Here's the next installment from top personal finance bloggers offering their single-best piece of advice. Today, we'll hear from Jim Mahar from Finance Professor:
"The best financial advice I can give is to think long-term. While this may seem simple to do, it is often very difficult to accomplish. Thinking long-term means you save more than you think you need to save and spend less than you want to spend. The best way that I have found to do this is with automatic investment plans. These plans, which are available through all major mutual funds and through many employers, invest money directly from your checking account on a regular basis. This forces you to invest regularly and has the added benefit of making it easier to cut back on spending since if you do not see the money, you are much less likely to spend the money."
Great advice all the way around. For more on investing automatically, read The Automatic Millionaire by David Bach. I highly recommend it.
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