What is one piece of financial advice you have received that have helped you?

[magnus2022]

I have received a lot of financial advice but none have helped me more than investing 20% of all my income. Through this means, i have been able to buy some shares, bonds without much effort. Without this piece of advice, i don't think i can be able to invest because i have mountainous expenditures that wipe away my income immediately I received my salary.

 

[Suba]

That's very good, even though you have mountainous expenditures, you can invest 20% of your total income, and you already have stocks and bonds, then you can increase your investment to 25%.

 

[itsmejob]

The best that I got was to save at least 20% of my income - not invest but to save. Make sure that the money you earn will not go to anywhere else but to spend it wisely and to save the other portions of it.

 

[neku]

I have been taught to do trial balance for my accounts, finances and this helps me become confident that I am not making a mistake while filing tax returns or financial statements.

 

[freelancermaria]

The basic recommendation was to save and develop an emergency fund. I only recently learnt how to save because I used to waste money on unnecessary purchases. However, when the pandemic began, I learned how important it was to save money because I was almost out of money on my account.

 

[Kross]

The best piece of financial advice I have received is that I should diversify my sources of income since having one income source cannot be trusted to be sustainable. Had to set up a fish farm alongside my normal job and online hustle and I am better off for it.

 

[Abdulhamid01]

The best piece of financial advice I have received is that I should diversify my sources of income since having one income source cannot be trusted to be sustainable. Had to set up a fish farm alongside my normal job and online hustle and I am better off for it.

I have also received this advice from successful business owners and even learned from my parents too, this also follows the adage that says ' don't put all your eggs in one basket '.

 

[codescript94]

The advice that helped me the most was not to spend more than I earn, I currently follow this and I also intend to invest in shares and fixed income monthly.

 

[Augusta]

I would gain massive financial freedom if I'm hard working, smart and dedicated. I have realise that I'm working on it.

 

[eLdavis]

One advice that I received that has helped me a lot and I still hold onto is to only invest what you are okay with loosing no matter how sure you are about the investment.

 

[Augusta]

Yes, if you are investing in what you are not too sure of. Just start small. invest money you can afford to lose

 

[King Belieal]

One piece of financial advice that has really helped me was that jobs pay me just enough for me to eat and have energy to come to work the following day. The advice was that I can't get rich with a job. That moved me to quit the job to start a business. And I have to say that I am better financially.