The Best Financial Advice I Ever Received
The Best Financial Advice I Ever Received
Sheiresa Ngo
Bad financial advice can ruin your long-term plans and potentially rob you of the future you had hoped for. However, good financial advice (when applied) blossoms and continues to flourish in all areas of your life, even improving the lives of others along the way.
The Cheat Sheet took some time to speak with top experts in the field of personal finance about the impact of good and bad financial advice. We spoke with Certified Financial Planner Jeff Rose of the blog Good Financial Cents, The Money Coach Lynnette Khalfani-Cox, and CreditCards.com’s Matt Schulz. We asked them to share the best piece of personal finance advice they ever received. Here’s what they had to say...
Don’t Be Mastered By Your Wants
“The best personal finance advice I ever received came from a finance professor in my junior year of college. The professor had asked members of the class to raise their hand if anyone had intended to buy a new car every three to five years.
Already having my sights on a BMW upon graduation, I quickly raised my hand. This is before I knew anything about the power of compounding interest. That professor showed me what a $300 monthly car payment could grow to be over the course of my working life.
It was a huge eye-opening experience. Because of him, instead of buying a BMW upon graduation, I drove my grandmother’s 1998 Chevy Lumina for the first several years of me being a financial advisor.
That allowed me to max out my Roth IRA and also partially fund my 401(k), which has well positioned me for a successful retirement.”
Jeff Rose, CEO of Alliance Wealth Management LLC, founder of the blog Good Financial Cents, and author of the book Soldier of Finance.
Know Your Worth
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6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice. The problem is, unlike good financial habits, excuses are easy to come by, even though most of them just don’t stand up to reason. Check out some of the ones I’ve heard most frequently so far.