Listen Now: Financial Advice
Turns out there is a scheme to get rich, it just might not be quick.
Sometimes the best advice on personal finance can be summed up in one sentence. To prove that things don’t have to be that complicated, the career advice site Inc.com has found 10 of the best one liners for financial security, from some of the best financial advisors.
For example, only make investments that you can explain to your kids. Warren Buffett says business schools might reward complex behavior over simple behavior, but simple behavior is more effective. So if you can’t explain your investments to someone, chances are you don’t understand them enough to pay out.
Another tip: the best investment you can make is in yourself. Spending time improving your skills, making connections and staying healthy will produce better long-term investments in all aspects of life. Plus it’s the one investment you have complete control over.
For eight more ways to make yourself financially secure, check out the original article from Inc. And here’s the simplest advice you can get; spend less than you earn.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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