A Millennials Guide to the best financial advice

A Millennial’s Guide To The Best Financial Advice

My Strategic Dollar M$D Favorites, Millennials 8 Comments

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History repeats itself. Or so they say. I set out a few years ago with a few goals in mind: 1) figure out my long-term financial goals, 2) create a go forward path with realistic milestones, 3) achieve those milestones and 4) create a life more worth living. Sounds familiar? I’m willing to bet that you’ve done something similar or are in the process of doing this now.

When I was beginning this process I was pretty confused about where to start and from whom I should listen to their financial advice.  Honest to goodness, the hardest part about doing something is getting started. With so many options on the internet, books to read, or friends to ask, how do you know what to do first?

I figured I might as well listen to those who have come before me and have already done what I want to do.

I’ve compiled a few quotes from some of the most successful people in the world and have added my perspective. Here we go:

Financial Advice From Ben Franklin

“Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” -Ben Franklin

You’ve probably heard your parents say these two things about money – “money doesn’t grow on trees,” and “money won’t make you happy.”While I generally agree with this, I think it deserves some explanation. Money doesn’t technically grow on trees, even though money is made of paper and paper comes from…you guessed it, trees. And sure, laying in a pile of dollars bills probably isn’t going to make your heart warm. However, money, when treated correctly, can make life a heck of a lot easier.

If you subscribe to the frugal lifestyle, you’ll already know that having less stuff makes you more appreciative of the things you do have and gives you less to worry about. Having less credit card debt, car loans, or student loans frees up money each month and reduces how much you worry. If you are looking for one way to give yourself the ultimate freedom of choice, not having debt and being in control of your finances is probably it. Do yourself a favor and get your financial house in order.

Financial Advice From Mark Twain

“October:  This is one of the peculiarly dangerous months to speculate in stocks.  The others are July, January, September, April, November, May, March, June, December, August and February.” -Mark Twain

Check out my  Book Review: The Coffeehouse Investor, you’ll be thankful you did. The Author, Bill Schiltheis discusses the reasons it’s just plain silly these days to waste your time AND MONEY trying to beat the stock market. In fact, you’ll often times fail to find someone is consistently capable of doing this and will end up spending more money on fees chasing a way to outperform the market that you’ll end up behind. For all those Millennialsout there, this means don’t worry about how much you have available at this exact moment to invest. Dollar Cost Averaging is the act of purchasing a set dollar amount of an investment at regular intervals. Your 401K invests in this way. Each paycheck, or every time you have extra cash, throw it into a low-cost index fund.

Financial Advice From Mark Cuban

“If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich.” -Mark Cuban

Mark Cuban, of the wealthiest people in Dallas and the owner of the Dallas Mavericks, follows the same line of thinking that I outlined in Focus On Reducing Expenses, Not Getting A Raise. You’ll hear people say they need to increase their incomes to get ahead. They need to spend money to make money. Or that they need to look nice to get a nice paycheck. Ok, that last one is more of a Dallas thing.

This is all just plain wrong. It’s the opposite, the majority of people who are broke are in debt because they chose to outspend their incomes, take on too much leverage and got behind on their payments. If you want to build wealth, stop spending all your money on things you can’t afford. Most people who amass a great amount of wealth didn’t do it overnight. They did it by keeping their expenses in check (i.e. not trying to match all your friends’ spending), increasing their incomes and aggressively investing the difference.

Financial Advice From Robert Kiyosaki

“Although there are lots of things in life that we can’t control, there is one thing we have total control over: ourselves… The choices we make about how we spend our time and our money can give us control of our finances — and our financial future.” -Robert Kiyosaki

I’m a big believer of only trying to control the things that are in my boat. What the heck does that mean? Take the boat out of the equation and it simply says don’t sweat the stuff you have no control over. Do you have control over traffic? No, don’t stress about it. Do you have control of when it rains? No, don’t get yourself into a tizzy because there’s a little wetness outside. Can you control how hard you work? Can you control whether you have a smile or a frown on your face? YES & YES. You can control how you react to things. You can control how much you spend, save & invest. Only try to control the things in your boat otherwise you’ll drive yourself crazy.

A Millennials Guide to the best financial advice

Financial Advice From Dave Ramsey

“A budget helps you to enjoy your money more because you know you are in control of your spending.” –Dave Ramsey

Speaking of control, one of the best ways to control your finances is to create a budget and stick to it. Use the budget to give every dollar you bring in a purpose. Will you pay a bill, reduce debt, save, invest or spend that dollar? The choice you make today has an impact on your future financial self.

Related: Steps To Financial Freedom Part 2: Create A Budget

A Millennial’s Guide To The Best Financial Advice – In Conclusion

This wasn’t intended to be the one-stop shop for all your personal finance advice. On the contrary, it was supposed to give you insight from those that have come before us. Whether you’re just starting out and struggling to know where to start. Or you’re in the middle of a 10-year plan and want to give up. Or if you’ve recently completed your journey and don’t know where to go next. Know that you are not alone in your struggles and that millions of people go through the same thing or have gone through the same thing. Take comfort in the fact you can be just like one of these people one day. You can be successful, you just have to create a plan and start working towards it!

-My Strategic Dollar

Comments 8

  1. Fantastic post. It’s awesome that you compiled some of the best advice from these great financial minds. The Ben Franklin quote is especially terrific. Until I discovered the 4% rule, financial independance seemed unachievable as our target number was way too high. Knowing how much money we need to meet our needs let’s us focus on an achievable goal. This will eventually will let us use our resources to buy time which will increase our happiness more than additional money.

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      Definitely! I love finding modern interpretations of famous quotes about money! Thanks for stopping by and sharing!

  2. Very inspiring! Thanks for the quotes 🙂 I have never heard that quote from Mark Twain yet but I like it! I used to be a speculator in stocks (well still am to some degree) but have since added more indexing/ ETFs to my portfolio. If I did that 10 years ago I would be much better off but better late than never!

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  3. I love Mark Cuban’s advice because it’s overlooked by a group of folks. I think that more income is INCREDIBLY powerful. But the fact is, all the money in the world can be easily undermined by lazy, bad habits. Mark’s got it right: keep your spending under control first and foremost.

    Then and only then will more income actually make a difference. 🙂

    Good collection you’ve got here.

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