Growing up in a single-parent household in the 1970s and '80s, money was always tight. My mom worked tirelessly just to keep us afloat, so there wasn’t much time, or money, for lessons on finances. We simply didn’t have any to manage and that shaped how I view money, even today.
Reflecting on my journey—from growing up with financial scarcity to becoming a financial advisor—I realize how certain key pieces of advice helped shape my outlook and deepened my appreciation for financial wisdom. So, I thought, why not ask some of the smartest people I know—friends and clients—what’s the best financial advice they’ve ever received?
“Always have a plan,” suggests Moira, a retired ophthalmologist. “Start young and save consistently.”
She’s been following this advice for over 50 years—and now, she’s living her best life.
“For every dollar you earn, donate the first 10%, save the next 10% and live on the rest,” offers Ralph, a local business owner. “Always in that order.”
That’s a simple, powerful and great way to build discipline. It also encourages us to think beyond ourselves and cultivate generosity.
“I teach my kids to set up automatic savings and investment plans,” explains Chad, an IT executive. “If you can’t see the money, you won’t spend it. It forces you to live below your means—and you won’t even miss it.”
This is an excellent example of how setting up automated deductions for savings and investments can be your best friend in building wealth.
“Compound interest is the eighth wonder of the world,” Einstein famously said. “He who understands it, earns it. He who doesn’t, pays it.”
It is one of Joe’s favorite quotes. Another saying favored by the young bank executive, famously attributed in part to Warren Buffett, is, “There’s no prize for being the richest dead guy. Focus on living a great life and helping others.”
These are wise words offered by someone who is clearly thinking long-term.
“Understand everything about the investments you’re buying or selling,” stresses Jeremy, a commodities and currency trader. “Financial education is key, not just for success, but for earning respect among your peers, clients and colleagues.”
This underscores the fact that knowledge really is power in the financial world.
I encourage you to take a moment to reflect on the best financial advice you’ve received and consider how it has impacted your life. Remember, consistency and thoughtful planning are key to achieving lasting financial success.
Sean Goodrich is a CFP® for Raymond James through Goodrich Wealth Planning. He can be reached at
sean.goodrich@raymondjames.com
