Thanks to the great support of my readers and friends The Money Principle made it to the finals of the Personal Finance Olympics at GoBankingRates.
All finalists had to write an article on the following topic
What is the one financial “golden rule” that you’ve since abandoned in our post-recession economy?
The financial crisis of 2007 and resulting recession have significantly changed the way we earn, save, spend and invest our money. Is there a long-standing financial belief or practice that no longer holds true in this economy? What has changed and why?
If you would like to read what is the ‘golden rule’ of personal finance that I have been neglecting you can do so on
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We can do it! Wouldn’t it be interesting if we come in the top three?
PS: Yes, this is me running Losh Ness marathon.
One “golden rule” I abandoned was the myth that you should use OPM – other people’s money. Why is OPM bad? Because it comes attached to OP – Other People. And OP don’t really care about your situation at all. If you get into a tough spot, they shrug and say it’s not their problem.
They’re deluded, of course. A friend once said: if you borrow $1,000 from a bank and can’t repay it, you have a problem. If you borrow a million dollars from the same bank and you can’t repay it, the bank has a problem.
So now I use MYM – my own money. MYM beats OPM – that’s the new rule.
So far, so good.
@William: Thanks for stopping by and…I love your comment. It seems that either I should have known you earlier (so you co-author the article) or you should have been in the finals. Also saw your interview with D.B. Tennant – the seasons are interesting (and I have always said that I was born on the wrong trajectory of an economic cycle). Have you seen my article Money for all Seasons? It can be interesting to account for the seasons of life and of economic cycles and see what happens.
How did you like the Loch Ness Marathon? That sounds awesome!
Congrats on your inclusion into the finals. I’m headed there right now to vote.
@AverageJoe: Loch Ness was the best (and hardest) marathon I’ve ever done. It de facto a fell run – 20 miles of hills and at the end in the goody bag I got cans of Baxter soup and the Scottish flag. Only about 1400 people did it – and onlt 20 people didn’t finish. Really hard core! If you want to run it with me in 2013 let me know!