What’s the best money advice you’ve received?
Daily | June 4th, 2008
What do you know? Money comes, money goes…
Carrie says: Pay yourself first. Say thank you when you receive a bill. It means you have it in your power to pay it.
Danielle says: Treat money like you’d treat a friend or lover: with respect and supreme attentiveness. Debt is neither good nor bad; it’s how you feel about it that matters.The copyright of the article What’s the best money advice you’ve received? in Daily is owned by Carrieanddanielle.com. Permission to republish What’s the best money advice you’ve received? in print or online must be granted by the author in writing.
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June 4th, 2008 at 12:55 am
Never let yourself get to a point where the only reason you’re staying in a bad job is because you’ve overextended yourself (this was in a law firm where I was surrounded by partners with two mortgages and loans for the yachts and four kids in private schools…). Best advice I ever got. It has meant that I (largely) avoided that feeling of resentment and bitterness towards money – and that when I DID decide to leave that big firm environment, it was a decision about my life, not the money.
June 4th, 2008 at 2:57 am
It’s not what you make, it’s what you spend. You can make $20,000 and save more than someone who makes $100,000 and spends all of it because “they can afford it”. People forget to save first, and always seem to say “if I only made more money then I could save”. Focus on what you’re spending because you can more easily control that. If you focus awareness on what you’re spending and notice where you can cut back, you can save more money.
June 4th, 2008 at 4:06 am
Pay your bills the day they come in the mail.
June 4th, 2008 at 4:52 am
consolidate!
June 4th, 2008 at 5:06 am
don’t put all your eggs in one basket and write a check to your savings account every month like a bill.
June 4th, 2008 at 5:12 am
Never ever focus on lack of means or debts…focus on wealth and abundance… feel wealthy and abundant and be greatful for it… and that’s what you’ll get more of… best advice about money I ever came across… and it really does work…for me…
June 4th, 2008 at 5:54 am
I’ve always had a strange relationship with money. I can keep $20 in my wallet and forget it’s even there. I use a bank card for most of my purchases. If I can’t pay for something fully I leave it. While this has kept me out of debt it has robbed me of my ability to have fun with the money I make. It would be nice to be impulsive once in a while. I don’t want to feel guilty when I buy myself a coveted pair of shoes.
June 4th, 2008 at 6:27 am
My mom always said to pay all of my bills first, put a set amount into savings every month, and whatever is left over, I may spend as I please. So, at the age of 33, I have no credit card debt, my own home, money in the bank, as well as a healthy collection of handbags, shoes, and life experiences.
June 4th, 2008 at 6:28 am
If it is perfect and you can afford it, buy it. If it is not perfect, don’t buy it, no matter how much of a “bargain” it might be.
And, save 10 cents of every dollar. Still working on that one.
June 4th, 2008 at 6:44 am
That’s easy! Jonathan and David Murray wrote a book called “Two for the Money” they have a fantastic formula in there for paying down your debt – it was the best advice I’ve ever received and it worked! What’s the best money advice I’ve learned? Don’t do it for the money.
June 4th, 2008 at 7:01 am
Two things: 1- Put 10% of my earnings into savings then plan to never spend it. Having money begets having money. 2- Keep a hundred dollar bill tucked away in my wallet. Knowing that I can spend it but choose not to has boosted my self discipline confidence 100%!
June 4th, 2008 at 7:02 am
My favorite Aunt always said; “Buy dirt!” It’s not a very liquid investment, but done wisely, it always doubles and triples my investment, usually within the same period of time I would might have rolled it over a dozen times in a CD…and I’ve never lost money!
June 4th, 2008 at 7:05 am
Good one!
June 4th, 2008 at 7:24 am
Keep your own account and one shared account with your spouse/partner for domestic stuff. It works wonders for my husband and I but I understand it’s not for everyone!
June 4th, 2008 at 7:28 am
When I was very young and just starting out, my dad told me never to put myself in a position where I would have to depend on a man for money. He told me to get my degree and a way to make my own living before getting married. He motivated me to look after myself, and to view financial behavior as a part of self-respect. I give that advice to my students and my daughters too. Following that advice freed me to be really happy in my career and in my marriage.
