There’s no shortage of money advice out there. But what’s the best advice you’ve ever received? We asked eight money experts to share the best financial advice they’ve ever received, and here’s what they had to say.
Suze Orman: Don’t buy lattes
We’ve all heard the saying, “latte factor.” Suze Orman, famous financial expert, talks about how forgoing small daily expenses can have a large impact on your overall financial picture. She says if you spend $5 a day on lattes, that’s $1,825 a year! Instead of spending money on things like lattes and other small luxuries, Orman recommends investing that money. Over time, those investments will grow and provide you with a much larger return than the cost of your daily latte.
Dave Ramsey: Live like no one else
When it comes to personal finance, few experts are as well-known or as respected as Dave Ramsey. For years, Ramsey has been helping people get out of debt and build wealth through his books, radio show, and popular Financial Peace University course.
One of the most important pieces of advice that Ramsey gives is to “live like no one else.” In other words, you need to be willing to make sacrifices in your spending in order to save money and reach your financial goals.
This doesn’t mean that you have to live a life of deprivation – but it does mean that you need to be mindful of your spending and make choices that align with your financial goals. For example, if you want to save for a down payment on a house, you might need to give up eating out as often or buying new clothes every season.
Making these kinds of sacrifices can be difficult, but they’re worth it if it means reaching your financial goals. And as Ramsey always says, “Live like no one else now so you can live like no one else later!”
Tony Robbins: Invest in yourself
If you don’t invest in yourself, who will? This is the advice Tony Robbins lives by, and it’s served him well.
Self-investment can take many forms. It can be investing in your education, buying yourself new tools or equipment to help you do your job better, or taking care of your health so you can be productive for years to come. Whatever form it takes, self-investment is always worth it.
Tony Robbins is a prime example of someone who has invested in himself and reaped the rewards. He’s become one of the most successful life coaches in the world, and he’s helped countless people achieve their goals. If you’re looking for inspiration to invest in yourself, Tony Robbins is a great place to start.
Warren Buffett: Save early and often
“The best advice I’ve ever received is to save early and often. No matter how much you make, you should always save at least 10% of your income. The sooner you start saving, the better off you’ll be.
It may not seem like much, but over time, those savings will add up. And if you start saving early enough, you’ll be able to take advantage of compound interest. That’s when your money starts earning money, and it can really help you reach your financial goals.”
Advice from money experts
There is a lot of advice out there on how to save money, but it can be tough to know who to listen to. That’s why we asked money experts to share the best advice they’ve ever received. Here’s what they had to say:
“Save your money so you don’t have to worry about it in the future.” – Suze Orman, financial expert and author
“Invest in yourself by learning about personal finance and investing.” – Tony Robbins, life and business strategist
“Create a budget and stick to it.” – Dave Ramsey, financial expert and radio host
“Pay yourself first.” – Jean Chatzky, financial editor for NBC’s “Today” show
“Live below your means.” – Joshua Becker, writer and minimalist living expert
Final Thoughts
There is a lot of advice out there about money, but it can be hard to know what to listen to and what to ignore. That’s why we asked eight money experts to share the best advice they’ve ever received about money. From investing in yourself to building up an emergency fund, these tips will help you get your finances on track. So, if you’re looking for some sage advice about money, make sure to check out this expert round-up.
