Respect Rules, but Appreciate Them for What They Are

Rules give intelligent structure to your decisions. They can help you remain true to your mission, limit errors, and provide a template for those who come after you. You need rules for personal conduct relative to your finances: manage your expenses, generate income, grow capital, and establish life priorities. You need specific rules to govern your investment strategies: liquidity, transparency, personal understanding, regulation, and the character of your advisors. You need general rules, otherwise known as investment objectives, to guide the level of risk you are willing to take in exchange for growth opportunities. However, following even the most well-thought-out rules does not guarantee ...

Get Practical Lessons for Your Financial Life (Collection) now with the O’Reilly learning platform.

O’Reilly members experience live online training, plus books, videos, and digital content from nearly 200 publishers.