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Best money advice you've ever received?
10-03-2007, 07:58 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 1,084
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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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10-03-2007, 08:04 AM
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#2
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Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
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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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10-03-2007, 08:05 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,379
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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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10-03-2007, 08:06 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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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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10-03-2007, 08:08 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Making money is easy. Knowing how to spend it correctly is difficult.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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10-03-2007, 08:12 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,218
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poor people give money
rich people give advice
really rich people make you pay for advice
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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10-03-2007, 08:13 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 28,063
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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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10-03-2007, 08:18 AM
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#8
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Moderator
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,475
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Start investing for retirement early.
__________________
"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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10-03-2007, 08:24 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,754
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A fool and his money are soon parted.
There's a sucker born every minute.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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10-03-2007, 09:27 AM
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#10
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 44,393
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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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10-03-2007, 09:45 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 2,642
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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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10-03-2007, 10:18 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 1,378
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Plastics!
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10-03-2007, 10:25 AM
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#13
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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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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10-03-2007, 10:28 AM
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#14
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Recycles dryer sheets
Join Date: Aug 2007
Posts: 222
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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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10-03-2007, 10:39 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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 Quote:
Originally Posted by Eyerishgold
...
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."
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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10-03-2007, 10:41 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,516
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Buy low, sell high!
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10-03-2007, 10:56 AM
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#17
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Full time employment: Posting here.
Join Date: May 2007
Posts: 544
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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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10-03-2007, 11:04 AM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,291
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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.
__________________
For the fun of it...Keith
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10-03-2007, 11:27 AM
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#19
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 517
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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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10-03-2007, 02:16 PM
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#20
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Moderator Emeritus
Join Date: Aug 2006
Posts: 6,924
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Pay bills, then party; not the other way around.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
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