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26 Personal Finance Tips from Famous People

26 Personal Finance Tips from Famous People

    Take a look at your wallet, and you’ll likely see some pictures of dead guys staring back at you. And it turns out that a lot of those guys had plenty of good financial advice to share. Personal financial advice is clogging up the Internet, and not all of it is good advice. However, the following quotes have been culled from some of the best-known businessmen, entrepreneurs, historical figures, and other famous people to provide you with some solid aphorisms for protecting your net worth. Pair the quotes below with our past advice about getting smarter, or with our past post about the daily habits of other famous people, and you’ll be well-prepared for any financial quandary you come across.

    Historical Figures

    “A penny here, and a dollar there, placed at interest, goes on accumulating, and in this way the desired result is attained. It requires some training, perhaps, to accomplish this economy, but when once used to it, you will find there is more satisfaction in rational saving than in irrational spending.” -P. T. Barnum

    “Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.” -Johann Wolfgang von Goethe

    “Old men are always advising young men to save money. That is bad advice. Don’t save every nickel. Invest in yourself. I never saved a dollar until I was forty years old.” -Henry Ford

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    “The safe way to double your money is to fold it over once and put it in your pocket.”  -Frank Hubbard

    “It is better to have a permanent income than to be fascinating.” -Oscar Wilde


    “My old father used to have a saying:  If you make a bad bargain, hug it all the tighter. ” -Abraham Lincoln

    “Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” -Ben Franklin

    Celebrities

    “A bank is a place that will lend you money if you can prove that you don’t need it.” -Bob Hope

    “You [can] use your money to buy privacy because during most of your life you aren’t allowed to be normal.” -Johnny Depp

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    “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” -Will Smith

    Writers

    “There’s no money in poetry, but then there’s no poetry in money, either.” -Robert Graves

    “It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket.” -Miguel de Cervantes

    Foul cankering rust the hidden treasure frets,

    But gold that’s put to use more gold begets.
-William Shakespeare

    “October:  This is one of the peculiarly dangerous months to speculate in stocks.  The others are July, January, September, April, November, May, March, June, December, August and February.” -Mark Twain

    “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” -Maya Angelou

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    Political Figures

    “It is an elementary and vital courtesy when you are using people’s own money against them that you do it with some grace.” -Richard Neely, WV Supreme Court

    “Money is the mother’s milk of politics.” -Jesse M. Unruh

    “In prosperity prepare for a change; in adversity hope for one.” -James Burgh

    “It takes as much energy to wish as it does to plan.” -Eleanor Roosevelt

    Businessmen and Entrepreneurs

    “God gave me my money. I believe the power to make money is a gift from God . . . to be developed and used to the best of our ability for the good of mankind. Having been endowed with the gift I possess, I believe it is my duty to make money and still more money and to use the money I make for the good of my fellow man according to the dictates of my conscience.” -John D. Rockefeller

    “The four most expensive words in the English language are, ‘This time it’s different.'” -Sir John Templeton

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    “If you can, 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.” -Mark Cuban

    “Only buy something that you’d be perfectly happy to hold if the market shut down for ten years.” -Warren Buffett

    “Put all good eggs in one basket and then watch that basket.” -Andrew Carnegie


    “Experience taught me a few things.  One is to listen to your gut, no matter how good something sounds on paper.  The second is that you’re generally better off sticking with what you know.  And the third is that sometimes your best investments are the ones you don’t make.”  Donald Trump

    “If money is your hope for independence you will never have it.  The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.” Henry Ford

    Conclusion

    People have been trying to find the best financial advice ever since the first coins were minted millennia ago. Not every famous person gives great advice about managing money, but the quotes above will definitely serve you well as you build your net worth.

    What was the best financial advice you were ever given? Tell us in the comments below, follow us on Twitter, or take the conversation over to Facebook.

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    Tucker Cummings

    Writer and social media professional sharing productivity tips on Lifehack.

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    Last Updated on March 4, 2019

    How to Use Credit Cards While Staying Out of Debt

    How to Use Credit Cards While Staying Out of Debt

    Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

    I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

    Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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    Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

    Do Not Treat Credit Cards as Your Funding Sources

    Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

    I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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    I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

    If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

    Make Sure to Always Pay Off Balances in Full Each Month

    The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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    Using Credit Cards with Rewards

    Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

    You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

    I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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    So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

    What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

    Featured photo credit: Artem Bali via unsplash.com

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