The Big List of Great Money Advice

  • The Joneses aren't as rich or happy as you think
  • Get rich quick and get poor quick are sides of the same coin
  • Your life is a better benchmark than the S&P 500
  • The more complicated the investment advice, the more expensive and the less useful
  • Spend less than you make. Always.
  • Ask about anything you don't understand
  • There is no such thing as job security
  • A house is a place to live, not an investment
  • No one knows what is going on with the economy
  • The only sure thing about stocks is that there are no sure things
  • Stocks tend to pay well because they are so volatile
  • Your mortgage broker is lying to you about how much house you can afford
  • A raise in income shouldn't mean a raise in lifestyle
  • Forecasting is for weather people
  • Never reach for yield
  • Fees erode performance
  • Excess is never permanent
  • You will never have "enough" money
  • There is an inverse correlation between performance and time spent watching financial news
  • Diversification must occur within and between asset classes
  • If it depreciates, don't pay interest on it (I'm looking at you, cars)
  • You don't have to be rich to invest, but you have to invest to be rich
  • Invest in your mind and your skills first
  • Infrequent splurges bring the greatest happiness
  • If it seems too good to be true, it is
  • Max out your 401k match and contribution before you even consider watching CNBC
  • Einstein never said that thing about compound interest but it's still magical
  • Buy term insurance and invest the rest
  • If you're excited about an investment, it's probably a bad idea
  • A penny saved is more than a penny earned
  • Market corrections come more regularly than birthdays - expect them
  • Debt is a four letter word too

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Want 287 pages of great financial advice? Try The Laws of Wealth by Dr. Daniel Crosby.