We have collected the best money advice from people who have been there and done that. Here are tips to help become more financially savvy!
Photo credit: kues1
If you were to ask me for the best money advice I have ever received, I would recommend the book The Richest Man in Babylon.
The Richest Man in Babylon is a book by George S. Clason that dispenses financial advice through a collection of parables set in ancient Babylon. Through their experiences in business and managing household finance, the characters in the parables learn simple lessons in financial wisdom. By basing these parables on ancient times, but involving situations that modern people can understand and identify with, the author presents these lessons as timeless wisdom that is as relevant today as it was back then.
You can check out the lessons we learned from The Richest Man in Babylon here.
Meanwhile, we asked random people on different platforms what's the best money advice they've ever received and they told us the story behind that piece of advice, as well as their takeaway.
1. "Don't throw money at a problem and hope it goes away." -Rosa
2. "Pay yourself before you pay anyone else." -Bryan
3. "A penny saved is a penny earned." -Stacy
4. "You can't take it with you when you're dead." -Linda
5. "I made more money after I stopped chasing the 'next big thing.' When I stuck to what I knew and did best, clients kept coming back to me over and over again. Quality beats quantity any day of the week." -Jane,
6. "Save a certain percentage of every paycheck." - Anne Kemunto
7. "Paying off loans is more important than funding your retirement accounts." Owino Boaz
8. "The best advice I ever received was from my mother who constantly told me I should 'pay myself first.' In other words, put money in savings.” Chris
9. 'Never buy anything unless you have the cash to pay for it.' As a parent, I think it's very important to teach children to save and spend wisely." - Jennipher
10. "Be intentional about your spending." - Daggy
11. "It's never too late to start saving, even if you've never saved before." - Patricia
12. "Save at least 15% of every paycheck." - Job
13. "When it comes to a home purchase, don't get distracted by paying the least amount of money possible on a monthly basis. Instead, try to pay down your mortgage as quickly as you can.” Cassandra
14. "I've begun to think of unnecessary purchases as opportunities because they are opportunities to save that money instead." - Maxie
15. "Shop for food at one store and everything else at another store. It'll lead you to make more strategic shopping decisions over time.”- Janet
16. "When I was a kid, my parents always told me to invest in myself. That investment could take many forms. It could be an educational opportunity like a class or book, but it could also mean investing in yourself by doing something you enjoy that makes you healthier or happier." - Herine
17. "Watch for money leaks and cut back on everything. Your big expenses are easier to spot than your small ones, so don't overlook them." - Jared
18. "Track what you spend every day. This will keep you from spending money unnecessarily throughout the month." - Phill
19. "I was told that as long as there is a roof over my head and food in my belly, I am better off than a lot of people in this world. It keeps me grounded when times are tough or I am feeling down about my financial situation." - Sheryl
20. “Keep a journal and write down what really makes you happy, then cut out things that don't.” - Cynthia
Final take, “Your wallet is not a book, it should not be opened to everyone.” Ms. Mwarinda.
If you want to achieve financial freedom and do it on your own terms, then the number one advice we can give you is that you have to start investing in yourself. Money doesn't magically appear in your bank account; instead, it's created by the work that you do. The best way to increase your income and get rich is by becoming someone who people want to hire and pay for the work that you do.
Sure, luck and timing play a role here and there, but those are aspects of financial success outside of our control. But the work is the part that we can control: if we take care of it, the income will follow. That's why we advise everyone to invest in themselves first—if we focus on getting better at what we do every day, as long as we put in the right amount of effort, our earnings will increase alongside our abilities.
Have a productive journey ahead!
