We all get advice from a variety of places...family, friends, co-workers, etc. Unfortunately a lot of it is wrong. What is the best financial advice you ever received and that you feel others could benefit by? Also, what is the worst advice you ever got and why?
When I was just a kid my mother made me get a small notebook to track where I sepent my allowance. Man I hated that thing and I hated her and as soon as she stopped looking I quite doing it. That was 30 years ago and guess what - I see she was right. Sorry Mom. If I only knew then what I know now.
Just imagine how much better off we would be if we had just listened to our parents and grandparents instead of the lenders and the Jones'. So I say forget about slogans like "what's in your wallet" and start asking yourself "What's in (or will be in) your kid's wallet?"
That advice was given to me by a man who left school after the 7th grade. He may not have had much formal education but he was also one of the wealthiest men I ever met.
He told me most people fill out a budget by listing all their expenses first and then add savings at the very end. His advice was to put savings first and live on what's left.
