Thursday, April 01, 2010

21 Best Money Tips Ever

Earlier today a colleague sent me a link to this story with 21 money and finance tips from different financial experts from around the country. As I always say, sound financial advice is always worth listening to, so I have listed a few of my favorite tips below for all of my readers to consider. Be sure to check out the full list of 21 tips at MSN

3. Teach independence

Joline Godfrey

CEO of Independent Means, which teaches financial literacy to families and children

Raise your children to make a job, not just take a job. If they don't know how to create a plan, they'll always be beholden to someone else.

4. Retire your debt before you retire

Jane Bryant Quinn

The dean of personal-finance columnists and author of "Making the Most of Your Money Now"

Best advice I can give: Many people are now going into retirement with debt. So how about this for an old-fashioned idea? Pay off your mortgage before you retire if you want financial safety and security. There is bankruptcy among people in their seventies and eighties who had a lot of debt that they couldn't carry when the paychecks stopped.

Best advice I ever got: In the mid-1970s I met Vanguard founder Jack Bogle, who was calling up reporters to get them to write about an index fund. I had lunch with him, and he showed me studies and materials, and I said, "This can't be true -- actively managed mutual funds have always dominated."

But I took his stuff with me and called him a few times about it, and suddenly a light went off. And of course since then an S&P 500 index fund, over time, has done better than managed funds.

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