I’m pretty far behind the times on this one. It came out back in 2013, but I just recently read an article on WashPo about University of Chicago social scientist Harold Pollack. Harold was challenged to share his best financial advice on a single index card. What he put together was about as good as any personal finance I’ve ever read, and it went instantly viral (as far as financial topics go).
The post seems to have resurfaced this year because Professor Pollack has decided to come out with a book, The Index Card: Why Personal Finance Doesn’t Have to Be Complicated (out in January 2016 and a bit ironic?).
To really distill down the dozens of financial books and articles I’ve read over the years on to a single index card forces you to focus on what really matters. What are the absolute bare essentials to prepare someone for their financial future? I thought this was a pretty fun idea and very much in the vein of my own thoughts – big wins, don’t sweat the small stuff, keep it simple.
I’ve gone ahead and put together my own index card. I think there’s a lot of overlap, but I’m covering some different ground.
Adam Chudy
My best financial advice (in case you couldn’t read my block letters).
- Your money = Your time
- Start saving early – it really does make a difference
- Always put back 25% of your income. Aim for over 50%
- Max out your tax deferred accounts (401k / IRA / HSA)
- Always have a side hustle – Diversify your income
- Invest in low-cost, well diversified index funds
- Don’t buy more house than you can afford
- Pay down your mortgage early
- Avoid credit card debt at all costs. It’s the plague
- Buy experiences, not stuff
- Spend purposely. Discover what’s worth your money
The Index Card Challenge
I thought it might be a lot of fun to see what the rest of the blogosphere would put on their own index cards, so I’m challenging my blogging peers to send me their own financial advice (photos only, I want to see how bad their hand writing is) and I’ll posting them all here, on our Index Card Challenge page.
If you would like to submit your own card, send me a photo to adam@adamchudy.com.
I’ve already found my first addition to the page from over at Fool.
J. Money over at Budgets are Sexy & Rockstar Finance
Mr. 1500 of 1500 Days
Gen Y Finance Guy
Alyssa of Generation YRA
Even Steven
Mr. & Mrs. Budgets
Cashville Skyline
Our Next Life
Savvy James over at Retirement Savvy
How to Get Rich Slowly
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