Editor’s Note: UPDATED as of October 25, 2016 for relevance and accuracy.
Have you ever received good money advice from anyone?
In this video, The Forbes’ Wealth Wizards share the best money advice they ever got in their lives. Whether it was from a mentor, a professor, a parent, or total strangers, the guidance they received has helped them prosper financially.
Here are some of the key lessons from the short clip:
- Keep it simple: “Don’t spend more than you make. It just doesn’t work.”
- Keep an eye on your money: “Take an interest in your finances because nobody will have your best interest at heart more you.“
- Money doesn’t grow on trees: “It’s a shame to see people blow all their money. The flow of income won’t always be there.”
- Don’t just follow what everyone says you should do. Test it for yourself and then decide which money advice to follow and apply in your life.
- “You can’t make money when you OWE money.” One of the best things to remember about creating wealth in the future.
- Focus your spending based on the future you want to have. Ask yourself: “do I really need this $300 item today? How much will this be worth in five, 10 years?“
When it comes to finances, there’s no better people to learn it from than from the folks who have been there themselves. They’ve usually done it all: from losing everything they have, to gaining more than they ever hoped they could.
Creating wealth for your future isn’t just about saving money. For real financial security for you and your loved ones, it takes careful planning, learning from mistakes, and getting back up wiser than you were before. Folks like Ben Stein, Meredith Whitney, and Ramit Sethi have accomplished that and are now sharing their wisdom to others.
Hopefully, these lessons and money advice have given you insights into your own financial standing.