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Best money advice you've ever received?
Old 10-03-2007, 08:58 AM   #1
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Best money advice you've ever received?

What is the best advice relating to money/finances you have ever received? I have two:

1. Live below your means
2. Invest regularly in stocks for long-term growth.
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Old 10-03-2007, 09:04 AM   #2
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The exact quote was "It's not what you make, it's what you save."

AKA LBYM.
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Old 10-03-2007, 09:05 AM   #3
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Don't spend your money on worthless crap that won't make you happy and requires you to dedicate your life to "The Man". That worthless crap just ain't worth it for your worthwhile worthy lifestyle.

Start saving and investing as a young person, you won't regret it.

Skip the hot stock to buy now nonsense. You can't beat the market. Pick an asset allocation and stick with it.

Index funds - Low fees, usually beats most of the other funds.

Learn to enjoy a simple lifestyle. Pity those that want to live a flashy lifestyle. They get to work till they drop. Living simply for many years will give you lots of good options.
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Old 10-03-2007, 09:06 AM   #4
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"Costs Matter"

Referring to investing expenses. That's the takeaway from reading books by Bogle (Vanguard's founder). Plus the OP's #1 and #2.
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Old 10-03-2007, 09:08 AM   #5
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Making money is easy. Knowing how to spend it correctly is difficult.
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Old 10-03-2007, 09:12 AM   #6
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poor people give money
rich people give advice
really rich people make you pay for advice
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Old 10-03-2007, 09:13 AM   #7
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Somehow I was raised with a strong aversion to debt. That definitely made life easier! I shudder to think what life would have been like otherwise.

Audrey
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Old 10-03-2007, 09:18 AM   #8
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 10-03-2007, 09:24 AM   #9
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A fool and his money are soon parted.

There's a sucker born every minute.
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Old 10-03-2007, 10:27 AM   #10
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You have sound judgment and good mathematical skills, so use these to figure out for yourself how to retire. Your goal is realistic and you don't have to have someone else tell you how to reach it.
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Old 10-03-2007, 10:45 AM   #11
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Back when I was in my teens, I had amassed a pretty good amount of money working parttime jobs. I just had it in my savings account and CD's. My Granddad told me that I should find something more aggressive to start investing in. Finally, when I was 21, I bought my first mutual fund. Just wish I had started listening to Granddad a few years earlier!
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Old 10-03-2007, 11:18 AM   #12
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Old 10-03-2007, 11:25 AM   #13
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Since coming to this forum, I’ve been mulling over something Joseph P. Kennedy, Sr. was quoted as saying: that he never made any real money until he retired (very very young! but temporarily as it turned out) to Hyannis Port and sat by the pool to think about his investments. Whether the quote is true or not, I intend to give some thought to my portfolio after R (as well as now): rebalance, invest in some equities, etc.

Quotes here by MasterBlaster and others who say retirement isn’t rocket science. I’ve been trying to read Ray Lucia’s books and keep coming back to simpler ways of thinking about it.
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Old 10-03-2007, 11:28 AM   #14
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Who'd have thought a Shakespeare quote would apply to this thread but...


From Shakespeare's Hamlet, 1603:
LORD POLONIUS:
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry
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Old 10-03-2007, 11:39 AM   #15
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Quote:
Originally Posted by Eyerishgold View Post
...


From Shakespeare's Hamlet, 1603:
LORD POLONIUS:
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,...
And as a followup, there's a saying "If you lend someone money and never see them again, it was probably worth it."
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Old 10-03-2007, 11:41 AM   #16
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Buy low, sell high!
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Old 10-03-2007, 11:56 AM   #17
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"Pay yourself first!" and I was taught to save and then buy it.....not buy it and then try to figure out how to pay for it.....kept me from buyer's remorse on more than one occassion!!
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Old 10-03-2007, 12:04 PM   #18
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My folks taught me to be frugal. I only bought 2 new cars in my life because used cars were better value. Whenever we moved, I shopped and shopped for a bargain because it was the largest purchase we ever made. When we needed a mortgage, we used a mortgage broker to get the best deal on money. We don't spend money an non-essential items. We are trailing edge on new technologies.
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Old 10-03-2007, 12:27 PM   #19
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In 1994, we paid $75 to a financial advisor to assess our financial situation. He sold us a 6.5% zero coupon bond (muni, no taxes) so I guess he made a little more on the transaction, but it was a decent investment.

Anyway, he told us at that time, in no uncertain terms, to max our 401K's and diversify them away from the "fixed income" option. This was by far the best $75 we have ever spent, because we did what he told us to do, and it has paid off & made us FI. We were pretty naive at the time, and he could have taken advantage of us, but he didn't.

CJ
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Old 10-03-2007, 03:16 PM   #20
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Pay bills, then party; not the other way around.
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