June 4th, 2008 at 7:46 am
A Husband is Not a Financial Plan
June 4th, 2008 at 7:50 am
There is enough for everyone.
June 4th, 2008 at 7:52 am
“You can only spend that dollar once.”
June 4th, 2008 at 7:59 am
live below your means. it’s that simple.
June 4th, 2008 at 8:26 am
Dont spend it just because you have it..
June 4th, 2008 at 8:40 am
My Grandmother told me, “You will always have as much money as you need.” Don’t be needy and don’t be greedy. It is simple but continues to ring true no matter where I am in my life.
June 4th, 2008 at 8:47 am
good one! My brother always says “either spend less or make more”
and really so powerful if you do both.
Carrie
June 4th, 2008 at 8:50 am
When I was younger, I was very shy and didn’t know how to accept money that was being offered to me. My mother’s advice, “Never turn down money being given to you”. If someone is offering, they want you to have it.
Another is from my mother as well, “You can be anything you want to be, if you want to be President, set your sights for it and work towards that goal” This was at a time when women could only be teachers, nurses or secretaries. Look at today, we have a woman running for President!
June 4th, 2008 at 8:53 am
I am going to buy that book!!
thanks R
Carrie
June 4th, 2008 at 8:55 am
great teaching, thank you.
Carrie
June 4th, 2008 at 9:17 am
Don’t spend anticipated income.
June 4th, 2008 at 9:18 am
Money is better than poverty, if only for financial reasons.
Woody Allen
June 4th, 2008 at 9:40 am
Good advice, but the opposite can also be beneficial. Much of my entrepreneurial success has come from living beyond my means (for example, using credit card debt to finance starting a business). Immensely risky (and many would say foolhardy!), but it has paid off in general. That said, I completely agree that living beyond one’s means simply to have “more stuff” is a bad idea.
June 4th, 2008 at 9:44 am
My best money advice came from Navjit Kandola at exactly the perfect time: I was considering leaving a highly-paid job a different one with less money, but more joy. I was sifting through Style Statement as I pondered it, and read Navjit’s words: “Money comes and goes. Live your life.”
So I did. Best move.
June 4th, 2008 at 10:06 am
You can risk the shell, but never the nut…my Dad’s favorite saying!!
June 4th, 2008 at 10:08 am
i have gotten a few pieces of good advice about money over the years. always, always pay yourself first. even if is 1 dollar, it adds up fast. and as far as saving for your children’s college tuition, you need to save for your retirement as well. we all have borrowed money for college but when was the last time you heard someone say that they borrowed money for their retirement?
June 4th, 2008 at 10:24 am
That money can’t make you happy–that, of course, comes from deep inside–but it does make things easier.
June 4th, 2008 at 10:37 am
Avoid a third home, a second wife and a first boat
June 4th, 2008 at 10:55 am
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June 4th, 2008 at 11:29 am
When I was little, my grandmother would give me a dollar and tell me not to spend it all in one place!
June 4th, 2008 at 11:46 am
Put money into your 401K from day one at your job, especially if your company matches at any level. It’s the equivalent of giving yourself a raise. Many younger employees don’t do it but it’s a painless way to save & the match is free money.
June 4th, 2008 at 11:50 am
Keep your money seperate from the person you’re in a relationship with. Pay your fair share, by all means, but never set yourself up to lose your independence.
June 4th, 2008 at 11:54 am
Another classic read on the topic is “Your Money or Your Life” by Joe Dominguez and Vicki Robin, on the role of money in living your values. Not too dry – makes you think harder about your purchases – in a different but similar way to your style statement:)
Graceful heritage
June 4th, 2008 at 2:15 pm
There are two ways to be wealthy 1. Have more money than you know what to do with. Indeed you give it away. (Bill Gates wealth) The other is to be grateful for what you have got. Thats easier said than done, I admit. Pause a moment and count your many blessings and that is wealth available to the finacially impoverished each and every day.
