What's the best financial advice you've ever received? Here are a few answers

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  • Jaesi (@jaesib) Salt Lake City, UT
    Aug. 20, 2013 10:28 a.m.

    These are all great! My best financial advice deals with the attitude and emotions you have with money. When buying something, you may feel like something is taken away from you. This is not the abundant mindset. So you can trick yourself in a way. Because the mind can't tell the difference between an experience you create outside (physical) or inside (imagination).
    So this is what you can do:

    Carry cash around in your pocket and throughout the whole day, imagine spending it. But then look back in your pocket after the experience to see the money is still there!

  • NT SomewhereIn, UT
    Aug. 15, 2013 8:37 a.m.

    Don't buy anything you don't have the cash for. I paid every cent of my college education (2 degrees). The lessons I learned through that process were very valuable.

    We did take out a 15 yr loan for our home 20 years ago. We paid it off in 7.

    These lessons must be generation-skipping because I cannot for the life of me convey this same advice/counsel to our children, one of whom is requesting that we cosign for something today.

    Heaven help the next generation.

  • Daniel Leifker San Francisco, CA
    Aug. 14, 2013 11:06 p.m.

    Best advice I got: Write down everything you spend money on. Every penny. (Spreadsheets are great for this.)

    At the end of the year, total up the categories. You will be utterly horrified by how much you spent on things you don't use, clothes you don't wear, food you never ate, and carry-out or restaurant food that you could have cooked at home. I used to go out to lunch every day and eat mediocre food, and then I realized I was spending over $2000 a year just on that.

    Just seeing how much money leaked out of my wallet each year prompted me to make some lifestyle changes that didn't hurt all that much and saved me thousands of dollars each year.

    Worst advice I got (and never used): I once read a book on how to be thrifty. It actually advised you to save money by not having your male children circumcised at birth. Oh, and Heloise once mentioned some guy who washes and recycles his paper coffee filters. I guess I could think of worse things to recycle.

  • ImABeliever Provo, UT
    Aug. 14, 2013 9:09 p.m.

    I save and invest a little; but I tell you it is extremely difficult.
    It is crazy expensive to live in the United States anymore.

  • Cato the Elder Salt Lake City, Utah
    Aug. 14, 2013 8:10 p.m.

    I am saving myself for marriage.

  • Liberal Ted Salt Lake City, UT
    Aug. 14, 2013 1:02 p.m.

    But bo and our leaders tell us it's okay to borrow, spend, print and leverage on the backs of our children.

    Somehow this is the only way to prosperity. yet our country has $17 Trillion in debt. Which is $7 Trillion more than when bo inherited this "mess". We have $70 Trillion unfunded liabilities. And yet the answer is to simply tax the snot out of those few that are still working and spread the wealth to those who refuse to do for themselves.

    The whole time we have a president that takes more vacations, golfing trips, parties with the elites and the least transparent.

    Yet his minions keep chanting yes we can yes we can yes we can, while the country goes down the toilet.

  • Brave Sir Robin San Diego, CA
    Aug. 14, 2013 10:06 a.m.

    My dad told me "never own a dog you can throw. Because you will." Sage advice.

  • Mister J Salt Lake City, UT
    Aug. 14, 2013 8:05 a.m.

    Shakespeare said, "Neither a borrower or lender be."

  • ipr Spanish Fork, UT
    Aug. 14, 2013 7:47 a.m.

    Get out of debt. It is tremendously comforting to know you don't owe anybody anything.

  • george of the jungle goshen, UT
    Aug. 14, 2013 5:43 a.m.

    Invest in pork belly's. The thing is. What ever your thing is. Don't have more things than what you can do. Keep it simple, one thing at a time.

  • Zorro Bakersfield, CA
    Aug. 13, 2013 11:24 p.m.

    My Dad always said, "If you cant pay cash, you cant afford it!" Wish I'd listened!!! :)

  • jeanie orem, UT
    Aug. 13, 2013 11:21 p.m.

    Budget, and when you do include a reasonable amount each month you don't have to account to anyone for.

  • Hutterite American Fork, UT
    Aug. 13, 2013 11:06 p.m.

    I tell the kids to live below their means. A new car is almost never justified. As dual citizens I tell them they must live at home in Canada most of their lives, because health care will never work here, and it will destroy them if they don't. Do not deal with US banks with your real money, I tell them. They are not nearly conservative enough in any of their practises. Your bank should be run by an old scotsman, I counsel, who loathes your spending habits very much. Avoid the trap of easy money. You may achieve your status by what you have earned, but never by what you can borrow.

  • JSB Sugar City, ID
    Aug. 13, 2013 9:38 p.m.

    When my children got married I gave them the following advice: 1) Always have good medical insurance. 2) Avoid debt except for a house that you can afford. That means to never buy a car unless you can pay cash for it. Pay your credit card bills off every month. 3) Save a little every month. 4) When the babies come, mama stays home. It's worked so far.

  • DN Subscriber 2 SLC, UT
    Aug. 13, 2013 8:54 p.m.

    Buy low, sell high.
    Marry rich.