Americans are hit with so much financial advice these days that it’s impossible to understand and keep up with it all. Like many others, you probably just want to know the bottom line – what are the most important financial steps I need to take? To cut through the clutter, awhile back I asked five top personal finance experts to offer their single best piece of advice. (BTW, these are people I think are actually good "experts". Most financial "experts" are in it for themselves while these guys are genuinely trying to help.) We'll be looking at what they had to say over the next five posts. Here’s the first one:
“As with most other life challenges, you should strive to strike a balance with money. For example, too many people overspend and fail to live within their means. This prevents them from saving to accomplish goals and can saddle them with credit card and other high-interest consumer debt. At the other extreme are misers who save “too much” and who have difficulty spending and enjoying their money. Take the time to discuss with family and contemplate your financial and personal goals so that your financial decisions are towards that end. Then, gradually implement your plans. Invest in your relationships with family, friends, and in your health – without these, all the money in the world won’t be worth having.”
Eric Tyson, financial counselor, syndicated columnist and best-selling author of “Personal Finance for Dummies.”
Eric hit hard on Principles 2 and 3 -- the two Principles you have the most control over. Great advice.
Continue to part 2 of The Best Financial Advice I Can Give.
Update: It's time for the Traffic Jam at Outside the Beltway.
Comments