I’m sure financial security is as much on your mind as it is on mine these days. With our economy in flux and a not-so-stable employment environment, it’s natural to be concerned. I recently came across an article on Bankrate.com containing excellent advice from some of my favorite experts. Their suggestions for rewiring our finances included:
“First, pay yourself…When you get your paycheck, take a percentage—between 10 percent and 30 percent—and put that away.”
George Kinder, Certified Financial Planner, author of The Seven Stages of Money Maturity: Understanding the Spirit and Value of Money in Your Life, and founder of The Kinder Institute:
“Hire a Registered Life Planner (a financial planner with additional training in helping clients identify and reach life goals) to help you through this…Nobody can do this themselves.”
“He said, ‘Housing prices have gone up—get a second mortgage and pay off your debt.’ I did, and I’m debt-free.”
Dave Ramsey, author of The Total Money Makeover: A Proven Plan for Financial Fitness and host of a nationally syndicated radio show focusing on finance:
“A friend of mine who is a billionaire told me that he reads a book to his grandkids and I should read that book. The book is The Tortoise and the Hare. Every time he reads the book, the tortoise wins. Slow and steady wins the race, and consistency matters. Get-rich-quick never wins.”
Peter Navarro, PhD, author of The Coming China Wars: Where They Will Be Fought and How They Can Be Won, and associate professor of economics and public policy at the University of California, Irvine:
“Take every piece of advice you get from any investment adviser with a barrel of salt. Most are trying to sell you things that you probably don’t need or want. Think for yourself.”
Take what you can practically apply to your life and make it a daily practice. Let’s be real—our lives won’t change overnight but in order to create the desired outcome we want, we have to start by being mindful about our money.
What would you add to that list?