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The Best Money Advice Ever Received?

Advice. We all need it!  We, all of us listening, are not experts in ALL fields. When you come across an area that you do not have full or a void of knowledge, if you are like me, it is great to seek out someone who does know about that area and ask questions and learn much. When it comes to money, finances, and stewardship, it truly is something that is learned.  You can learn from books which is a very good choice, but more often than not we get our money, financial and stewardship advice through asking questions or just having others that know us and what we are going through speak into us.

In today’s episode, we are going to review “The best money advice ever received.” We put out a Facebook poll to ask our listeners (and more) what the best money advice they have ever received was. Some answers were very solid! Others were funny and off the wall. And there were others that were nuanced that made us want to have a discussion on these pieces of advice. 

Be sure to listen to the episode to hear our commentary on each piece of advice.

 

Funny (Not so serious) Advice

  • “Bet all on black ;)”
  •  “Throw out your food budget when your wife is pregnant.”
  • “Make all you can, can all you make, sit on the cans.”
  • “The safe way to double your money is to fold it over once and put it in your pocket.”

 

Stewardship Advice

  • “Your money is really God’s money.”
  • “Money is a great tool, but a bad master”
  • “If you don’t earn interest, you’ll pay interest.”
  • “God comes first.”
  • “Tithe”
  • “Don’t borrow money for a depreciating item.”
  • “Money is a means to an end, not an end in itself.”
  • “Don’t be a borrower or a lender.”
  • “Delayed gratification.”
  • “Be debt free.”

Be sure to listen to the episode to hear our commentary on each piece of advice.

Budgeting Advice

  • “Don’t spend more than you make”
  • “Live far below your means (if possible)”
  • “Set aside money for an emergency fund, investment fund, and opportunity fund.”
  • “Take care of the pennies, the pound will take care of themselves. Discipline on thoughtless spending on small things matters in the big picture.”
  • “If you live below your means, you will always have money left over.”
  • “Get on a budget and stay on a budget.”
  • “Split your paychecks so your savings goes directly to a savings account, then forget about it.”
  • “Even when you make more money, spend like you don’t.”
  • “Never pay a minimum payment on a loan.”
  • “Pay your credit cards off completely. Never pay interest charges.”
  • “If you don’t tell your money where to go, you’ll wonder where it went.”
  • “Be intentional with your money”

 

Investing Advice

  • “Compound interest is the 8th wonder of the world. Start early.”
  • “Make your money work for you.”
  • “A savings account costs you money (referring to inflation)”
  • “Put money in retirement while you are young so it has time to build.”
  • “The deal of a lifetime comes along once a week (In regards to real estate, but it applies of ‘emotional’ purchasing, as often waiting is your smartest play). Just because it’s a deal does not mean that it’s a deal for you.”
  • “Buy real estate and gold.”

Be sure to listen to the episode to hear our commentary on each piece of advice.

Wisdom Advice

  • “Don’t lease a car and then try to buy it off the lease. Just own the car.”
  • “Make the money. Don’t let it make you.”
  • “Mo money, mo problems.”
  • “Don’t buy because something is a good deal. You can’t save money by spending money.”
  • “Get a job in the trades”

 

Questionable Advice

  • “Use debt to buy assets that generate income.”

 

Tik Tok Advice (to Avoid)

  • “Everyone can make money as a successful day-trader”
  • “Don’t pay off your student loans early”
  • “Don’t put your money in a matching 401(k)!”
  • “Don’t invest in an IRA or 401(k), put it all into real estate!”
  • “Get a house without putting any money down”
  • “Buy THESE stocks today!”
  • “Use Life Insurance to buy real estate”

Be sure to listen to the episode to hear our commentary on each piece of advice.

How Can You tell Bad Advice from Good Advice?

  • Consider the source! What is the driving motivation between the source’s advice.
  • Are they advising you how to skirt the law? Or how to be rich? Or are they basing their advice on the Word of God? On the LORD’s character, who does not change, seeking His honor and glory?

 

Stewardship Application

The best money advice in the world comes from the source of all wisdom and truth. Wisdom comes from The Word, not the world!

 

 

Next Steps

 

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The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations.  Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.

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