Financial Wisdom

Posted November 11, 2013 by Kelley Long in Life After Five
Illustration by Carl Richards

Illustration by Carl Richards

One of the first things you see when you walk into my office is the sign that says,

Until you make peace with who you are, you’ll never be content with what you have.

I’ve been collecting quotes like this most of my life and I’d like to share some of the best money-related wisdom with Career Girls, along with my take on each.

There is nothing more important than the incredible impact of compound interest when it comes to saving for retirement. Say you want $1 million by the time you’re 65. If you’re 20, you’ll have to save about $3 per day. If you’re 45, it’s $45 a day. Who has the more difficult task?” – Ric Edelman, author of Rescue Your Money

  • KCL, CPA adds: So true. Don’t wait until you can “afford” to save. Save early and save often. Start now, even if it’s just a couple dollars. Make it a habit.

Figure out the difference between wants and needs. I don’t buy things to impress other people. I buy only things that I need or that make me happy. So when I’m in a store, I always take that extra second to picture in my mind how disappointed I would be if I didn’t make that purchase. Most of the time, I don’t buy it.– Adam Bold, author of The Bold Trust About Investing: Ten Commandments for Building Personal Wealth

  • KCL, CPA: refer to the opening sentence – make peace with yourself and don’t try to fill holes with stuff.

Invest in mutual funds instead of individual stocks. Here’s why: Trying to time the market is folly because for every buyer, there is a seller. And one of them is always wrong. –  Bert Whitehead, author of Why Smart People Do Stupid Things With Money

  • KCL, CPA: I try not to give investment advice because each person’s needs are different from the next. However, for most of us, this statement holds quite true. I’d go a step further and say to invest in index funds specifically.

Save for a goal, and then save some more. I opened my first savings account when I was nine years old. I think if I’d had tangible goals at an earlier age, I’d have saved even more. – Carrie Schwab-Pomerantz, president of Charles Schwab Foundation

  • KCL, CPA: Having a financial goal in mind makes it easier to keep saving instead of overspending. Pick something that you want, figure out what it costs, decide when you want to buy it, then figure out how much you have to save. If you can’t afford that much, adjust the want or adjust when you are going to buy it. Voila: you have a goal.

Too many people spend money they haven’t earned, to buy things they don’t need, to impress people they don’t like. – Will Smith

  • KCL, CPA: Isn’t that the truth?

What are some that I need to add to my database? Please leave your favorite money quotes in the comments.

About the Author

Kelley Long

Kelley Long is a CPA/PFS and CFP® who believes that the true meaning of financial security means having choices in life. She uses her 15 years of experience in various financial services industry jobs to inform her work as a Resident Financial Planner for Financial Finesse, providing unbiased financial guidance through workplace financial wellness programs. She’s also a volunteer and media ambassador for Feed the Pig and 360 Degrees of Financial Literacy. In Kelley’s perfect world, everyone would feel great talking about their money concerns, fears, questions and problems, because then everyone would see that we ALL have those concerns, fears, questions and problems. Kelley lives in Chicago with her husband and their Himalayan cat Miles, where she also teaches BODYPUMP group fitness classes at the Chicago Athletic Clubs.