A few weeks ago on a flight to Dallas, I had the pleasure of meeting a savvy entrepreneur. We had such a good conversation that we ended up talking the entire flight. Yes, we would have been the two people annoying you with our endless gabbing. When I told him I was a financial coach, he happily shared the best financial advice he ever received, “Worry about how much you spend versus how much you make!”
As simple as those words may seem they are absolutely true. I’ve heard this expressed in a number of ways like “It’s not how much you make, but how you spend it.” Think about the multimillionaires who squandered millions and filed for bankruptcy. On the flipside, you have teachers earning an average salary who retire with millions.
Someone asked me, “If you could offer up one piece of financial advice, what would it be?” I responded, “Watch where your money goes!” In other words, keep a close eye on how you spend your money. It’s the most important lesson I learned from my wealthy bank customers — who watched every penny and questioned any bank fee.
Some financial words of wisdom:
- “A penny saved is a penny earned.”
– Benjamin Franklin
- “If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich. Yeah you have to give things up and that doesn’t work for everyone, particularly if you have a family. That is reality. But whatever you can save, save it.”
– Mark Cuban
- “The art is not in making money, but in keeping it”
- “Price is what you pay. Value is what you get.”
– Warren Buffett
- “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make. ”
– Donald Trump
What’s the Best Financial Advice You Ever Received? Please share it using the comments. I’d love to hear from you. 🙂
Photo: WTL photos