Anything

3. Spend less than you make

Always strive to earn and achieve more, but for now, you must spend less than you make so you have money for what truly matters. Delay your gratification and keep your discipline. Wait until you can actually afford what you're buying.

Top 5 to Deep Dive:

11. 15 Things You Should Buy From the Dollar Store
12. 25 Smart Tips to Save Money Without Compromising Your Lifestyle
13. Before You Work More, Do This: 18 Simple Ways to Cut Expenses
14. How to Eat Healthy and Spend Less Than $400/Month
15. How to Save Money in a World of Spending

4. Set Goals

Set goals in every area of your life. Without goals, you have nothing to achieve. You should always know where you're going in life.

Top 5 to Deep Dive:

16. 5 Thoughts That are Secretly Destroying Your Goal Progress
17. 11 Financial Goals You Can Meet This Month
18. Goals Vs. Habits
19. Suck at Setting Goals? You're Making it Too Complicated!
20. The Power (and Myths) of Written Goals

5. Do what works for you

One size doesn't fit all. If you find a way to budget, invest, or save, and it works for you, do it. Apply advice to your life. Don't mold your life to advice.

Top 5 to Deep Dive:

21. 23 Best Personal Finance Blogs and Their Best Posts
22. 7 Steps to Take Control of Your Finances
23. Budgeting in Real Life: What it Actually Looks Like
24. How to Actually Take Control of Your Finances
25. How to Live Without a Budget

6. Get the lowest price

There are things that you can't change the price of, but that doesn't mean you can't try. The worst thing that can happen is that they say “no”. It's as simple as always asking for a lower price. It can only help, and it never hurts. And make sure you sleep on big purchases. If it costs more than $1,000, you shouldn't make the decision to buy it the same day you find it.

Top 5 to Deep Dive:

26. 21 Simple Tips to Child-Proof Your Finances and Save Money
27. 5 Reasons You're Broke and How to Fix It
28. 6 Haggling Hacks for Buying a Used Car
29. 6 Ways to Negotiate Your Lease Renewal With Your Landlord
30. Useful Hacks on How to Save Money on Your Family Expenses

7. Know your limits

Know your level of discipline/responsibility and live your life accordingly. If you aren't responsible with credit cards, don't use them. If you are undisciplined, automate your budget and your investing. If you can't afford to replace it, insure it.

Top 5 to Deep Dive:

31. 10 Financial Habits You Can Adopt To Avoid Credit Card Debt
32. Common Credit Card Mistakes (And How to Avoid Them)
33. If You Want Freedom, Limit Yourself
34. Understanding Life Insurance: Your Options and What's Best for You
35. Why You Should Always Read Your Insurance Policies Carefully

8. If you're going to spend, you might as well earn

If credit cards aren't for you (see principle #7), then you can ignore this principle. But if you are able to use credit cards responsibly, search for the most rewarding programs and earn when you spend through cashback or other rewards. Credit cards aren't the only way to earn when you spend. Explore this idea.

Top 5 to Deep Dive:

36. 12 Fascinating Ways to Earn Bitcoin and Get Paid In Cryptocurrency
37. 30 Ways to Earn Extra Income You Can Start Today
38. 8 Ways to Make Money When You Spend Money
39. 3 Types of Rewards Credit Cards Offer Their Customers
40. The Complete Guide to Taking Advantage of Credit Cards

9. Money is More Mental than physical

Money is about your mindset. Your mentality is more important than your ability, but your ability will grow with your mentality. Money doesn't solve money problems; mindset does.

Top 5 to Deep Dive:

41. 10 Ways to Improve Your Mindset Towards Money
42. 3 Money Mindsets That Can Improve Your Finances
43. How Important is Self-Discipline in Your Finances?
44. How to Change Your Financial Mindset by Becoming Debt-Free
45. Means or Mindset? Why the Rich are Rich and the Poor are Poor

10. Don't be average, be successful

Most people are average. That's why it's called average. On average, most people aren't successful. You are better than average. Hold yourself to a higher standard. Did I say average enough?

Top 5 to Deep Dive:

46. How Ten Feet Helped Me Read 5 More Books Last Month
47. How to Combat Your Morning Self (And My Morning Ritual)
48. How to Read More Books This Year Than Most People Read in Their Life
49. The Complete Guide to Keeping a Journal
50. You Don't Need More Time, You Need More Discipline

11. Take action

Nothing happens unless you take action. Reading and learning are necessary, but if it doesn't lead to action, it's meaningless.

Top 5 to Deep Dive:

51. 10 Important Actions You Can Take Right Now to Increase Your Productivity
52. 6 Take-Action Steps to Get Out of Credit Card Debt
53. How to Take Action Consistently
54. Overcome Financial Struggles, Be Happier, and Take Control of Your Life
55. Small Choices Don't Just Matter, They're Everything

12. Work to learn, not to earn

The skills you get are more important than the pay you receive. Focus on working in ways that will get you closer to your ultimate goal.

