What is the single most effective piece of financial advice you've ever received?

What is the single most effective piece of financial advice you’ve ever received?

  • Buy a kindle or 2nd hand books
    • Not a brand new book. $5/6 vs $15/16
  • Buy a thermos flask
    • And take a cup of coffee(s) or tea with you
  • Pack lunch the night before and DON’T buy Itsu/Pret/Subway/Etc
    • Save $10+ a day
  • Do your food shopping AFTER you eat dinner
    • And save yourself unnecessary spend
  • Make a rule. NEVER buy soda or chocolate from the supermarket
    • Make yourself go to the corner shop. You’ll tend to buy less
  • You will get a credit card one day
    • Make it interest free and one that gives cashback and/or airmiles
  • If you’re investing
    • Make it in your own education
  • If you must torrent
    • Don’t torrent stuff made by the ‘little guy’
  • Groupon and Living Social etc make for cool cheap dates
    • Just don’t ‘him/her’ that
  • Impose a 'personal tax’
    • $5/10 per week into a savings account you have to access in-person in the bank. Imagine this is a NON-NEGOTIABLE tax. Start ASAP. Then move on
  • Buy experiences not objects
    • A better and less costly AND more rewarding habit to get into
  • Before you pay for software
    • Google ‘free alternatives to’. You’ll be surprised by how many good free alternatives there are
  • Install Honey
    • A plugin that will save you money
  • Get familiar with cashback sites
    • Since you’re shopping anyway - make use of them
  • Enrol in a long distance learning course
    • Get a student card w/no expiry. Always get student discount
  • There are apps for Starbucks/Nandos/Costa/etc
    • Just remember/store the long number in your notes on your phone to get the rewards each time you go in
  • Learn to make your OWN money rather than salaried money
    • That’s what I’m trying here
    • This has the potential to grow exponentially. A salary does not

transcribed from effective financial advice