Financial freedom: these ten rules will make you independent – FOCUS online

From the German financial expert: These ten rules will make you financially independent

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After 25 years, Volker Looman, one of Germany's most famous financial columnists, is retiring. Finally, the editor of “FAZ” wrote ten timeless financial commandments. Everyone should know them.

In 1,240 articles for the “Frankfurter Allgemeine Zeitung,” Volker Looman covered every economic topic that an editor could address. In his latest article, he leaves readers with valuable advice on financial security and sound investments that has been and continues to be applied throughout the two and a half decades of his career.

Volker Looman's Ten Commandments:

  1. Avoid commission-based financial advice: Education and experience are the best protection against financial failure.
  2. Manage your accounts carefully: Clearly separate income, expenses, taxes and pensions with your own accounts to maintain an overview and control. Use only what's left over after taxes, savings, and spending provisions.
  3. Prioritize important insurance: Almost everyone needs civil liability, sickness and occupational disability insurance. Many people need life insurance. Opt for high coverage amounts on liability insurance and safe health insurance contracts.
  4. Build an emergency fund: Save at least one year's net income for unexpected expenses. Don't pay attention to interest rates. It's about security.
  5. Choose savings contracts carefully: Safe, short-term savings products provide flexibility at an early age.
  6. Negotiate hard and pay quickly: Negotiate business deals and pay off debts quickly to achieve financial freedom.
  7. See houses as consumer goods: Pay off your debts before age 50 and buy affordable properties.
  8. Rely on widely diversified investments: Choose exchange-traded index funds for retirement planning and avoid expensive asset managers.
  9. Avoid tax saving models: Do not invest in opaque investments that promise short-term gains but are risky in the long term.
  10. Farewell plan: Write a clear will and think long-term about managing your assets.

Conclusion: Volker Looman's Ten Commandments provide guidance for dealing with money. Anyone who follows the advice can achieve financial security and independence.

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