Episode 154

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Published on:

20th Nov 2024

10 Golden Rules of Personal Finance | E154 Jesse Cramer

There are so many rules in the personal finance space. Some are helpful, others not so much.

Let's set aside the bad ones for a minute (for example, stop buying avocado toast) and discuss the helpful ones. What comes to mind? I went through this practice and wrote down a bunch in preparation for an episode with Jesse Cramer on The Best Interest.

I realized many would only be helpful for a certain group of people or at a particular time in someone's personal finance journey. One that comes to mind is to "avoid credit cards." This would be a great rule for those struggling with credit card debt. Probably not so great for everyone else.

But through this process, I did land on 5 golden rules that I think would be helpful for everyone regardless of their situation...and Jesse did the same.  Of course, as two podcasters would do, we took to the mics and debated our list.

This conversation first aired on Jesse’s podcast, The Best Interest. Jesse is a good friend and has been on the show many of times. If you haven’t done so yet, go check out his podcast. He does a great job breaking down complex, financial topics and simplifying them through analogies and stories. You’ll get a taste of his style in this episode.

Key Takeaways:

  • Why do you need to track your money?
  • How gift cards trick you into spending more
  • The best investment is in yourself
  • Simple is better than complex (almost always)
  • Why and how you should prepare for risk.
  • Why you MUST automate your finances, as much as possible
  • Think long-term, but don’t forget the present

Mentions:

The original episode on The Best Interest: https://podcasts.apple.com/us/podcast/an-informative-debate-the-most-important-rules/id1553180943?i=1000651974649


More of Jesse:

Blog: www.bestinterest.blog


More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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FI Minded - Financial Independence, Early Retirement & Lifestyle Design
Achieve Financial Independence & Have Fun Doing It
Pursuing financial independence, financial freedom, or early retirement often leads to the same questions: How do I become financially independent? How much should I save? What happens after I reach FI?

FI Minded helps you use money to create more freedom, without turning your entire life into a financial optimization project.

Host Justin Peters explores the decisions behind building a flexible, work-optional life, from reaching financial independence and navigating Coast FI and Slow FI to spending your money, changing careers, stepping away from work, and figuring out what comes after FI.

Each episode combines practical personal finance with conversations about early retirement, lifestyle design, work, spending, healthcare, self-employment, and life after financial independence. The goal isn't simply to reach FI as quickly as possible. It's to make progress toward financial freedom while actually enjoying your life along the way.

On FI Minded, you'll learn how to:
- Reach financial independence without burning out
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- Navigate Coast FI, Slow FI, and other paths to FI
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- Think through the tradeoffs behind major money and lifestyle decisions
- Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), Maggie Tucker (Inside Out Money), Cody Berman (The Financial Independence Show), Joe Saul-Sehy (Stacking Benjamins), Doug Cunnington (Mile High FI), and and others helping you rethink how to approach financial independence.
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