Some of the world’s experts, money managers, and ordinary folk who have had experience share some of the best financial tips ever on saving money, spending money, and building wealth. I found these words to live by on MSN's Money Central site at http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/TheBestFinancialAdviceEver.aspx. Enjoy!
“No matter how much or how little you make, always save a little bit.” Whatever money comes your way, you should make sure to set some aside. You can never be too broke to save.
“Live like a broke college student.” Young people tend to find the most affordable ways to live. Do with less in order to save money.
“Know the difference between needs and wants.” Control your spending. Distinguish real needs and mere wants. Ask yourself “What do you need that for?” before you spend your money.
“Think of the true cost.” Before purchasing an item, think of the true cost – the price tag plus time and energy you will expend over the item.
“Don’t co-sign a loan.” Co-signing a loan puts your good credit in the hands of someone who could smear it by with a single late payment.
“If you need more money, then go out and make more money.” The fastest way out of debt and into building wealth is to generate more income.
“You pay in advance for capacity.” Don’t drive yourself crazy. Hire and pay someone to help you out to make your small business grow.
“Own your own business - including the building it's in.” Money manager David Bach learned that the wealthiest owned their own businesses, including the buildings, which eventually ended up valuing more than the business.
“Don't gamble more than you can afford to lose.” Control risk whenever you can. Be realistic when you do take it.
“Prince Charming isn't coming.” Don’t rely on other people to save you from financial woes. In order to achieve financial security, your only armor of protection is you.
