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June 10th, 2011
05:47 AM ET
Question of the Day: What’s the best financial advice you ever received, and from whom?
(CNN) President Obama took a brief break from weighty policy discussions to share the financial advice from his grandmother with Wednesday's White House conference for Web-based personal finance journalists. His advice: "Don't spend all your money."
American Morning wants to know: What’s the best financial advice you ever received, and from whom?
Post your answer here. Your response might be included in this morning’s broadcast.
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Got great advice from my grandparents back in the sixties: "don't live beyond your means and live 'cash & carry' (i.e. No credit if possible beyond a mortgage). Our mortgage is $10,000 from being paid off, we do NOT have credit cards (anymore), and pay to our savings accounts (multiple) at each pay period (auto-pay). We're blessed to have jobs (in our 60s) and financially help family members when we can. I just want to say that employers who discriminate against the unemployed (especially NOW) are un-American and shame on them!
"The buck stops with the guy who signs the checks."
quote from Rupert Murdoch
Save for a rainy day – from my Granny.
Obama didn't listen to his Granny.
" BUY! BUY! BUY! What? Everyone's buying? Then SELL! SELL! SELL!"
Rodney Dangerfield in Caddyshack
The best advice I ever received was from my then girlfriends father. I met him in the 70's over dinner. He was praising something new called an IRA. At the end of his lecture he turned to me and said: "...and if you don't get one right now, you're stupid!" Not wanting to appear "stupid" I borrowed the money to buy my first IRA. I also enrolled in a payroll deduction plan to make future contributions. Fast forward almost forty years, my advisior is no longer with us but his daughter and I willl enjoy a comfortable retirement, thanks to his good advice.
My mom always told me one fourth of your take home pay is a good guide for a home mortgage. Never borrow what the bank says you can afford.
A friend once told me:
The only sure way to double your money was to fold it and put it in your pocket!
My dad used to say "Some people should never touch money. You are one of them." "Nuts," I said. "Get someone to manage your money", he replied. "Nuts," I said. It took losing almost a million dollars for me to realize he was right and I was wrong.
My mother told me, if you want anything in life, you will have to go into hock to get it. We were poor (I did not know that). So that is what I did to get by in life. Other than a mortgage I am debt free.
My Dad's advise – it's not what you have that will get you in trouble – it's the cash flow!
If you think you really want something, sleep on it for 2 days. You'll be shocked at how much you don't need.
The best financial advice I ever received from my Dad was, "just because something is on sale does not mean you have to buy it".
stay fit and healthy have sex alot but always live below your means cook your own meals cut your own grass and embrace what you have. if you grow your own grass it will be just as green on your side of the fence. lastly pay yourself first
When I moved out on my own mom said to calculate by expenses and savings, put that money in the bank every month and do not use it for anything else.
My husband always says :MONEY SAVED IS MONEY EARNED. I agree. Best advice ever.
MONEY SAVED IS MONEY EARNED. Best advice ever.
Put it all on red at the roulette table!
The best advice I ever received was: Marc, if you want your financial situation to change, YOU are going to have to change. The you that got you into this mess isn't the you that will get you out." From Don Richard, my father's close friend & business partner