10 Commandments of Personal Finance

Even if you happen to be a doctor with debtproblems, you can still give your children a headstart in life by teaching them the fundamentals ofpersonal finance. Consider these 10 vital moneyrules from the Institute of Consumer FinancialEducation (www.icfe.info):

1 Manage your expenses so they don't exceedyour income.

2 Spend money thinking of your future as wellas your present.

3 Begin saving early to take advantage of compoundedinterest.

4 Avoid collecting credit cards and using themfor borrowing.

5 Always be sure to honor your debts and otherfinancial obligations.

6 Project your income and expenses for the next12 months and track variances.

7 Focus on the relationship between the risk andprojected return of investments.

8 Maintain organized records for tax and generalfinancial planning purposes.

9 Have a plan and a purpose for your investing.

10 Obtain a financial education to be in a positionto make intelligent financial decisions.