The Best Place for Personal Financial Advice

by RJ

in Self Improvement

There are a lot of places to get very good and very personal financial advice, for free. Hopefully, this blog comes to mind. (:

However this blog, a podcast, a website, a book, will not always have the answers you are searching for.

So what do you do if you can’t find the information you’re looking for?

The Best Source of Young Financial Advice

I have always found the best personal financial advice to come from someone older whom I respect.

I simply ask them the question, “What do you wish you did when you where my age.” About five minutes later I have 5, 10, 20, or even 40 years of financial wisdom depending on how old the person is.

My Background

I’m a pretty lucky guy. I had the privilege of growing up at country club in a very nice town in the Chicago suburbs.

I had access to hundreds of people who have managed to build a considerable amount of wealth over.  Luckily, I recognized this opportunity when I was younger.

I made it a habit to ask and listen.  While answers vary from person to person, they all have common themes.

Here’s is what comes to mind when I think back about conversations I have had:

Theme # 1 – Work Hard and Reward Yourself

“Don’t forget while you’re young to reward yourself for working hard. You will have a lot more energy and a lot less commitments then you will later in life. Take advantage and work hard. When you get a bonus, don’t forget to spend some of it. If you make a sale, go out to a nice restaurant with your significant other, etc… This will make you want to work even harder in the future. ”

Theme # 2 – Never Stop Saving

“Even if times are bad, gets into the habit of saving. Even if it’s just 1% of your income. Never forget to pay yourself first.”

Theme # 3 – You Will Never Have a Better Time to Travel

“There will be a million reasons not to travel once you hit your thirties. Even if it means delaying your career and using every last penny of your savings, take the time to travel when you’re young”

More Young Financial Advice

Go ahead and ask a few people if they have any financial advice for you.

The answer might surprise you.

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ChristianPFNo Gravatar January 11, 2010 at 10:48 am

Great article, I do that too (ask those older and wiser for advice) and it something all of us young-ins should do! I once interviewed a very wealthy man who I had access to and I got so many gems of wisdom from him that have greatly helped me over the last few years…
.-= ChristianPF´s last blog ..How (and where) to donate your car to charity =-.

CraigNo Gravatar January 11, 2010 at 11:20 am

There is no ultimate advice and taking advice from others is great, but the decision comes down to you because you are the one who knows your own situations and what you want our of your money and life.
.-= Craig´s last blog ..When it Snows, it Snows Money =-.

JoshNo Gravatar January 11, 2010 at 11:43 am

What about the investment side? Do you think it is more apt to take more risk at an early age or to start slowly growing money on some “safer” investment classes and take advantage of interest and dividends?

RJNo Gravatar January 11, 2010 at 4:18 pm

@Craig – I agree. Personal finance should be very personal.

@ Josh – Very few people I have talked to said anything about investing. Very surprising, I know! I think the reason why is they know that their ability to earn is their greatest asset. That’s just my guess.

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