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Are you fooling yourself when it comes to money?

Good article released today from Schwab. I'll summarize first, then provide the link to the entire article.

 1. You don't need a budget. Yes you do. I've been doing a monthly budget since 1985. 

 2. An emergency won't happen to me. Hey, stuff happens. Have an emergency fund. 

 3. If I'm short on cash, I can always use credit. This will get you in trouble. 

 4. Retirement is a long way off. It comes quicker than you'd expect. Time is your greatest asset, so start early.

 5. I can live without insurance. Not really. But don't go crazy either. For example, whole life insurance policies are expensive. Use term insurance and invest the difference. 

 6. I've got a sixth sense about investing. If you do, pass it to me please. 

 7. I should take Social Security as soon as I can. Well, this depends, but the longer you wait, the higher the benefit.

 8. Estate planning is only for the wealthy. Sure, if you want what you own to end up in probate. Not the best thing to happen. Have a valid will, at least. 

 9. I don't need any help. I don't know anyone who doesn't need help from time to time. 

 10. My family doesn't care about details. They probably do but are afraid to ask. My wife hates talking about money, but I make sure she knows what I'm doing. 

 Read the full article here: Are you fooling yourself when it comes to money?

And remember, personal finance is 20 percent knowledge and 80 percent behavior.
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