CONSIDER GREED
The Advice: “Be afraid when people are greedy, and greedy when people are afraid. The rule is basically: “Buy low and sell high.”
Who Said It: Gary Belsky, Co-Author of Why Smart People Make Big Money
The Result: “In general, I’ve been doing better than market averages by being conservative when the market is frothing and aggressive when the market is down.”
PAY YOURSELF
The Advice: “When you get your paycheck, take between 10%-30% and put that away. You’ll be financially independent within a short period of time.”
Who Said It: Wayne W. Dyer, Ph.D., Author of Your Erroneous Zones
The Result: He saved 90% of his pay during his last 18 months in the Navy. “So I came home with enough money to pay tuition for 4 years of school and a car. Even today I pay myself first.”
DEBT DIFFERENCES
The Advice: “There’s good debt and bad debt. Bad debt is debt you have to pay for and makes you poor — like using a credit card to buy new shoes. Good debt makes you rich and someone else pays for it.”
Who Said It: Robert Kiyosaki, Author of Rich Dad, Poor Dad
The Result: “Let’s say I’m closing on a $17 million property and financing $14 million. It makes me richer every month by putting $20,000 in my pocket.”
THE INNER INVESTOR
The Advice: “Hire a Registered Life Planner, a financial planner with additional training in helping clients identify and reach life goals.”
Who Said It: George Kindler, Author of The Seven Stages Of Money Maturity
The Result: “A Life Trainer is trained in how to elicit from a client what is meaningful and how to keep their eyes on the prize. My investing is deeply tied to what’s important in my life.”
FOLLOW THE TORTOISE
The Advice: “A billionaire friend reads a book to his grandkids every night. The book is The Tortoise & The Hare. Slow and steady wins the race, consistency matters, get-rich-quick never wins.”
Who Said It: Dave Ramsey, Author of The Total Money Makeover
The Result: “It’s a good reminder for somebody like me to keep me in check. It has implications for debt, for mutual funds, for budgets — it’s an overlay for everything.”
