The best personal finance advice I ever received was to automate as much as possible. It's the closest thing to a "set it and forget it" approach to managing your money, and it takes so much of the mental effort and willpower out of the equation. I started by setting up recurring deposits to my savings account. Every payday, a portion of my check is automatically transferred, so I'm consistently building my emergency fund without even thinking about it. I also automated contributions to my retirement accounts. This ensures I'm consistently investing in my future, regardless of market fluctuations or how I'm feeling on any given day. Beyond savings and retirement, I automate bill payments to avoid late fees and keep my credit score healthy. I even have a system for automatically investing in index funds each month. Automating these key aspects of my finances has freed up my time and mental energy to focus on other financial goals, like paying down debt faster or saving for a down payment on a house. Honestly, the peace of mind that comes with knowing my finances are largely on autopilot is priceless. I'm less stressed about money, and I'm actually making more progress toward my goals than when I was trying to manage everything manually. If you're looking to take control of your finances, I can't recommend automation enough. It's a simple but incredibly powerful tool.
"The best piece of personal finance advice I've ever received was to "pay yourself first." It might sound simple, but in my experience the best advice often looks simple on the surface - but the impact is profound. The idea here is to treat your savings like any other non-negotiable expense you've got, such as rent, mortgage or bills. The best way to pay yourself first is to set up automatic transfers to a savings account on the same day your paycheck lands in your account. By moving a percentage of your income directly into a savings account (ideally a high-interest one) on payday, you can take the pressure and stress out of saving. Over time this small habit will help you build a healthy safety net, without requiring constant effort or even willpower. Another great benefit here is that by prioritizing our financial security first, you'll find that it actually gets easier to budget for other expenses, since your savings will bring some peace of mind." --- Erika Kullberg, Founder of Erika.com, is an attorney and personal finance expert. Erika is the most-followed personal finance expert in the world, with over 21 million followers, including 9+ million on TikTok, 5+ million on Instagram, 4+ million on Facebook, and 2+ million on YouTube. Her podcast, Erika Taught Me, which launched at #1 in Business and #2 overall for podcasts, is regularly at the top of the business and overall podcast charts. Erika is known for her viral catchphrase, "I read the fine print so you don't have to!" She discovered her passion for educating others about personal finance after paying off over $225,000 in student loans in under 2 years and now creates content on social media to empower others with her financial knowledge. Erika has been featured in Inc. Magazine, CNBC, Today, CNN, U.S. News & World Report, Business Insider, and more. www.erika.com https://www.linkedin.com/in/erika2/ @erikakullberg media@erika.com
The most impactful financial advice I ever received was, "Treat personal finances with the same rigor as business finances." Initially, it sounded straightforward, but the key was to adopt business-style metrics-cash flow statements, projections, and periodic reviews-for my own finances. I implemented this by setting up a "personal P&L," tracking income, expenses, and investments with disciplined monthly reviews. This structure allowed me to identify where cash was "leaking" and redirected that into higher-yield investments and savings. It also enabled me to create an "emergency fund" for myself, similar to a business contingency plan, providing financial resilience in volatile times. This approach has built stability and positioned my finances for growth, freeing me to focus on entrepreneurial goals without unnecessary financial stress.
