This post has a list of personal finance commandments from a professor I admired. What made him so great was his drive to make you succeed outside of the classroom.

My favorite bits of the class were when we talked about applicable money making topics instead of the crappy book and standard course curriculum.

As you may have guessed, this was in college (undergrad).

I’m interested to review these tips nearly 10 years later to see if the advice is still sound.

Personal Finance Commandments

1 – Don’t count on Social Security

2 – You can avoid planning for retirement, but you can’t avoid retiring – Save early and save often. Combine pre and post-tax savings plans. You can’t recover lost years of investment so start saving now!

3 – Never take a loan out on a depreciating asset unless you’re using the asset to make a higher return than the loan rate

4 – If married, keep separate finances (even if you have kids or are in a single-income setup).

5 – Set up your household to run on ½ of your income

6 – Live a life of balance – spend and save. You can’t take it with you, so balance yearly enjoyment of your money while planning for the future

7 – Avoid falling into the trap of “keeping up with the Jones’”

8 – Build separate careers to pay for your hobbies or your children’s college fund

9 – Diversify your retirement planning – equities, fixed instruments. Don’t invest in individual stocks unless you view it as play money. Set up multiple revenue streams for retirement

10 – Keep track of your investments and keep a budget to track where the money goes

I may provide commentary on these points at a later date but overall, I think they’re still pretty sound.

This list was a great example of this professor’s drive to help you succeed outside of the classroom. This list was given to us in the last week of class. Not even part of a graded assignment.

He lived what he tought. In addition to being our business instructor, he was an Officer in the Army and had a separate e-commerce business.

I wonder if any of the other students absorbed as much as I did. He absolutely made a huge difference in my career.

Big thanks to you L.T., wherever you are.

In the comments below, list a commandment that you like the most. Is there anything you would add?