This is a copy of a handout that I received in my Personal Finance class. My professor developed the information about five years ago, and gave me permission in class to publish it on my blog yesterday. This is one of those rare times that I felt that something a professor gave me was actually a) worth reading, and b) worth sharing. So here is your…

Personal Financial Bill of Rights

1. You have the right to make minimum monthly payments on your credit card debt.
2. You have the right to continually try to spend 100% of your annual income.
3. You have the right to be continually in debt.
4. You have the right to have a negative net worth at retirement age and work until you die.
5. You have the right to spend foolishly on luxuries, and neglect necessities.
6. You have the right to pay$200.00 for a product which you could have purchased for $100.00.
7. You have the right to have a FICO score of “300″.
8. You have the right to buy insurance you don’t need,can’t afford, and can never collect on.
9. You have the right to invest in scams and lose large amounts of money.
10. You have the right to go bankrupt – several times.
11. You have the right to pay more taxes than you owe.
12. You have the right to try to live on Social Security payments in your old age.
13. You have the right to pay 36% annual interest (or more) on borrowed money.
14. You have the right to be financially unable to shop for and buy the things you really want.
15. You have the right to be financially unable to afford a hobby.
16. You have the right to be financially unable to afford Christmas and birthday gifts for your children, grandchildren or extended family.
17. You have the right to be financially unable to leave your children any inheritance.
18. You have the right to have bill collectors calling yor home and your employer.
19. You have the right to have property repossessed because you can’t pay for it.
20. You have the right to keep your children out of extra-curricular school activities because you can’t afford the special fees.
21. You have the right to avoid medical and dental care because you can’t afford it.
22. You have the right to mismanage your income, expenses and budget.
23. You have the right to be financially unable to give to charitable causes.
24. You have the right to pay 520% interest on post-dated check loans and 340% interest on car title loans.
25. You have the right to keep yourself and your family in poverty by continually making poor financial decisions.
26. You have the right to co-sign loans and be forced to pay other people’s debts.
27. In short, you have the right to make a complete mess of your financial life and live with the consequences.

-Professor Nolan Lickey, 2003

Growing up is scary. Knowing that there are a LOT of people out there looking to take advantage of you is even scarier. This is why I hide ALL of my money under my mattress, so nobody else can have it. So far it seems to be working great.