Photo: Paul Bradbury/Getty Images

2 of 4
Rule #2: If you own a home, protect your equity.

I know many of you have seen the value of your home rise over the past couple years, giving you more equity in your home. It is not wise to tap into that equity in a way that converts equity into debt. I don't recommend borrowing against the equity in your home unless it's for an absolutely necessary expenditure like repairing the roof.