Guide to Financial Planning 2012: Words of Wisdom
More advice on handling your money.
In our survey of financial professionals, we asked: What’s the best advice you’ve ever been given about money? Some answers— live below your means, invest in retirement early—were tried and true. Here are other tips from the people who know best.
“Investment success comes from the amount of time invested, not the timing of investments.”
“Don’t measure your self-worth by your net worth.”
“If you’re passionate about your work, the money will follow. If your work is only about money, you’re doomed.”
“To double it, fold it in half.”
“Buy life insurance early while it’s cheap.”
“Borrow money only to start a business or purchase a house.”
“Don’t enter retirement with a mortgage.”
“The rate of savings is more important than the rate of return.”
“Living within your means will never make you wealthy—you must live well below your means to accumulate wealth.”
“I have a plaque in my office under a ‘valuable’ rookie baseball card. It’s a quote from my father: ‘It’s only worth what someone is willing to pay you.’ That has been true for AOL stock, real estate, my clients’ companies, and most recently Facebook.”
“Money isn’t good or bad itself. It just gives you more choices. You still need to make good choices.”
“Set your lifestyle at 30 and maintain it, even if you become wealthier.”