BRIDGEPORT, W.Va (WDTV) - Question: "What are some of the most hated money rules you have, but should be following anyway?"
Answer: (John Halterman, Beacon Wealth Management): "I understand there's a lot of tough rules out there very rules oriented person when it comes to money. Things that come to mind first is that, number one I think a person should quit instant gratification.
"Too many times people want to live on credit cards. They want to go out, they want to have vacations, they want nice clothes. Unfortunately, credit cards cost people a lot of interest and also a lot of hard feelings at times. So I'd love to see people get rid of credit cards.
"The second thing is you can't always put your children ahead of your own retirement. A lot of times people will do travel sports. They will try to save for education. The thing I always say is as far as I know, there's no scholarship for retirement. When it comes to education for your children they can work, they can get scholarships, they can get loans.
"Third thing is that if you take care of the first two, the third one is easy. And that is you have to pay yourself first. I always tell people I'm not a fan of a budget and what I always think of is think in terms of percentage of your income.
"If you set aside a percentage of your income, somewhere between 10 and 15% then really after that I don't really care how you spend your money. Make sure you pay yourself first so that money goes away and set aside for your future."