“Work to be retired for more years than you worked.”

What a bunch of crap!

The best I ever got was from my first boss. He told me to use half of every raise towards investments. Every raise I get, 25% goes to my 401k, 12.5% goes to my emergency savings fund, and 12.5% goes to an IRA or savings account to buy stock.

I asked him about inflation… He said, “When that catches up with you, quit buying coffee and switch to basic cable.”

Never fight with friends or family over small amounts if you want to keep them friends. never fight over very large amounts either, as that is what the lawyers are for.
tell your children about the power of compound interest and how they can be millionaires by investing early and watch them ignore your advise and have them tell their children after they learn you were right too late as you did.

If it looks too good to be true it is. and 2 and 2 make 4.
Look at the numbers before investing, sometimes we spend more time on choosing tomatoes in the store than making investment decisions.
Choose your spouse carefully as they will be the costliest investment you will make. Find an excersize program you like and can continue and is not dependent on equipment or a gym and make it a habit. Daily excersize will over time improve your health and living more than any amount of money.. Don’t hold grudges as they waste time and time is money. Before you go to bed each night write down in your pocket notebook the things you want to do tomorrow and number them. when you wake up start with the first one and keep working on them one by one. This will keep you focused. Cultivate friends as if you have enough friends you won’t need as much money.

“Money is a tool — it is a means to an end, which is not (and should not be) a monetary one.”

Worst advice:

“Debt is slavery.”

Debt is liberating when used properly. Debt is “slavery” only if it was used to buy things you no longer want or need. Its really how people spent the money that they regret, not where they got it. Debt is just a nagging reminder of the money wasted.

That reminds me of a story Howard Ruff tells about attending a conference years ago with a number of noted hard money advisers.

He got up to speak in front of 800 people and asked,”Do you honestly believe that in a period of monetary collapse that you will be able to safely drive down to your supermarket in your gas-guzzling car, make a selection from a dazzling variety of goods on the shelf, pay them with your personal check, walk safely out the door to your car, drive home and put them in your dependable, electric-operated refrigerator?”

He said that was the first time he ever got an ovation for a question! (Then he was able to give his advice about storing a year’s worth of food.)

But if I had to choose the overall best piece of financial advice I’d probably go with “Pay yourself first.”

I think it’s the general attitude that companies aren’t looking out for your best interests, but that doesn’t matter as long as you do what’s sensible.

I don’t remember the specifics about the rest of the class. I might have already knew everything as I’ve always been financial minded. However, that class really stuck with me. I wish more teachers were like him.

If knowledge is power, then self-knowledge is self-power. Personally, philosophy gives me the balance and introspection required to be successful in all areas of life — not just finance.

If you study Warren Buffet, George Soros, Bill Miller, or any of the greatest investors in modern history, they all have studied or have emulated philosophical thought…

If I were to choose one quote to live life (and for successful finance) this would be it:

“Moderation, which consists in indifference about little things, and in a prudent and well-proportioned zeal about things of importance, can proceed from nothing but true knowledge, which has its foundation in self-acquaintance.” ~ Plato

Over-saving is just much less likely to happen in today’s society… so perhaps it seems silly to even mention that it could happen, because then some people who are already over-spending will misinterpret and think they’re over-saving… and get themselves into more trouble.

Definitely words to live by!

Basically the same tip as said by Olivia Mitchell above “Save your money first and get used to living on what’s left over.”

“Nobody cares more about your finances then you do…”

To take control of your debt and start building your wealth must have felt great.

I wish more people would do this.

“What’s the best investment for someone who has only $1,000?”

I was thinking about a similar question recently: What would I do I was given £1000. I’d certainly not spend any of it at all. Debt repayment and/or savings are the only way to do.