Financial rules are made to be broken

Financial writer Kathy Canavan, who I have known since back in the days when neither of us had any money to manage, wrote a piece this week for USA Today pointing out eight financial "deadly sins" that can leave you living in a cardboard box.

Here's her list:
1. Don't raid your retirement accounts.
2. Don't walk away from your mortgage.
3. Don't use credit cards to pay for a life you can't afford.
4. Stay away from debt-consolidation schemes.
5. Don't co-sign a loan.
6. Avoid payday loans.
7. Don't expect to finance your retirement with a reverse mortgage.
8. Don't cheat on your taxes.

It's all great advice, but it's a lot easier to be righteous about avoiding financial missteps when you have money than when you don't. Remember those days, Kathy?