A Home Inspector’s Weblog by Frank Schulte-Ladbeck

exploring homes and the lives in them around Houston

Ten Thoughts On Personal Finances

I started this blog to provide information to home buyers and sellers. I see being an inspector as an information provider, so I thought that I should expand my range of information provided. I have been successful in this attempt, to a degree. I do not picture myself as a great financial adviser though, but this is an aspect of information that new homeowners need. I decided to write on the topic to give what a little I know to help others. However, I do not want to be considered an expert in such a field, so I am considering how I should progress with this subject. While cleaning my desk to organize myself for the new year, I found a list of thoughts that I wrote last year to firm up my thinking about my own personal finances, so I thought that I would share that here.

  1. Do not pursue wealth. Money will flow to and from you, and you will only frustrate yourself if you are trying to horde it. Work towards building your financial stability, over a long period.

  2. Setting goals and a plan to achieve them is important. You should review this goal/plan every so often to stay the course.

  3. Creating wealth depends not only on bringing money in, but by preventing money going out. This is why a budget is important.

  4. Take the time to buy something of value, which will last you for a long time. Our impulse is to buy now, something cheap, which we may not have the money. Think about your needs, and how to obtain them.

  5. Do not obsess about your finances, and do not ignore them. Once a week spend some time to pay bills, look over your accounts, and plan your spending and saving.

  6. Charity should be part of your life. Being able to let go, makes you ready to receive.

  7. Look at different means of bringing income into your life. Relying on one source could lead to problems if you loose it.

  8. Invest your money in different areas, to weather short falls in various parts of the economy.

  9. You cannot create financially stability, if you do not take the time to set your own finances order. Do not work towards your goals, until your own house is in order.

  10. Understand what investments you are making. Learn about them, before you invest. Knowledge prevents mistakes.

Alright, the sentences sound as if they are coming from on high, but I wanted to imprint these thoughts on my thinking. Maybe this will give you something to think about.


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