Photo (cc) by qisur
The most influential people have a way of sticking in our minds. An illuminating quote from the best thinkers can even make us change our opinions.
Their observations can also guide how we manage our money.
Below are six quotes from well-known financial movers and shakers, past and present, to consider when making money decisions, big or small.
In his book “One Up on Wall Street,” famous investor Peter Lynch said:
Investing without research is like playing stud poker and never looking at the cards.
If you’re going to invest in stocks, do your homework. Look into each company you’re considering, check their financial statements and company mission, and dig around online for company news. The more you know, the more you’ll understand the associated risk.
Whether you love the man or hate his antics, Dallas Mavericks owner, philanthropist and children’s book author Mark Cuban has undoubtedly made a lot of money. Here’s what he has to say about the best ways to do that:
If you can [find the discipline], you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich.
While it may not be your first step, smart shopping is definitely one of the most important things you can do to reach financial independence. Follow these steps:
- Don’t buy what you don’t need. Always ask yourself if you need it before you buy it.
- Never pay full retail price. Buy on sale or used whenever possible.
- Always look for a coupon code. If you’re shopping online, check sites like Coupons.com or RetailMeNot for codes before checking out.
- Understand when it’s best to pay more for quality and not pinch pennies.
Investing genius Warren Buffett has said quite a few wise things in his lifetime. Here is one of my favorites:
Someone’s sitting in the shade today because someone planted a tree a long time ago.
We can easily apply this to retirement savings. To have truly golden years, you have to start early. The sooner you start planning for retirement and socking away money, the more comfort you’ll have later in life.
This quote is often attributed to American inventor and businessman Thomas Edison:
Opportunity is missed by most people because it is dressed in overalls and looks like work.
If you really want something, you have to be willing to put the hours in. For example, an emergency fund to get you through unexpected financial setbacks is a goal of many, but it won’t appear in a savings account without effort on your part. You may have to reduce the spending you normally indulge in to find money to automatically transfer from your checking account. Or you may need to enhance your income by, say, getting a second job.
An entrepreneur and inventor, the wildly successful Steve Jobs was a wise and outspoken man. Here is one of my favorite Jobs lines:
Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
A lot of personal finance advice you read online is sound, but it often doesn’t apply to everyone. If, after you research and fully understand your options, you think you know a better way for you, listen to your gut instead of someone else’s words. You know your needs better than anyone else does, and odds are if you follow your instinct, you’ll prove yourself right. For instance, it may be a great time to buy a house right now, but not if you suspect you’ll be wanting to move on in a few years.
Finally, here’s my favorite quote from our fearless leader, Money Talks News founder Stacy Johnson:
Life affords you the opportunity to either look rich or be rich, but few live long enough to accomplish both. The younger you decide, the better.
In your own life, you probably won’t earn enough money to drive a sports car, live in a mansion and have millions in the bank. So you have a choice to make. Do you want other people to think you’re wealthy, or do you actually want to be rich?
What’s your favorite financial quote? Sound off on our Facebook page.