If I had to give anyone just one piece of advice it would be to pay yourself first. This means you prioritize saving a portion of your income every month - ideally at least 20% - before tackling any other expenses. Automated contributions to savings, retirement accounts, or investments are a game changer here, taking the mental weight off and allowing you to pay yourself first without needing to test your willpower. The moment your paycheck arrives, your savings and/or investments go up. This approach will help you build financial security and wealth over time. -- 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 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 catch phrase, "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
If I had to give only one piece of financial advice, it would be: "Start saving and investing as early as possible to take full advantage of the time value of money." The time value of money (TVM) is a fundamental financial principle that says money today is worth more than the same amount in the future, due to its potential earning capacity. In simple terms, the sooner you start saving and investing, the more time your money has to grow through compounding interest or returns. For example, if you start saving $100 a month at age 25, assuming a 7% annual return, you'll end up with significantly more by age 65 than if you wait until age 35 to start saving the same amount. The extra 10 years of growth can make a massive difference, even if you contribute less per month later in life. This principle is especially important for younger people who might not realize how much time plays a role in wealth-building. Starting early gives you a huge advantage in terms of compound growth. Even if you're only able to contribute a small amount initially, it's the time factor that makes the real difference in accumulating wealth. The key takeaway is that delaying saving or investing can cost you more than you realize in lost opportunity-time is your most valuable asset when it comes to growing wealth.
My single piece of financial advice is to create a budget for virtually everything you do. Planning ahead ensures you don't make decisions blindly, instead, you can fully understand the financial implications before taking action. Budgets (in both your personal and business life) help track income and expenses, prioritize spending, and identify areas where you can save or invest. Let it serve as a road map, guiding you toward your financial goals and preventing unnecessary debt and stress. While it sounds simple in theory, it can be difficult and requires discipline in practice. But well worth it!
Credit/debt is easy to get in the US, but I still try not to spend beyond my means even if I can technically afford to. The temptation to just say you can pay off your debt with future cash flows is tempting. In reality most personal spending should only be what you make. Debt spending is okay if are buying/building an asset with a good future cash flow chance, such as rental real estate.
Build a Financial Foundation That Matches Your Goals If I had to give just one piece of financial advice, it would be to start with a clear understanding of your financial goals and create a realistic, actionable plan to achieve them. It's not enough to save haphazardly or make impulsive investment decisions-you need a roadmap tailored to your needs. For example, if you're aiming to buy a home, your savings strategy should prioritize building a strong credit profile, reducing unnecessary debt, and creating a dedicated fund for upfront costs like your down payment and closing expenses. As a mortgage professional, I often see clients delay their goals simply because they lacked focus in their financial planning. Setting goals and aligning your spending, saving, and investing habits to those goals will save you time, stress, and money in the long run. Consistency Is the Key to Financial Success Beyond planning, consistency is what transforms financial goals into realities. Whether it's contributing to a retirement account, paying down debt, or building an emergency fund, committing to regular contributions-even small ones-adds up over time. Many people overestimate what they can do in a month but underestimate what steady effort achieves in a year or more. I've worked with clients who started small, saving $50 per paycheck, and within a few years, they were able to afford a home, eliminate high-interest debt, or reach other milestones. The key takeaway? Financial success is less about luck or big gestures and more about disciplined, consistent actions that align with your vision for the future.
Hi, my name is Al Alof, and I'm the founder and CEO of the currency exchange platform ChicksX.com. One piece of financial advice that applies regardless of demographic is the importance of educating yourself and achieving financial literacy. This will put you in good stead and help you to make informed decisions about your finances. Some important areas that you should have a clear understanding of include budgeting, credit cards, banking, retirement planning, mortgages, investments, and insurance. It's also important to update your knowledge regularly, as a lot can change in a short space of time, particularly when it comes to financial markets and fiscal policies. If you have any follow-up questions, I'm more than happy to answer them. Regards, Al Alof, ChicksX
Drawing from my transition from mortgage lending to founding Premier Staff, the most crucial financial advice is to invest consistently in both yourself and revenue-generating assets. Through scaling our company to serve clients like Ferrari and Louis Vuitton, I've learned that strategic reinvestment of earnings creates compound growth opportunities far exceeding traditional savings approaches. When I bootstrapped Premier Staff with just $4,000, I maintained extreme financial discipline, limiting personal expenses to reinvest in the company's growth. This approach, combined with my mortgage industry experience analyzing thousands of financial profiles, showed that successful wealth building requires viewing every expenditure through an investment lens. The results of this philosophy became evident as we scaled to consistent million-dollar revenue years. By treating the company like a startup without external investors and continuously reinvesting profits into growth initiatives, we've created sustainable value while expanding our services to major clients like Microsoft and Netflix. This same principle applies to personal finance - prioritizing investments in skills, education, and assets that generate returns over time. This strategy proves particularly powerful during economic fluctuations. Just as Premier Staff emerged stronger from pandemic challenges through strategic resource allocation, individuals who maintain consistent investment in themselves and income-producing assets build resilience against market volatility while creating long-term wealth potential.
I learned the hard way that consistently investing 20% of your income, no matter how small, builds incredible wealth over time - I started with just $100 monthly contributions to my index funds while working my first tech job, which grew to over $50,000 in 10 years. After managing multiple startups and seeing countless colleagues struggle with finances, I've found that automation is key - set up automatic transfers on payday so you never see that money in your checking account.
