Owning a home is a keystone of wealth - both financial affluence and emotional security.

You are to set your own value, communicate that value to the world, and then not settle for less. Sound daunting? That's just because it takes you out of your comfort zone. You have got to stop being an obstacle on your own path to wealth and security and happiness. You must understand that valuing yourself is well within your control.

But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.

Rather than saying, 'My checking account is a wreck,' change it to 'I will learn how to track my spending and balance my checkbook.'

I have never been a fan of bond funds. Unlike a direct investment in an individual bond that you can hold to maturity and be assured you will get your principal back (assuming no default), a fund has no finite maturity date and most funds are actively traded.

Here's my gift-giving rule: Respect your current financial situation.

A pile of bills and statements - whether paid or not - is a sign that someone is clueless about what's coming in and going out.