Financial Rules of Thumb - Do They Help?

Headlines we've seen in local and national newspapers say it all:

• Can't Grasp Credit Crisis? Join the Club
• Slump Moves from Wall Street to Main Street
• Dismal Year is Forecast for Car Sales
• Federal Report Shows Slow Job Growth Upstate

We are all struggling to cope with the challenges that this economic crisis is presenting. Locally, this fiscal emergency has meant restricted credit, higher prices for food and fuel, job lay offs and a reduction in the value of our savings. Many of us have turned to news articles, books and financial websites to help us to cope with and understand this economic downturn. These sources often try to summarize advice by giving helpful tips and/or rules of thumb to follow which they suggest will guide us through these difficult times. The problem with Rules of Thumb is that they are usually based on generalizations and require that we compare them with our own unique financial challenges, fiscal goals and life experience. Recently Kiplinger.com featured a quiz that exposes the myths represented by some Rules of Thumb. Take the Financial Truth or Bunk quiz. It may challenge some myths that you have come to rely on in managing your financial challenges.

Comments

[Morriss Partee]

I got 11 out of 12. Not too bad, but I was going for a perfect score. :)

[Ginny Brady]

I got a 9 out of 12. Anyone else want to share their score?

[Mark Vautour]

9 out of 12!

[Ginny Brady]

Hi Mark, I guess we went to the same school.

[Jeff Hardin]

9 out of 12.