I studied Finance (Personal Financial Planning Concentration) at Western Carolina University (Bachelors in Science), currently a CEO at AAA Fence and Deck Company operating for over 30 years. I've been given several words of wisdom from my mentors in the finance field, but here's the advice that grabbed the spotlight: To see each dollar as a chance to build future independence. I learned to view money as a means of preparing myself for future options and stability rather than concentrating on what it may currently purchase. This required me to reconsider impulsive purchases or short-term objectives in favor of saving for a future I would be happy to lead. I put this into reality by establishing clear objectives for my savings, such as investing in various assets, trip funds, and school, which provides me with a compelling purpose to lay money aside. I have a better financial future ahead of me, which has helped me cut back on wasteful expenditures. Thank you for your time. Best regards, Steven Mena https://www.linkedin.com/in/steven-mena-442009124/ CEO, AAA Fence and Deck Company https://aaafencedeck.com/
The best personal finance advice I've ever received was: "Invest in what you know." As a business owner, I've seen firsthand the value of investing in familiar industries and areas where I have expertise. This approach reduces risk and allows me to spot opportunities and confidently make informed decisions. I started by diversifying my investments within my own industry to implement this advice. For instance, instead of putting all my funds into unrelated ventures, I reinvest some of my profits into technologies and tools that directly benefit my business. This strengthened my business and positioned me to better understand and capitalize on industry trends, giving my investments a strategic edge. Outside my business, I followed the same principle in personal finance by focusing on investments I understood well, such as real estate and dividend stocks. By concentrating on areas where I had knowledge, I avoided speculative risks and built a stable portfolio that aligned with my goals and values. So, this advice has actually allowed me to make strategic choices that support both my business and personal growth, turning my expertise into a powerful tool for wealth-building. Author Bio: Bob Schulte Bob Schulte, CEO, Bryt Software is the visionary leader behind Bryt's approach to loan management. With 30+ years of experience in the SaaS industry and an impressive 25 experience years of education, Bob brings diverse SaaS expertise to the table. Committed to customer satisfaction, Bob's leadership drives Bryt Software's position as a leader in user-friendly lending solutions, combining strategic acumen with a passion for innovation. LinkedIn: https://www.linkedin.com/in/bobschulte/
This may sound simple, but the best personal finance advice I ever received was to dollar-cost average (DCA) into index funds and invest for the long term. Instead of keeping all my savings in low-interest bank accounts or trying to time the market for quick gains, I commit to investing a set amount each month, regardless of price fluctuations. I choose index funds because they have consistently delivered positive returns over time, far surpassing any savings account. What I love about this approach-and what I now recommend to everyone-is that it's accessible for anyone. It eliminates many of the daunting aspects of investing, such as navigating volatile markets, emotional ups and downs, and geopolitical factors. DCA creates a straightforward way to build a substantial investment portfolio, making the journey toward financial growth much more manageable and less intimidating.
Don't expect to live your parents' lifestyle. - So many of us grow up assuming we will have the same level of comfort (or discomfort) in our adult lives. But for many Gen X and Millennial Americans, it has been difficult to replicate these lifestyles, especially when it comes to housing. The young adults from affluent families I work with seem to find this particularly surprising, as they were more shielded from conversations about money.
Transforming My Savings Strategy with a Simple Financial Habit of "Pay Yourself First" The best piece of personal finance advice I ever received was, "Pay yourself first." It's such a simple concept, but it completely changed how I manage my finances. Early on, I used to handle expenses first and then save whatever was left, which, unsurprisingly, wasn't much. But once I began prioritizing savings-treating it like a non-negotiable expense-everything shifted. I started automating a portion of my income to go directly into a high-yield savings account and an investment portfolio every month. This discipline helped me build a financial cushion and reduced my stress during leaner months in business. I also applied this to other areas, like setting aside funds for future business growth, allowing me to expand strategically without scrambling for resources. By "paying myself first," I built a financial foundation that empowered me to make better decisions personally and professionally.
The best piece of personal finance advice I've ever received is to "pay yourself first." This means prioritizing savings and investments as soon as you receive income, before covering other expenses. By treating savings like a non-negotiable bill, I've consistently built my emergency fund, contributed to retirement accounts, and invested in long-term goals without feeling the pinch. To implement this advice, I set up automatic transfers to my savings and investment accounts immediately after each paycheck. This approach not only makes saving effortless but also helps avoid the temptation to spend that money on non-essentials. Over time, "paying myself first" has helped me build financial security, meet short- and long-term goals, and feel confident about my future finances, no matter what life brings.
Title: Focus on Building Multiple Income Streams for Long-Term Stability The best personal finance advice I've ever received is to never rely on just one source of income. Having multiple income streams not only adds a layer of financial security but also creates opportunities for growth in different areas. I've applied this advice in my life by diversifying how I make money, from running a local SEO agency to investing in real estate and cryptocurrency. This approach has given me more control over my financial future. If one area underperforms or faces unexpected challenges, the others can help balance things out. For example, while my agency brings in consistent revenue, the real estate investments provide long-term growth, and the crypto ventures, though volatile, offer a higher potential for returns. By balancing these different sources, I've been able to weather financial fluctuations more comfortably and steadily grow my overall wealth over time. This strategy has reduced my financial stress and given me more freedom to explore new opportunities without feeling tied to any single stream of income.
