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Quotes From Famous People Will Influence Your Money Decisions

Follow these nuggets of wisdom to better money management and your ultimate worth. No matter where we are in our financial journey, there’s always something we can learn. Maybe our priorities aren’t quite where we want them to be, or problems at home or work have upended our finances. The following quotes are useful to anyone, and come from some of the best minds on the subject. There are bound to be at least a couple that can inspire us to improve the way we manage our money, our time, and our priorities.

  • “A budget is telling your money where to go, instead of wondering where it went.” — Dave Ramsey 


Finance guru Ramsey knows that being in control of your money starts with a plan. Having a budget allows you to first see where you’re spending. It’s an essential step before deciding where you can make changes. Divide your expenses into needs (such as rent, utilities and health coverage) vs. wants (such as new clothes, eating out and game tickets) to find your base expenses and identify areas where you can save. Try the free Mint or Personal Capital budget trackers.


  • “A dream doesn’t become reality through magic; it takes sweat, determination and hard work.” — Colin Powell


Whether you have a dream to run your own business or retire early, it’s not going to be easy. Forget about winning the lottery (the odds are about one in 300 million). You need to have a vision and then work hard and consistently toward your goal.


  • “Every time you borrow money, you’re robbing your future self.” — Nathan W. Morris


Bad debt, such as balances on credit cards, can make it impossible to get ahead. Never ever carry a balance on a credit card; the interest rate will kill your savings and the balance will hurt your credit score. Payday loans are another bad idea. 


  • “The price of anything is the amount of life you exchange for it.” — Henry David Thoreau


Think about your spending in terms of lifespan instead of money. Is that big new car worth a year of stress and being tied to the office? And what about the increased cost for insurance, tires, registration and servicing? Did you buy it with a loan? Then you’re also giving up many, many future hours of your life. To put this in perspective, read “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence.” 


  • “I am prepared for the worst, but hope for the best.” — Benjamin Disraeli


Insurance helps you to be prepared for the worst. Life insurance, homeowners insurance, umbrella insurance and disability insurance are some that you’ll want to at least consider. Making a will and having a health care directive are two more ways to prepare for what may come. 


  • “It’s how you deal with failure that determines how you achieve success.” — David Feherty


If you can manage to go through the worst times with grace, keeping your ethics and attitude high, it’s fairly certain that you’ll maintain them when luck and hard work lead to success. It’s not always easy, but having an even keel really can help you navigate the toughest storms. The same goes for investing, where panic and greed never lead to a good end. Stay the course with sound, diversified investments and time is your friend.


  • “The stock market is designed to transfer money from the active to the patient.” — Warren Buffett


Take it from the Oracle of Omaha, sound investing requires time and faith. Faith in the companies or indexes you have chosen. Studies prove, over and over, that much more money is lost by people trying to time the market (selling at highs, buying at lows) than by those who simply stay the course, investing over time. It’s easier said than done. Human nature works against us, urging us to sell in a panic at market lows and buy at the top when everything looks rosy. Listen to Buffett.


  • “When buying shares, ask yourself, would you buy the whole company?” — Rene Rivkin


You are buying the company, at least a piece of it, when you buy a share of stock. (Bonds, on the other hand, are loans you make to companies). So before you become an owner, you should make sure that you believe this is the best company in its class, the best investment you could make with that money. Otherwise, keep looking.


  • “Don’t look for the needle in the haystack. Just buy the haystack.” — John Bogle


Even though Bogle is no longer with us, the proclaimed father of the index fund at Vanguard still inspires an army of proud Bogleheads who invest, not in individual companies, but in baskets of stocks that follow the S&P 500 or some other major index. Research shows that even supposed “expert” managers underperform the market most of the time. An added bonus is that index investors don’t have to worry about market ups and downs, thus having more hours to spend in life pursuits, whatever they may be.


  • “An investment in knowledge pays the best interest.” — Benjamin Franklin


Franklin’s sage advice is as true today as it was in his time. The more skilled you can be in your career, the more you’re likely to get paid and the more autonomy you will have. Find a niche, and strive to be the very best one in it. Go to seminars, read books (like Bill Gates!), hire a coach and seek out a mentor. No matter what your field, from app development to bartending, knowledge is the key to success.


  • “The amount of money you have has got nothing to do with what you earn. People earning a million dollars a year can have no money. People earning $35,000 a year can be quite well off. It’s not what you earn; it’s what you spend.” — Paul Clitheroe


In “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy,” the authors reveal that most millionaires are ordinary people with run-of-the-mill jobs who invested their savings and lived below their means. No, they didn’t win the lottery, inherit a fortune or become a CEO in the vast majority of cases. They drive an older car that has long been paid off. They don’t buy fancy clothes. Their home is likely to be in a nondescript neighborhood. When you hear about the secretary who left $8 million to her alma mater, it isn’t because her paycheck was exceptional, but her habit of saving and investing was.


  • “The real measure of your wealth is how much you’d be worth if you lost all your money.” — Unknown


Indeed, Warren Buffett, one of the richest people in America, says he measures his success by how much he is loved by the people who matter to him. We all want financial security, but putting the spotlight on making money without paying attention to how we treat others and what we are teaching them leads to an empty life. Ask yourself if you are helping those below you to improve their position, if you are a benefit to your community and if you are contributing to goals that are bigger than you are. There’s no better time than right now to start.

Click below for the other articles in the June 2020 Senior Spirit Health – Sleep and Alzheimer’s Linked Lifestyle – Relief for Cancer Patients in One Dose Technology – Robot Dog Patrols Park Coffee Break – Travel Movies Famous and 65 – June 2020 Sources: https://www.fool.com/retirement/2019/01/19/12-quotes-that-will-make-you-rethink-your-personal.aspx Blog posting provided by Society of Certified Senior Advisors

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