“The Eleventh Commandment: Thou shall not spend principal”
Great-grandfather
This was financial advice that my great-grandfather gave to his kids and grandkids.
“If investing is entertaining, if you are having fun, you are probably not making any money. Good investing is boring.”
George Soros ― Investor
The thrill of ups and downs is often tempting. It’s the nature of mankind to seek excitement. But so often it’s the flamboyant stuff that lacks investment value. The crowd could be so blind that...
“It is not necessary to do extraordinary things to get extraordinary results.”
Warren Buffett ― Investor/CEO of Berkshire Hathaway
Being the best at something that has been around for a long time can still make you a lot of money. You don’t always have to reinvent the wheel. Just make it the best wheel...
“Always remember the miracle of compound interest.”
Grandfather
The idea that saving today will make you richer is an idea I like to live by. Working hard and sacrificing today will pay off in the future. Also, this reminds me to be smart...
“Compound interest is the eighth wonder of the world. He who understands it, earns it, he who doesn’t pays it”
Albert Einstein (1879-1955) ― Theoretical physicist
Save early and often, compound interest will do wonders for your financial security if you take advantage of it.
“The things that are most important in life are the things money can’t buy—love and time, so it really doesn’t matter if you have all of the money in the world.”
Warren Buffett ― Investor/CEO of Berkshire Hathaway
I was lucky enough to see Warren Buffett speak at a lunch earlier this year. Most of his advice was not about investing but on life. This quote stuck out to me even though I’ve...
“Don’t take a job for the money, the money will take care of itself if you take the right job.”
Father
This came up during job decisions this year. I had an offer that was, overall, more lucrative, but did not line up as well for my long-term career aspirations. As I talked through this with...
“Never get too busy making a living that you forget to make a life.”
Anonymous
Coming from a family of workaholics, I have to constantly remind myself that work does not have to be the focus of my life.
“Money cannot buy happiness, but it can buy freedom.”
Cousin
My cousin Rose (who has made her fair-share of money) is a very grounded and extremely frugal person. She has bestowed A LOT of wisdom over the years, but this one really sticks. It’s important...