You have been at this financial thing for a little while now and you can’t stop wondering if there’s a better way to do things. There are so many steps and rules to financial freedom but sometimes those steps just don’t feel like they are a good fit for you and your family.

Having ONE financial plan is better than NO financial plan but is your current plan costing you more money? Your goal is to save money and spend it wisely so you can grow your wealth but when is it time to break the rules?

When Following the Rules Doesn’t Make Sense Anymore

Personal finance is personal. No two situations are alike so if you feel like the rules you are following don’t make sense, then it is time to change your plan. The more you grow your financial knowledge the more a lot of these “rules” don’t make sense.

Let me say that there is nothing wrong with following the rules, but following rules too closely put off your achieving financial independence. If you want to be financially free sooner rather than later, carefully look at your bank statements and see what money moves will be best for you.

Making the Change

The pressure of society plays a large part in what wealth looks like. TV commercials, social media, and billboards will have you believe that buying a big house, being completely debt-free, and investing in the stock market is the only way to grow wealth. Although that might be true for some people, it may not be true for you.

Get rid of the guilt of changing your plan. Your guilt is fueled by the uncertainty of the change. What if this doesn’t work? Will this set me back? Will I lose everything I just worked so hard for?

These questions will tumble in your mind. It’s expected when you’re not following the path of millions of people before you. You are creating your path and your way which can be scary. As always, if you are unsure if the path you are creating is right for you, reach out to a financial professional or a coach like myself that can help you navigate your wealth plan.

I have compiled a list of 3 common financial rules that my clients break when the time is right. I have also broken these financial rules because it was better for me and my plan.

Common Financial Rules to Break

Pay Off Debt Before You Invest

I wrote about this in a past blog post but you don’t need to be completely debt-free before you start investing. Depending on the investment, wealth can grow at a higher rate than debt. You should pay off all credit card debt before investing but your student loans can probably wait. Continue making those payments but also find extra money for retirement investing.

Credit Cards Are for Emergencies Only

Credit cards can be a good thing if used wisely. I do not recommend caring credit debt month to month, but I do recommend using a credit card (with perks) and paying it off every month. My husband and I were able to use credit card points and mileage for our honeymoon, 5th anniversary, and 10th anniversary. It saved us thousands of dollars!

If you want to know more about the secret perks of credit cards, check out this post.

To Buy or To Rent…That is the question…

This is my favorite rule to break…why?…because this answer is completely up to you! It is common to think that you need to buy a house to build wealth. There is so much that goes into buying a house that it may or may not be a wealthy decision. You know what a wealthy decision could also be…renting!

Renting does not have all the responsibilities and debt that comes with buying a home. Not only do you have the mortgage payment, but you have property taxes, home maintenance, homeowner’s association, and more! All those things can be worth it if you find the right house but don’t feel bad if you don’t want to buy a home.

Buying a home isn’t for everyone and buying property is not the ONLY path to wealth. If you want to rent or buy during your path to financial independence, the choice is up to you.

In Conclusion

Break the rules if it feels right to you. There are hundreds of proven methods that will get you to financial independence, so you don’t have to follow just 1. Your financial journey is personal. Things change, so your financial plan needs to change with it. There is nothing wrong with that. Have fun!

What money rule have you broken that worked out in the end?