For #1, the impact of the subprime loans that people used to buy homes, when they can only barely afford the teaser rates, is the major financial problem you see today. There is a place for adjustables mortgages when interest rates were on their way down or when your income was “most likely” on its way up.

For #4, that emergency fund doesn’t always have to be cash sitting around. It could be an home equity line or a high credit card line with low interest that is ready to be tapped as needed. This frees up your cash to be fully invested in high return investments.

But in the end, these are enduring principles for handling your personal finances.