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Best Advice You've Received

Started by bf312, November 05, 2018, 10:52:49 AM

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bf312

Curious to hear the best financial/career advice you've received over the years. Share the wisdom!

Cheezus

Figure out the worst case scenario.  Accept it.  Then move on and don't worry about it.

Sam

Nothing good happens if you don't take any risk.

If the amount you're saving each month doesn't hurt, you're not saving enough.

Never fail due to a lack of effort because effort requires no skill.
Regards,

Sam

PandaAtlanta

#3
When I was 25, I took a deca-millionaire out for lunch and he gave me two advice. First he told me never to be a silent investor where you have no say in the operations. This is the reason why I don't invest my money in crowdfunding as I prefer to be a general partner, not a limited partner. Second he told me to start your S-Corporation (Innovative Entrepeneurship) and start investing in real properties as soon as you are able to and put most of your money in these two asset classes as these two asset classes will give you the greatest tax shield. Most importantly, you are in control of your own investments rather than someone else.


Hayden

The biggest enemy of good is great. Everyone can be good, but it takes something special to become great.

If you do not have a strategy for your life, you are someone else's pawn.

Go build your dream or someone will happily pay you to build theirs.
Very Respectfully,
Hayden

piarluozno

#5
I used to be super focused on being frugal thinking of it as the best (and possibly the only) way to reach financial independence. Being an immigrant from a developing country, I was dumbfounded by how easy North Americans spend hard earned money on things that didn't make sense (to me at the time) or last :o During a lunch chat with one of my colleagues, who tends to spend liberally, I asked him why he is not saving more. After all, we were working in a startup and making very little money. He said something along the lines of "there is only so much you can save but there are hundreds of billions of dollars out there up for grasp and that he rather spends energy on the latter".  It kind of made sense but I could not see a way to increase my share in those billions. I thought he was just making excuse for living a fun life style.

Over the years, as I moved up in my career I slowly realized he was right. If you have the energy, the will, and the skill to make more $, you should focus on that and stop obsessing about saving a few bucks here and there. If commuting with uber will save you time and increase your productivity, skip on the stressful long bus ride, and think of the uber cost as an investment. Spend 300-400 more on uber, deliver more, get promoted, and make multiple of what you spent on Uber...Another example - as hiring manager in startups and large tech companies, I saw many times that simple tricks such as having multiple competing offers, or simply negotiating better can bring you an offer that can literally double your overall compensation package  compared to what your (possibly better skilled) peers make. I could not believe how often smart folks, especially folks with PhD, leave huge chunks of money on the table simply because they don't know how to negotiate.

Having realized these, I have been worrying more on how to increase my value proposition (= my technical, negotiation, and management skills) and worrying less on saving 10$ on my next grocery adventure... Don't take me wrong, I think you should save, but it should not be an obsession that drains your time, physical and/or mental energy . So far it worked for me quite well  ;)

bob

Don't eat the yellow snow.

From my father - when you find yourself waiting for the clock to hit five, time to quit.  Your job/ career should be your hobby   (he retired at 52, following his own advice)

chris_dukeOfDollars

#7
Quote from: piarluozno on November 13, 2018, 12:35:22 AM
I used to be super focused on being frugal thinking of it as the best (and possibly the only) way to reach financial independence. Being an immigrant from a developing country, I was dumbfounded by how easy North Americans spend hard earned money on things that didn't make sense (to me at the time) or last :o During a lunch chat with one of my colleagues, who tends to spend liberally, I asked him why he is not saving more. After all, we were working in a startup and making very little money. He said something along the lines of "there is only so much you can save but there are hundreds of billions of dollars out there up for grasp and that he rather spends energy on the latter".  It kind of made sense but I could not see a way to increase my share in those billions. I thought he was just making excuse for living a fun life style.

Over the years, as I moved up in my career I slowly realized he was right. If you have the energy, the will, and the skill to make more $, you should focus on that and stop obsessing about saving a few bucks here and there. If commuting with uber will save you time and increase your productivity, skip on the stressful long bus ride, and think of the uber cost as an investment. Spend 300-400 more on uber, deliver more, get promoted, and make multiple of what you spent on Uber...Another example - as hiring manager in startups and large tech companies, I saw many times that simple tricks such as having multiple competing offers, or simply negotiating better can bring you an offer that can literally double your overall compensation package  compared to what your (possibly better skilled) peers make. I could not believe how often smart folks, especially folks with PhD, leave huge chunks of money on the table simply because they don't know how to negotiate.

Having realized these, I have been worrying more on how to increase my value proposition (= my technical, negotiation, and management skills) and worrying less on saving 10$ on my next grocery adventure... Don't take me wrong, I think you should save, but it should not be an obsession that drains your time, physical and/or mental energy . So far it worked for me quite well  ;)

I really liked this story, and for me it has became true in some ways. It can definitely be used as an excuse for some purchases though. I'm in tech, so paying for a nice monitor that is healthier for the eyes, makes me more productive, and allows me to thrive in side gigs - totally worth it!

As far as focusing on making more money and spending money on things to give you more time to do so - it really depends on how you use the extra time you gain. If for example you hire a cleaning service, and while they are cleaning you play Xbox, well you didn't really gain in that productivity :D

------------

One piece of advice that my grandma didn't give me, but did mention was the concept of your salary or income for the year (excluding extra income or side income you weren't expecting).  She always said something like: "It's fine if you spend money on travel, or some new clothes, but you have to realize that means you will have to spend less on something else later. Choose what is important to you and understand that trade off!"

Sir Aaron

#8
QuoteOne piece of advice that my grandma didn't give me, but did mention was the concept of your salary or income for the year (excluding extra income or side income you weren't expecting).  She always said something like: "It's fine if you spend money on travel, or some new clothes, but you have to realize that means you will have to spend less on something else later. Choose what is important to you and understand that trade off!"

I'd second this. You are only young once. Your kids are only young once. And nobody is guaranteed tomorrow. You have to balance the preparation of tomorrow against what you can do today. 

SJanosik

It never hurts to ask.

I've asked for discounts on slightly blemished merchandise and received 5% to 10% right off the top.  My first professional position I came right out and negotiated my starting salary by asking for more than the first offer.  I've asked for raises (with justification) and received fairly negotiated packages. I became a shareholder in a privately held firm over a decade ago by expressing my desire to become vested, and I've grown my shareholdership through two mergers through regular negotiation. I intend to negotiate with the same firm to become a consultant when I decide to "retire".

Most importantly, I asked my wife to join me on a joint-adventure to make my financial prowess all the more worthwhile.  And she isn't a financial slouch, either  ;D

rluks

Quote from: Sam on November 05, 2018, 06:17:59 PM
Never fail due to a lack of effort because effort requires no skill.

^This is good, Sam.

rluks

Money-wise the best advice I've received was to start investing.

As I started taking interest in the topic I've discovered compound interest, and later FI movement. Without this advice, I wouldn't have any financial goals or direction. Pretty big deal.

ladymaam

Be intentional! (This is true in all areas of your life, but especially in money, health, and relationships.) Good luck!

chitown-2020

My best advice is to 'always do the best you can with what you know at the time' -- and 'just start / keep investing'.     You will always make mistakes or make decisions based on incomplete information, but if you maintain a future focus and don't give up, you will learn from your mistakes and keep going.   It's those who are paralyzed by past missteps who don't do well over time.    Resilience is critical to investing, career and relationships.