Comments on: Ask the readers: what’s the best financial advice you’ve ever received?

By: David

David — Sat, 24 Jan 2009 18:05:19 +0000

Save at least 10% of what you take home, no matter what.

By: Kevin

Kevin — Fri, 23 Jan 2009 12:51:24 +0000

Great comments; thanks.

When you’re starting out it seems impossible to max out your 401(k) but it’s great advice. If I discover that younger colleagues aren’t maxing out their 401(k)’s I’ll suggest that each time they get a raise they throw most of it into their contributions.

Decades ago, a boss told me to take every bonus I get and invest it, vs. buying something frivolous. In all honesty, at times I haven’t done that (needed a car, etc.) but for the most part I have and it was very solid advice.

Thx. for commenting!

By: Cindy

Cindy — Fri, 23 Jan 2009 07:22:34 +0000

When I first became eligable for our 401K at work (a lonnnggg time ago) my lead told me to max out my contributions. I did that, almost a quarter of a century ago. Compounding is an amazing thing.

By: Chad

Chad — Thu, 22 Jan 2009 16:41:57 +0000

Best advice ever that I wish I took when I was younger…
“Live below your means”

Some others:
“Save 10% of your income”
“Pay yourself first”