Top 5 to Deep Dive:

56. 6 Steps to Create Your Self-Development Blueprint
57. Choice-Minimal Lifestyle: How to Focus Your Time on What Matters
58. How Benjamin Franklin's 13 Virtues Can Make You More Productive
59. Never Stop Learning: 40 Places to Get Free Education Online
60. Reading: You're Doing it Wrong

13. Learn from everything

Everything you experience teaches a lesson. So does every person you meet. Learn from your successes and mistakes, as well as those of others.

Top 5 to Deep Dive:

61. Are You Taking Financial Advice From the Wrong People?
62. How to Learn From Everything and Everyone
63. How to Start Your Home Library (With Jim Rohn's Help)
64. How to Take Everything You Learn With a Grain of Salt
65. Is Robert Kiyosaki a Fraud? Examining the Evidence

14. Money isn't everything

Don't let money dominate your life. Money is just a tool to freely enjoy the things that really matter in life. Respect it, but don't worship it.

Top 5 to Deep Dive:

66. 16 Crazy Ways People Have Won (or Lost) a Fortune Overnight
67. How Much is a Stay-at-Home Spouse Worth?
68. “It's Just Money” – How to Implement the 10-Year Rule
69. What a Retired Army Colonel Taught Me About Money
70. What My Children Taught Me About Money

15. Don't Wait to Be Happy

Don't wait for your debt to be paid off. Don't wait for your dream job. You can be happy throughout the whole process. Stop saying “if I could just [fill in the blank], I would be happy”. You can be happy. You can be content. Right now.

Top 5 to Deep Dive:

71. 7 Ways Saving Money Creates a Happy Married Life
72. Debt Management for Couples: 7 Tips to Stay Financially Strong Together
73. Happiness is Somewhere in the Middle
74. How to Be Happy, Seriously
75. How To Make Yourself Feel Better When Struggles Make You Unhappy

16. Make Small gains

In every area of your life, make small progress, consistently, for a long time. This is a proven way to achieve any goal you have. Small investments, made monthly, equate to massive wealth down the road. It works with your habits, any changes you want to make, and… money.

Top 5 to Deep Dive:

76. 3 Ways to Start Investing for Retirement With $100 or Less
77. 57 “Tiny” Daily Habits You Can Start and Grow Right Now
78. Here's Why Compound Interest is So Powerful
79. How to Create Micro Habits (With 50 Micro Habit Ideas)
80. The Slight Edge and How it Can Make You Rich

17. Pay yourself first

This is the most basic law of investing. Your investments and savings should be paid before your bills. You will always find a way to pay your bills. You will never find a way to invest or save, unless you do it first.

Top 5 to Deep Dive:

81. 3 Powerful Strategies to Pay Off Your Mortgage Early
82. 7 Things You Can Do With a Big Bonus (Or Any Other Lump Sum of Money)
83. The Complete Guide to Investing
84. The Most Important Article You'll Ever Read On Investing
85. Why It No Longer Requires Discipline to Become Wealthy

18. Invest diligently and patiently

Don't try to get rich quick. Investing involves diligence and patience. Anything else is simply trading, speculating or gambling.

Top 5 to Deep Dive:

86. 5 Investing Mistakes to Avoid in Your 40s and 50s
87. How to Calculate the Exact Year You Can Retire in 6 Steps
88. How to Choose Specific Index Funds for Retirement Based on Your Age
89. How to Tell If You're a Stock Trader or an Investor (With Checklist)
90. Retirement 101: When and How to Start Contributing to Your Retirement

19. Only invest in what you understand

Even the great investor, Warren Buffett, doesn't invest in companies he doesn't understand. From stocks and mutual funds to ideas and start-up companies, know what you're investing in.

Top 5 to Deep Dive:

91. 10 Tips to Save Money Like Warren Buffett
92. 5 Priceless Investing Lessons From 6 Influential Billionaires
93. 20 Financial Scams So Ridiculous You Won't Believe People Fell for Them
94. Don't Let the News Scare You Away From the Stock Market
95. Understanding Retirement Plans: Your Options and What's Best for You

20. Know why you're investing

When you buy an investment, you should know why you bought it. If you can't explain why you bought it to a child, you don't really know why you bought it.

Top 5 to Deep Dive:

96. 5 Common Investment Mistakes And How To Avoid Them
97. How to Invest Without the Stock Market: The Complete Guide
98. My Biggest Money Mistakes (That I'm Glad I Made)
99. Understanding Mortgages: Buying, Renting and Paying Off Your Home
100. What a Millionaire Farmer Taught Me About Money

Photo Credit: Steven Depolo, djneight, Dayna Bateman

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