The Gurus have spoken, and their word shall be given pertinent consideration. Be it personal budget or credit cards, the financial moguls and experts of the industry have always said something to enlighten the people of the world. Here are BankBazaar’s Ten Favorite Personal Finance Quotes 2014; you might get some golden advice out of it.
“I buy on the assumption that they could close the market the next day and not reopen it for five years.”- Warren Buffet
If you are a newbie in the investment business, this should be your mantra. It speaks volumes about the long term thinking and has a tunnel vision towards how you want your investments to turn out. Always make your decisions thinking that it might be the close call for some long duration of time is the best way that you have a realistic approach.
“When I was young I thought that money was the most important thing in life, now that I am old I know that it is.”- Oscar Wilde
Apparently, Oscar here is talking about the retirement financial planning from an early age. Most of the earning people are still unable to grasp the significance of putting aside money for retirement from their 20’s; they think a fund planning for retirement is something they need to do after 40’s. So untrue and dangerous. Invest in tax saving retirement saving certificates or simply set aside money every month in a high interest earning saving account, just do it for the sake of safe future.
“Money is not the most important thing in the world. Love is. Fortunately, I love money.”-Jackie Mason
Yes, he actually said that. This one, to my great financial joy, is for those who wear rose-colored glasses all their lives and think that money is something they earn and spend. A big financial faux pas! At the risk of sounding a villain in a bad thriller, money is definitely important just like love, only more so. Just think about your family and children before you go and make allegations. You need money, your basic requirement is money either it is your child’s education or marriage.
“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”- Warren Buffet
Again the Money God spoke. This rule is as effective in saving as it is in avoiding some bad decisions. Before you invest your money, analyze and study the circumstances meticulously. Losing money due to negligence in scrutiny can cost your precious savings.
“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”- Will Smith
The Hollywood heartthrob not only acts well but invests well too. As he is saying here, most of the people fall victim to the growing shopping culture which entice us to buy unnecessary things, sometimes just for showing off in the society. Ask yourself, will those ‘social bees’ pay your credit card bills? I am guessing No. So here you go, spend only for what you need and then too compare the prices before waving off your cash bundle.
“Sometimes your best investments are the ones you don’t make.”- Donald Trump
The American businessman and investor says that spending your money on something superfluous due to a one-minute impulse is the most foolhardy thing one can do with his hard earned money. If your friends are investing money in a plan which you think is not for you, then do not do it. Likewise, keep your finances under a reality check before you compare yours with someone else who will have totally different priorities.
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”-Warren Buffet
It seems like he really is the finance magnet thanks to his self made rules. This quote is stressing on the significance of a better future with long term financial planning in advance. Understand the power of saving and start setting aside a sum of INR 2,000 or INR 10,000; whichever you can, towards the future goals which could be retirement, your children’s’ higher education, daughter’s marriage or any medical emergency.
“Money frees you from doing things you dislike. Since I dislike doing nearly everything, money is handy.”- Groucho Marx
The famous American comedian sure had a green sense of humor. As the experts say, try to earn your income from multiple sources rather than only one. Be it a side business or candle-making hobby, think of ways to increase your cash inflows, make investments that will give you fixed returns every month.
“Money, if it does not bring you happiness, will at least help you be miserable in comfort.”-Helen Gurley Brown
An established businesswoman and author, Helen sure got some perked ears with this one. What you can do is make earning and saving money your most important concern especially if you are in your 20’s, because the sooner, the better. Money may not buy friends but it sure can provide you old age medical cure for arthritis and damaged liver.
“The investor of today does not profit from yesterday’s growth.”- Warren Buffet
Most of the investment enthusiasts consider the profitability of a stock as per the latest trend and then take their decision. But what Warren is saying is to consider the past trends and performance too along with important research before investing.