Ask the Readers – What is Your #1 personal finance tip?

By glblguy

Ask the Readers!

Here’s your turn to share your knowledge and experience with other readers.

What is your #1 personal finance tip for other readers?

I’ll summarize all of your tips in a follow-on post. If I get enough response, we can do a vote and top tipper will win a prize!

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6 Responses (including trackbacks) to “Ask the Readers – What is Your #1 personal finance tip?”

  1. ChristianPF Says:
    July 19th, 2007 at 1:51 pm

    Other than DISCIPLINE, which may or may not be considered “personal finance” I would have to say the most important thing is to understand how interest rates affect your money. Both on your assets and liabilities.

    It is easy to forget, after reading PF information all the time, that most people do NOT understand the power of compound interest. Einstein called it one of the most powerful forces in the modern world (I don’t remember the quote exactly). Most people do not realize that time is the most powerful component when compounding interest.

    Most people don’t realize how LITTLE money it takes to retire wealthy, if they just take advantage of the power of compound interest.

  2. Ron Says:
    July 20th, 2007 at 6:59 pm

    I’ll skip over the usual suspects like have an emergency fund, max out your retirement, use credit wisely, etc.

    Here is something I have been doing for years. I save change left over from the day just like many other readers do, I’m sure. But I also save my dollar bills.

    The key to this (so it becomes less noticable) is to spend your day to day cash normally. Don’t save back your dollar bills during the day. If something costs 50 cents, break the dollar. If you end up with no singles at the end of the day, oh well. But if you do, save them back. When I get around $50 or so, I deposit it in my online savings account.

    I’ve never tracked this but I estimate I’ve saved several hundred dollars a year doing this and I never miss it.

    Ron

  3. glblguy Says:
    July 20th, 2007 at 7:24 pm

    Great tips guys. Come on everyone, what are your tips?

  4. MITBeta Says:
    August 2nd, 2007 at 9:17 pm

    Pay yourself first.

    Corollary:

    Start early.

  5. glblguy Says:
    August 3rd, 2007 at 1:20 pm

    Good one, that’s like the golden rule of personal finance.

  6. Make Friends, Earn Money Says:
    June 19th, 2008 at 6:39 am

    never buy extended warranties or extra insurance on consumer products, the likelihood of them going wrong in the first 2-3 is small and you are just wasting money.

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