The best personal finance advice I received was to pay yourself first by prioritizing savings with each paycheck. I've implemented this by setting up automatic transfers to savings and investment accounts, ensuring I consistently build financial security before budgeting for other expenses. This habit has been invaluable for long-term stability and goal achievement.
The best personal finance advice I received was to 'pay yourself first' by setting aside savings before spending. I've implemented this by automating monthly contributions to both a retirement account and an emergency fund. This approach has helped me build a strong financial cushion, ensuring stability and peace of mind while allowing me to focus on long-term goals without financial stress.
The best personal finance advice I've ever received was, "Pay yourself first." When I started as a property advisor at Stage Properties, it was thrilling but also intimidating to know my income would be commission-based. That tip-paying myself first-became my foundation. Now, whenever I close a deal, I set aside a portion immediately for savings and essentials, even before any other expenses or splurges. This discipline not only helps me manage the ups and downs of commission-based work but it's kept me financially secure in Dubai's fast-paced environment, where costs can pile up quickly. Following this advice has truly kept me steady, and I couldn't imagine managing my life here without it.
"Pay yourself first" is the most important personal finance tip I've ever received. In other words, one should save money before making any purchases. In order to put this into effect, I schedule my investments and savings for the first of each month, contributing to growth investments like index funds, retirement plans, and emergency accounts. This guarantees that I am generating long-term wealth while maintaining control over monthly spending. Success comes from discipline, which has been crucial in assisting me in staying under my spending limit and even growing my portfolio over time.
The best piece of personal finance advice I've ever received was to "pay yourself first." This approach sounds simple but is profoundly transformative. Early in my career, I struggled to manage cash flow, especially when reinvesting heavily into my telecommunications business. However, "paying yourself first" is about prioritizing consistent, intentional savings or investments before addressing other expenses. I began setting aside a fixed percentage of every dollar earned, earmarked solely for growth in both personal investments and emergency funds. Over time, this approach not only ensured financial stability for myself and my business but also led to compounded growth that positioned me to weather unpredictable downturns. My background in finance allowed me to develop this strategy rigorously as I leveraged insights from my MBA and experiences working with hundreds of entrepreneurs to refine the allocation. By balancing growth investments with risk management, this disciplined habit transformed my financial landscape, ensuring I was always reinvesting strategically without jeopardizing stability. Today, I encourage clients to adopt this approach, showing them firsthand how even modest, consistent contributions can build lasting wealth and peace of mind.
The best personal finance advice I received was to 'pay yourself first' by consistently setting aside savings before any other expenses. I've implemented this by automating monthly contributions to both personal and business savings, which has built financial security over time and enabled ACCURL to navigate challenges with greater resilience.
AI-Driven Visibility & Strategic Positioning Advisor at Marquet Media
Answered a year ago
The best personal finance advice I've ever received is to "pay yourself first." Set aside a portion of each paycheck or income stream for savings and investments before covering other expenses. I've implemented this by automating transfers to my savings and investment accounts as soon as I get paid, treating it like a non-negotiable expense. This habit has helped me build a solid financial cushion over time and made budgeting easier because I'm consistently prioritizing my financial goals.
The most valuable financial advice I got was to separate personal and business finances from day one. I opened dedicated business accounts for Jacksonville Maids and gave myself a fixed salary instead of mixing company and personal money. This simple step has made tax time easier, helped me track business growth accurately, and stopped me from overspending during good months.
The best personal finance advice I received was to 'pay yourself first,' ensuring consistent savings before addressing other expenses. I implemented this by setting up automatic transfers to both personal and business savings, which has built a financial cushion and enabled more strategic investments in 3ERP's growth.
The best finance advice I got was to make saving automatic and think of it as non-negotiable, just like rent or utilities. Now, I set up transfers right after each pay cycle to a separate account, which has made saving feel effortless. For both my personal finances and business finances, this habit has build a cushion so i can focus on my growth without worrying about unexpected expenses