Blog Swap: The Best Investment Advice I’ve Ever Received

Hi Everyone! I’m participating in my first blog swap with Anna at Good Cents Savings. You can read my post about the best investment advice I’ve ever received over on her blog by clicking here.

This isn’t ground breaking, and is something you’ve almost certainly heard before, but it’s also without a doubt the best investment advice I’ve ever received…Pay Yourself First. I first heard this lesson from my father as a child when he helped me open up a savings account at the little bank in an equally little downtown. He suggested that I save some of any money I got (at that point from allowance, doing extra jobs around the house, and gifts on birthdays) and even offered to match any interest I earned from the bank. Seemed like a pretty good deal to me, and I was excited to watch those pennies add up.

Since then I’ve read this advice in countless magazine articles, books, and online; heard it mentioned over and over on financial radio and TV shows; and heard it discussed repeatedly as “the thing we all know we’re supposed to do.” But is it easier said than done?

Actually, it’s not. Unless you really do not have enough to make ends meet (I completely understand that there are plenty of people in this situation), once you set up the money to automatically be pulled out of your everyday spending account each month and put into a savings or investment account, it becomes shockingly easy. The money just isn’t there and so it doesn’t get spent. If it is there, all too often it fizzles away on another dinner out here, trip to the grocery store there, and a few impulse buys.

A few times over the years we’ve tapped into our savings, whether for medical costs, a down payment on a house, or to live on while transitioning to being self-employed. It always stings to see that balance go down instead of up, but much better to be able to rely on savings during a financial rough patch than to have to go into debt. And it reinforces how important it is to start paying yourself first again as soon as things get back on track.

I find this the best investment advice I’ve ever received because no matter what you invest in if you don’t keep funding those investments it will never amount to much!

What is the best investment advice you’ve ever received?
  
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Jen

Freelancer; reformed spendaholic; risk taker; adventure seeker; world traveler; rose smeller; debt destroyer. My mission is to inspire others to live a healthy, balanced life one cent at a time.

Comments

Blog Swap: The Best Investment Advice I’ve Ever Received33 Commentshttp%3A%2F%2Fwww.thehappyhomeowner.net%2F2012%2F03%2Fblog-swap-best-investment-advice-ive.htmlBlog+Swap%3A+The+Best+Investment+Advice+I%27ve+Ever+Received2012-03-23+09%3A00%3A00Jenhttp%3A%2F%2Fwww.thehappyhomeowner.net%2F2012%2F03%2F23%2Fblog-swap-the-best-investment-advice-ive-ever-received.html

  1. To piggy back on "pay yourself first", the best financial advice I've ever received was to save a standard percentage of every dollar that you earn. I learned this years ago from studying the audio-recorded works of Earl Nightingale. At the time of his recordings, done in the 50s, the rate was 5%. Of course, now with the cost of living, the rate is now up to around 15%. But, the message is clear. Put away 15% of your money in a secure savings where it won't be missed.

  2. Such great advice! My post over on Anna's blog highlighted my own best advice received, compliments of my Grandfather: 2 pennies for me; 1 penny for them. I was 5 years old at the time so it's rather elementary, but it all boils down to paying yourself first, saving enough that it hurts, and maintaining your savings. Thanks for sharing!

  3. The best advice I ever got was to double my life insurance after my second child! Now, I have 1.5 million in whole life coverage, and have been sleeping well ever since! No, worries about what will happen, "after i'm gone." My family will be fine financially, and the peace of mind I get from it was worth it too. Call, smoke signal, email, blackberry an/your agent today.

  4. The best advice I ever received was to do an annual credit report for myself. By knowing my credit score, I am able to protect myself. It saved me from bad credit and protects me against identity theft. Identity theft is all too common these days, and my checking your score frequently you can make sure your credit has not taken a turn for the worst due to fraud.

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