Ten Great Bits of Financial Advice

financial advice

It’s been said that when you take free advice, you should remember that you get what you pay for. I agree that it’s important to evaluate any advice — free or not — before following it, but rejecting all free advice because it is free is a really bad idea. (Unless you paid someone to tell you that free advice is lousy, that advice is itself self-contradictory, declaring itself unsound.)

While some free advice is bad advice, most of the great advice I’ve received has also been free. In fact, every one of the ten best bits of personal financial advice I’ve ever received have all been free. I now pass them on to you . . . for free. I hope you will find


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7 Responses to Ten Great Bits of Financial Advice

  1. devon says:

    I’m not a big fan of buying non brand products. The truth is that brand products are better made and last longer. When you end up buying non brand, you usually end up buying the same thing many times over.

  2. A Marino says:

    I have heard all of the comments and tips that you listed and they bear repeating. One of my favorite is “a penny saved is better than a penny earned”. Unfortunately, most people can’t really grasp that concept.

    I think that it not only applies to not spending and saving your money to finding items that are on sale. You can also use a coupon for the item on sale and refund yourself the money to be placed in a savings account. There are varios ways of saving.

    Some people say that they can’t save, but there are a myriad of ways that one can save if you’re on a budget or a spending plan.

    The main excuse for most people which I heard the other night is that they don’t have the time. They have the same 24 hours in a day that I have. It just depends on how you want to use your time.

  3. anonymous says:

    “A penny earned is better than a penny saved”

    Too many people use this as a justification for living frugally without increasing their top line. It isn’t an either/or proposition. A penny earned and saved plus the other penny saved, is better than just a penny saved.

  4. Shannon,

    A fine list indeed!

    Of course, we can debate some of them… I agree with the comment about “A penny saved…” I’d rather save AND earn more :)

    As for name brands being better than generics, I think it depends. Name brand clothing is certainly made better and lasts longer (just don’t pay full price for it), but many generic groceries are indistinguishable from the name brands.

    And one more thing -Avoiding debt is HUGE! Getting out of debt was the biggest positive financial move I ever made. I have an emergency fund and sleep great at night! It may be the only financial advice your dad gave, but it’s huge.

  5. Fzip11 says:

    All these point are so very important if you are going to achieve financial independence in life. I am a big beleiver in Make as much, save as much and give as much as you can. The last part is especially important. The more that we are able to give the more that helps others and it helps those who are giving. So give to a charity. Pay your tithing contribute something back to society it will payoff in the end.

  6. Pingback: Carnival of Personal Finance #152 — Money Under 30

  7. Michelle Boudreau says:

    I like your post. No matter what amount of debt a person has, willingness to retire is the first step

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