Smartest Money Advice You Have Ever Received?

August 5, 2008 · Filed Under · 3 Comments 

Last year on my blog, I wrote about What My Dad Taught Me About Money, and just a few days ago he mailed me an article from the current issue of Money Magazine that I wanted to share. The article is titled, The Smartest Advice I Ever Got, and shares what 3 dozen “great” minds say has been their best money lesson or piece of advice. Interesting stuff. I wanted to share my 3 favorites from the article, then let you chime in with the best money advice you have ever received.

  • Elizabeth Gilbert, Author; Eat, Pray, Love – Her Dad told her to avoid debt like the plague. My favorite quote from the article, “Borrowing money is like wetting your bed in the middle of the night. At first all you feel is warmth and release. But very, very quickly comes the awful, cold discomfort of reality.” AMEN.
  • Roy Blount Jr, Author and Humorist – A barkeep once told Roy, “Don’t ever carry a bill bigger than a $20, because you’ll think it’s a $20, like you just did, and everybody won’t be as honest as me.” LOL. This one is not an issue with me! I can’t remember the last time I even saw a bill bigger than a $20…
  • Derek Jeter, Shortstop, New York Yankees – Derek talks about the advice from his parents that has to do with just flat-out being involved. Involved in “where your money is. Even if you have someone who handles your finances for you, you should always be involved in the process.” I really like this advice. I have seen to many people take no interest in their finances and it almost always leads to debt and financial misery. Financially speaking, just get involved and you will want to do things the right way.

So what was the smartest piece of money advice you have ever received? As always, looking forward to your comments.

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3 Responses to “Smartest Money Advice You Have Ever Received?”

  1. BeThisWay on August 5th, 2008 6:03 pm

    One of my favorite tidbits is “Pay now or pay later. With penalties and interest.” And it doesn’t just apply to money…

  2. Jennifer on August 5th, 2008 6:33 pm

    Great tips! The Derek Jeter one reminds me of something a college math teacher once said. A member of the class had said he had no need for the class because he intended to be rich and hire someone to do any math required. The teacher responded, “how would you know if your employee is ripping you off, if don’t have any idea about the figures he’s working?” Being involved is so important! Tons of people lose money in the stock market because their financial planner does what racks up the most commissions rather than what is best for the client.

  3. Beth on August 11th, 2008 11:08 am

    I really love checking out your blog for great tips.

    Please check out http://www.bethshappyhair.blogspot.com for a chance to win a free blog logo header from Fusion Creative Team. If not for you, one of your many readers.

    Thanks!

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