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Run your household like a business

08/01/09

Posted under family finance

WHEN personal finance coach Randell Tiongson asked the audience at the recent Money Sense Live’s Family Finance 101 seminar how many have made decisions they regretted later on, a number of hands went up. Randell was quick to admit that he, too, has made bad decisions in the past.

“People can be logical in business but illogical in the house,” he says. “At the end of the day, it’s how we use money in the house that determines the quality of life. So treat your house like a business.”

Randell explains this further: “The household is an enterprise that operates like a business.” For instance, households have revenues (your income) and non-discretionary costs (bills). It needs efficient use of cash flow and wise allocation of resources over time. A household has assets and liabilities which must be taken into account in planning out one’s personal finances.
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