Ric Edelman - The New Rules of Money: 88 Simple Strategies for Financial Success Today

If You Are Then Read

In Debt

RULE # 5: If you want to avoid financial failure, watch the pennies you spendnot the dollars.

RULE # 7: You must cut your debt load by 33%to break even.

RULE # 8: Observe the New Rules for surviving the holidays.

RULE # 14: Forget about buying a condo.

RULE # 47: Stop looking for tips. Seek education instead.

RULE # 53: Learn how to spot the new scam artists.

RULE # 63: Stop giving your children an allowance.

Single

RULE # 6: Stop spending money on things that fall in value.

RULE # 8: Observe the New Rules for surviving the holidays.

RULE # 14: Forget about buying a condo.

RULE # 19: If youre the buyer, raise your offer.

RULE # 21: Never own your home outright. Instead, get a big 30-year mortgage, and never pay it offregardless of your age and income.

RULE # 53: Learn how to spot the new scam artists.

RULE # 59: Do not title assets jointly between generations.

RULE # 61: Forget about getting married. Focus instead on being married.

RULE # 62: If youre getting married or are newly married, get ready for a whole set of New Rules.

RULE # 84: Take maximum advantage of your company retirement plan.

Married

RULE # 2: Never pick the money fund offering higher interest rates than everyone else.

RULE # 3: Never accept a new job just to get a higher salary.

RULE # 4: You must prevent your credit record from becoming too good.

RULE # 15: Forget about a starter home.

RULE # 19: If youre the buyer, raise your offer.

RULE # 21: Never own your home outright. Instead, get a big 30-year mortgage, and never pay it offregardless of your age and income.

RULE # 22: When seeking a mortgage, use the old qualifying rules.

RULE # 38: Learn what risk really means.

RULE # 62: If youre getting married or are newly married, get ready for a whole set of New Rules.

Retired

RULE # 1: Do not use a home equity line of credit as a substitute for cash reserves.

RULE # 16: Never rent real estate youd rather sell.

RULE # 21: Never own your home outright. Instead, get a big 30-year mortgage, and never pay it offregardless of your age and income.

RULE # 26: Dont refuse to sell assets merely because they have dropped in value.

RULE # 50: Stop participating in Dividend Reinvestment Plans.

RULE # 54A: Talk with your kids about your will.

and # 54B: Talk with your parents about your inheritance.

RULE # 55: Start giving money to your kids now. Dont wait until youve died.

RULE # 56: Make sure your heirs know how investments work before they inherit them.

RULE # 58: Do not own your own life insurance policies.

RULE # 59: Do not title assets jointly between generations.

RULE # 60: Follow the New Rules that let you skip probate quickly and easily.

RULE # 66: Want to transfer assets to your kids? Dont ask your advisor for help.

RULE # 68: Dont refuse to sell appreciated assets merely because you dont want to pay taxes.

RULE # 71: Determine if you need to make estimated quarterly tax payments.

RULE # 81: Stop worrying about long-term care costsand start taking action.

RULE # 87: From now on, when you leave a company, take the money with you.

Female

RULE # 38: Learn what risk really means.

RULE # 45: Put away the Fortune 500, and start studying the Forbes 400.

RULE # 47: Stop looking for tips. Seek education instead.

RULE # 53: Learn how to spot the new scam artists.

RULE # 65: If you are facing divorce, you must now focus your attention on the money, not your emotions.

RULE # 67: Do not turn to lawyers for financial advice.

RULE # 78: Do not turn to tax preparers for financial planning advice.

RULE # 83: Stop taking financial advice from insurance agents.

Young

RULE # 5: If you want to avoid financial failure, watch the pennies you spendnot the dollars.

RULE # 6: Stop spending money on things that fall in value.

RULE # 7: You must cut your debt load by 33%to break even.

RULE # 11: Apply the economic principle of ROI to choose a college.

RULE # 15: Forget about a starter home.

RULE # 20: Stop thinking that your home is the best investment youll ever make.

RULE # 32: Avoid the Dogs of the Dow Theorythe newest bad idea from the personal finance press.

RULE # 33: Pay no attention to the Dow Jones Industrial Average

RULE # 36: Stay away from S&P 500 Index Funds

RULE # 41: Stop trying to achieve investment success through stock-picking.

RULE # 52: and realize why stockbrokers soon will be extinct.

RULE # 54A: Talk with your kids about your will.

and # 54B: Talk with your parents about your inheritance.

RULE # 59: Do not title assets jointly between generations.

RULE # 61: Forget about getting married. Focus instead on being married.

RULE # 62: If youre getting married or are newly married, get ready for a whole set of New Rules.

RULE # 74: Do not make tax-motivated investment decisions.

RULE # 79: Never buy life insurance on your children.

RULE # 84: Take maximum advantage of your company retirement plan.

RULE # 88: Retirement, the most awesome social innovation of the 20th century, will not exist in the 21st century. Plan accordingly.

Old

RULE # 1: Do not use a home equity line of credit as a substitute for cash reserves.

RULE # 9: Do not save money in a childs name.

RULE # 17: Trying to sell your house? Use range pricing.

RULE # 18: If youre the seller, accept a lower price.

RULE # 21: Never own your home outright. Instead, get a big 30-year mortgage, and never pay it offregardless of your age and income.

RULE # 26: Dont refuse to sell assets merely because they have dropped in value.

RULE # 27: Stop trying to be right, Part 1.

RULE # 28: Stop trying to be right, Part 2.

RULE # 29: Stop keeping score.

RULE # 30: Know when its time to stop climbing the mountain.

RULE # 48: Avoid the governments new inflation-adjusted bonds.

RULE # 50: Stop participating in Dividend Reinvestment Plans.

RULE # 54A: Talk with your kids about your will.

and # 54B: Talk with your parents about your inheritance.

RULE # 55: Start giving money to your kids now. Dont wait until youve died.

RULE # 56: Make sure your heirs know how investments work before they inherit them.

RULE # 58: Do not own your own life insurance policies.

RULE # 66: Want to transfer assets to your kids? Dont ask your advisor for help.

RULE # 68: Dont refuse to sell appreciated assets merely because you dont want to pay taxes.

RULE # 70: The time to do your taxes is now June 1, not April 15.

RULE # 71: Determine if you need to make estimated quarterly tax payments.

RULE # 76: For the most powerful anti-tax investment available, turn to variable annuities.

RULE # 81: Stop worrying about long-term care costsand start taking action.

A Parent

RULE # 9: Do not save money in a childs name.

RULE # 10: Never participate in college tuition prepayment plans.

RULE # 11: Apply the economic principle of ROI to choose a college.

RULE # 12: Negotiate college costs and financial aid packages like you would the price of a new car.

RULE # 13: Recognize that college is no longer necessarily the road to financial success.

RULE # 21: Never own your home outright. Instead, get a big 30-year mortgage, and never pay it offregardless of your age and income.