The 5 Principles of Financial Grit

 

Key Takeaways

  • When it comes to success in life, research shows that grit is even more important than talent or intelligence.
  • People with financial grit have a clear understanding of the value they deliver to those who pay them.
  • Financially gritty people also commit to lifelong learning, bounce back from money setbacks, always focus on their ultimate purpose, and make tough decisions.

To Buy or Lease a New Car

Key Takeaways

  • Leasing limits your mileage, but it doesn’t tie up cash and it lets you drive a late-model car, repairs are limited, and you don’t have to deal with selling.
  • Buy if you’re looking at used vehicles or if you plan to drive the car for three or more years.
  • If you expect any major lifestyle changes that would require you to own a different car or to drive a lot more than usual, stay away from a lease..

Singular Focus, Singular Result

Key Takeaways

  • Like some inventions, financial products that try to do too many things at once often don’t do any of them well.
  • The words “growth” and “guarantee” rarely go together.
  • Look for products and services that are simple and easy to understand and that offer a high probability of success based on a track record.

10 Wealthy Rules to Live By

Key Takeaways

  • Don’t underestimate the importance of planning, keeping your cash from being tied up and seeking the tax advantages of every money matter you run into.
  • Just try to accomplish three things every day and when you’re trying something new, don’t expect perfection the first time.
  • If nothing else, remember to have fun as you go through life.