ARTICLE FOCUS

  • Outlines 10 core financial principles designed to promote long-term stability and preparedness across life stages.
  • Emphasizes actionable steps such as maintaining an emergency fund, establishing legal directives, and reviewing credit regularly.
  • Encourages informed decision-making while recognizing that financial strategies should be tailored to individual needs and circumstances.

By Carrie Brumbaugh, Senior Financial Advisor

After more than a decade as a financial advisor, I can confidently say this:
financial success isn’t about chasing hot investments or timing the market perfectly. It’s about consistently doing the unsexy but essential things, even when life is busy, markets are volatile, or procrastination feels easier.

These are the ten financial rules I believe everyone should live by. No exceptions. They’re not flashy, but they work, and they protect you and the people you love.

  1. Have a Will, Trust, or Clear Instructions for After You’re Gone

If you don’t decide what happens to your assets, the state will, and trust me, that’s rarely the plan people wish they had in place. A will or trust gives clarity, minimizes stress for loved ones, and avoids unnecessary legal headaches. It’s not morbid, it’s responsible.

  1. Set Up Durable Financial & Health Care Powers of Attorney

Life happens. Illness or injury doesn’t check your calendar first. Having a durable power of attorney and health care directive ensures someone you trust can step in if you can’t. This isn’t about expecting the worst, it’s about being prepared so others aren’t left guessing.

  1. Always Maintain an Emergency Fund

An emergency fund isn’t optional, it’s financial oxygen. Job changes, medical expenses, car repairs… they happen. Cash reserves keep short-term problems from becoming long-term financial damage. No emergencies? Great. Keep the fund anyway.

  1. Invest Your Traditional or Roth IRA Contributions

Putting money into an IRA is only half the job. If it’s sitting in cash, inflation is quietly eating it alive. IRAs are long-term tools, they’re meant to be invested according to your goals, timeline, and risk tolerance.

  1. Take Your Required Minimum Distributions (RMDs) on Time

Missing an RMD comes with penalties that are painful and completely avoidable. These rules aren’t suggestions, they’re requirements. Proper planning can help manage taxes and timing, but skipping them is never a good strategy.

  1. Don’t Cash Out When the Market Tanks

Markets go down. They always have. Panic-selling locks in losses and turns temporary downturns into permanent damage. Some of the best long-term returns come after the worst market days, but only if you stay invested.

  1. Always Know How Much You Spend

You don’t need a spreadsheet obsession, but you do need awareness. If you don’t know where your money is going, it’s impossible to intentionally direct it toward what matters most. Clarity creates control.

  1. Check Your Credit Report Regularly

Errors, fraud, or outdated information can quietly hurt you for years. Reviewing your credit report helps you catch issues early and keeps your financial foundation solid. It’s quick, free, and worth the few minutes.

  1. Maintain the Proper Amount of Life Insurance

Life insurance isn’t about fear, it’s about responsibility. Too little coverage leaves loved ones exposed; too much can strain your budget unnecessarily. The right amount protects income, family, and future goals if the unexpected happens.

  1. Take Social Security by Age 70

For most people, delaying Social Security up to age 70 increases lifetime income and can potentially provide a higher guaranteed benefit. It’s not the right move for everyone, but ignoring the strategy altogether often leaves money on the table.

The Bottom Line

These rules aren’t complicated, but they are powerful. When followed consistently, they create stability, flexibility, and confidence through every stage of life.

At Victory Wealth Services, this is exactly the type of planning we help clients implement every day, not in theory, but in real life, with real people and real goals.

Call to Action

If you’re not sure whether you’ve checked all ten boxes, or you know a few of these have been sitting on your “I’ll get to it someday” list, let’s talk. A simple conversation can bring clarity, confidence, and a plan that actually works for your life.

Because financial peace isn’t accidental, it’s intentional.

 

This material i s for informational purposes only and does not constitute legal, tax, or investment advice. All investments and planning strategies involve risk and may not be appropriate for all individuals. Please consult with your financial advisor, attorney, or tax professional before making any decisions.