Financial Role Models
As part of a special section on Baby Boomers, Money magazine recently asked several Boomer celebrities about the best money management advice they ever got. Novelist Alice Walker pointed to her father's encouragement to get in the habit of saving money as early as possible. Her first deposit was 50 cents that she earned selling eggs as a youngster. Actor Bradley Whitford, who starred in The West Wing, has never forgotten the lessons contained in the riddle his father told him: "Who's happier, the guy with $11 million or the guy with 11 kids? The guy with 11 kids. Why? Because he doesn't want more."
Matt's View
When I was in my mid 20's an unusually successful friend gave me this advice: "The key to wise money management is spending less than you make." I remember thinking that there had to be more to it than that. A few years later I found myself so deep in credit card debt that I was having a hard time making the minimum payments. That was the wake up call that gave me a hunger to learn how to manage money well, a subject I've been studying ever since. No matter how good the advice, I guess the one receiving it has to be ready to learn.
What's the best money management advice you've ever received, who gave it to you, and how has it impacted your life? Please send me a note . Maybe the advice can help others who are ready to learn.
Managing Money by The Book
- "I delight in your decrees; I will not neglect your word." - Psalm 119:16
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