11 financial experts share the best money advice they've ever received
- Money advice can come from friends, financial experts, and even your parents - who should you trust?
- Because money advice is subjective, what works best for one person may not work best for another, but it's helpful to have some options.
- Here, financial experts share the 11 best money advice they've ever received.
Over the years, you may have gotten money advice from various people, from your parents to a certified financial planner (CFP). However, until you implement that advice, it's hard to know what will work for you.
There's a lot of different financial advice out there, and too much can be overwhelming and demotivating, Andrea Woroch, a consumer expert, told Business Insider in an email. "In order to be successful in improving your financial situation, follow and apply tips that fit your current lifestyle."
For instance, she said that it may not be possible to pay off your credit card balance in full every month if you're on a limited income, but you may be able to consolidate your debt using a low-interest personal loan to save on interest.
Below, financial experts share 11 tips about the best money advice they've ever received. (The responses have been edited for length and clarity.)
1. Live on less than you make
2. Always use cash
3. Take willpower out of your saving habits by setting up automatic transfer
4. Start saving while you are young
5. Invest 15% of your salary in a simple portfolio
6. Do not increase your spending when you get a raise
7. Look at your credit report
8. Make the most of your credit card points
9. Don't work for money; let money work for you
10. Save every $5 bill
11. Always save for a rainy day
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