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Money rules rock

May 09, 2014 | | Comments Comments Off

Zemanta Related Posts ThumbnailThe more you learn about personal finance, the more you realize that “one size fits all” advice doesn’t really fit all. There are often too many exceptions, too many differences in upbringing, personality, culture, financial situations and goals to confidently say, “This is what everyone should do.”

Yet at the same time, people want clear direction. Give them too much information, and many just freeze up. Rather than do the wrong thing, they do nothing–which may be the worst thing of all.

So I was delighted to read about an MIT study that found rules of thumb helped small business owners more than teaching them accounting standards. The simple approach produced “economically meaningful improvements in business practices and outcomes,” according to “Keeping It Simple: Financial Literacy and Rules of Thumb.”

That gives me hope that the “money rules of thumb” pieces I write might actually help you get ahead. With that in mind, please click through to read my latest column for DailyWorth, “7 Money Rules You Need to Know.”

 

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