If I had to pick one piece of universal financial advice to offer, it would be this: Pay yourself first. That means allocating money for saving and investing a percentage of your income before anything else. Consider your savings a non-negotiable expense, like rent or utility bills, and automate that, if possible, to make it easier. The reason this works is that, building wealth is a matter of consistency and discipline across time, not windfalls. Paying yourself first is important in prioritizing your financial goals, whether you are building an emergency fund, saving for a home, or investing for retirement over discretionary spending. A small percentage of your income will compound into serious wealth. Such a habit changes your way of thinking as well. It establishes a base of financial protection, alleviates concerns about unforeseen financial burdens, and empowers you to make better decisions about how you will allocate the remainder of your resources.
At ShipTheDeal, I learned that automating my savings was the best financial decision I ever made - I set up automatic transfers of 20% of each payment into investment accounts before I could touch it. Not only did this help me build my first company's emergency fund, but it also created a safety net that gave me confidence when taking calculated business risks.
One habit that everyone should adopt is the pay yourself first strategy. This involves setting aside a specific amount of your earnings every month for your investments and savings before making any other expenses. For the best outcome you should automate this monthly savings to a high-yield savings account. This way you can continue to grow your emergency fund and secure your future financial health without worry. Even making small contributions will compound over time as long as you follow this step consistently. This will assure good financial security and work as a safety net for possible emergencies you or your family may face.
A key piece of financial advice is to consistently invest, no matter what your budget. Look at investing as a long term plan rather than looking for quick profits. You can choose where you invest, though it's best to diversify. For many people who don't have the time or interest to do thorough research on financial matters, it's probably best to set up an automated investment plan. This way, a certain portion of your paycheck is allotted to investing without you having to think about it. A 401K accomplishes this, but you may also want to set up automated investing in stocks or other assets as well.
Leverage business credit. Starting, I was conscious of my business line of credit. I still maintain certain freelance payments on business credit. It not only builds your business line of credit, you are also able to get rewards. These can go towards any number of things you may need to run your business if you are conscious of them. Few have comprehensive financial knowledge nad understanding of building credit, until they really need great credit. Take the time to build your business credit as you would your credit. It can fuel expansion and provide perks that go beyond maintaining cash reserves.
Hello, If I could offer just one piece of financial advice, it would be this: Pay yourself first. This concept might sound simple, but it's transformative. During my transition from the NFL to financial coaching, I realized that consistent, intentional saving was one of the most powerful habits for building financial stability and growth. Paying yourself first means prioritizing your financial goals-like saving for retirement, building an emergency fund, or investing-before you allocate money to expenses. When you commit to setting aside a portion of your income as soon as you're paid, you create a solid foundation for long-term success. It doesn't matter if it's 10%, 5%, or even 1%-the act of making it a non-negotiable habit is what builds momentum. In my work as a Financial Health Coach, I've seen clients who adopt this mindset become more empowered and confident in managing their finances. They're no longer reactive, but proactive, taking control of their financial future one paycheck at a time. This advice resonates because it's universal. No matter your income level or financial goals, putting yourself first financially sets the stage for everything else-whether it's achieving financial independence, pursuing passions, or navigating unexpected life events.
The biggest financial lesson I've learned from working with distressed homeowners is to always maintain an emergency fund covering at least 6 months of mortgage payments. I recently worked with a family who avoided foreclosure simply because they had saved enough to cover their payments during a three-month job transition, which made all the difference in keeping their home.
The one piece of financial advice I'd give is to prioritize saving and investing early. Compounding growth is most powerful over time, and starting sooner allows your investments to grow exponentially. Whether it's for retirement, an emergency fund, or other goals, building a strong financial foundation early will provide security and flexibility in the future. It's the most effective way to ensure long-term financial stability.
I discovered that investing in income-producing real estate is the most reliable path to building long-term wealth, after seeing how my $50,000 rental property investment grew to $200,000 in just five years. From my experience renovating over 100 properties, I've learned it's crucial to start small with a single rental property in an up-and-coming neighborhood, focusing on properties that need minor cosmetic updates to maximize your return on investment.
If I had to share one piece of financial advice everyone should follow, it would be to always live below your means and prioritize saving early. This principle might sound simple, but its long-term impact is transformative. Living below your means ensures that you're spending less than you earn. This keeps you out of debt and allows you to build a financial cushion for unexpected events. By saving consistently, even small amounts, you benefit from the power of compound interest. Starting early magnifies this effect, allowing your investments to grow significantly without needing significant contributions later. For example, saving just $200 a month starting in your twenties, with a 7% annual return, you could have over $500,000 by retirement. But you'll have much less if you start saving the same amount in your forties. The key is to automate your savings-set up recurring transfers to a savings account or investment fund. Treat your savings like a non-negotiable expense. Financial discipline in this way, provides peace of mind and flexibility, enabling you to seize opportunities or weather economic downturns confidently. It's the foundation for financial independence.
As a divorce attorney, I've seen a lot of financial mistakes that have taken place during marriage. The greatest financial advice I can give is that, even if your partner has sole responsibility for overseeing the income and expenses, do not just sit back and trust everything will be fine. Stay involved in your financial health at all times. I have seen two primary situations from the lack of remaining informed that occur fairly frequently: (1) a notable amount of debt has been incurred that the "hands-off" spouse was not aware of but will still be liable for half of within the divorce; or (2) there is no understanding by the "hands-off" spouse of what their partner earns, what bills they have, or where money has gone, which may have seemed acceptable while the marriage was good, but now that a divorce is pending, there is a lack of trust and a belief that funds are being hidden. All this does is increase legal fees. Not only will your relationship be healthier if you are proactive in your financial decisions and the day-to-day oversight of your finances during your marriage, but doing so can simplify the process surrounding a division of assets because you already know exactly where you stand if your marriage does not work out and you find yourself in divorce court.