Jennifer Sage
June 4th, 2008 at 2:38 pm
yup – that would do it!
thanks and hugs
c
June 4th, 2008 at 2:55 pm
I’ll never forget a Herman comic I once saw. Picture a woman showing her hubby a new fur coat with a big SALE ticket…her husband responds – “You should have bought two and saved enough to pay the mortgage.” I think about that comic when ever I’m thinking of buying something I really don’t need. (Not that it always stops me, unfortunately!)
June 4th, 2008 at 5:33 pm
similar experience I witnessed: woman holds dress up to hubby and says: “look, what do you think?”
hubby: (nicely) “it’s ugly.”
wife: (perplexed) but it only $20.
hubby: but it’s ugly.
June 4th, 2008 at 6:40 pm
The best advice I have ever received is this…..you don’t need to make a decision today. Sounds simple. But I was always the type who felt that I needed to come to a conclusion quickly, yet in reality it’s okay to wait, think, think again and then decide…..really:-)
June 4th, 2008 at 6:41 pm
I couldn’t agree more! We’ve split our money and now each pay our fair share. Independence is important.
June 4th, 2008 at 6:42 pm
But at times so very, very difficult…..
June 4th, 2008 at 9:51 pm
Wealth is what you accumulate, not what you spend.
June 4th, 2008 at 10:03 pm
My father gave me the Wealthy Barber when I was a senior in high school. The book has so many good tidbits of advice that I’ve relied upon over the years.
June 4th, 2008 at 10:51 pm
It always works out.
June 4th, 2008 at 11:08 pm
I like this one. It’s amazing how much time people spend worrying about money, time that could be better spent in countless other areas, many of which would actually make money!
June 5th, 2008 at 7:19 am
Great advice Caroline. It came at a perfect time for me.
Noor Elegant Nature
June 5th, 2008 at 9:20 am
Invest in yourself, I put away as much as i can and me and the kids live a content life. I use that money for fabuolous camping trips for my family and my once a year mom’s getaway in Mexico. I love the feeling of having mutuals and rrsp instead of the high of a new pair of shoes.
June 5th, 2008 at 2:40 pm
Invest/Save your money while you are able to work, so when you are no longer able to work your money will take care of you. Every penny counts. What is the mission of your money? Are you spending your money on things that are in line with your goals & dreams? Save $50 every paycheck. Always tithe 10% to God/church.
June 6th, 2008 at 9:27 am
Invest small amounts often. Despite the highs and lows of the market, your money grows over time. So every month I have automatic transfers adding to my RRSPs and investments and I don’t even notice it.
June 9th, 2008 at 8:18 pm
1. Tithe 10% off the top.
2. Pay yourself 10% after that.
3. Pay off credit cards every month.
4. Bank a car payment every month even if your current car is paid for…makes for a nice downpayment next time.
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September 3rd, 2008 at 12:02 am
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November 25th, 2008 at 1:29 am
Before you can create budgets or set goals, you have to know where you stand–and that means revealing your complete financial picture to each other.
“Marriage is an institution – if you don’t mind being institutionalized.” Groucho Marx, sage, wise aleck, and comic extraordinaire made that famous quote, and it certainly rings true. However, things on that landscape have changed in the last 60 years in America. Since the World War 2 era, the divorce rate has climbed to just over 50%, and the most common reason for divorce isn’t parenting disagreements, nor is it over abuse or infidelity but “money”, conclusively, and once a couple decides to take that plunge, they often end up over their heads because they don’t know just what they’ve gotten themselves into, and many couples have to resort to payday installment loans. Compromise and teamwork are essential, and so is communication. Money management for couples is vital, and there may be times that you have to get payday installment loans to keep yourselves afloat for awhile. Communicating effectively and well is such an essential life skill, and the impact that not being able to do that are far reaching, as it can adversely affect your personal relationships, and your career. If you don’t effectively communicate about finances with your spouse, then it will lead to problems
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