40 Money Tips from Professionals

When it comes to making financial decisions, who do you ask for money advice? We think it’s always a good idea to consult with experts, and that’s how we pulled together these bits of financial wisdom. Here are 40 money tips from experts that you can apply to your own trading, investing, saving, and financial planning:

  1. For each investment you make, you really, really have to understand the risks that you're taking. Don't outsource that task to your financial advisor…. If you're not willing to do that work, you should just keep your money safely in a bank.”

    Formerly COO of Deutsche Bank's commodity ETF business, currently a lawyer representing defrauded investors. Greg’s website

    Money Tips from Greg Collett Greg Collett
  2. You must walk to the beat of a different drummer. The same beat that the wealthy hear. If the beat sounds normal, evacuate the dance floor immediately! The goal is to not be normal, because as my radio listeners know, normal is broke.”

    Host of the "Dave Ramsey Show" and author of "The Total Money Makeover"

    Dave Ramsey
  3. Cut your losses short. The ‘it'll come back’ mentality is dangerous. One great way to do this is through the use of stop loss orders. Don't fear them. Use them. They are your best friend.”

    Principal at Reink Media Group, hobby investor, and full-time webpreneur. He is responsible for all equity broker reviews and business development on StockBrokers.com

    Photo of Blain Reinkensmeyer Blain Reinkensmeyer
  4. Be patient and wait for the high probability/low risk trades. They are out there. Be like a predator/lion waiting in the brush and then pounce. You'll eat for a week.”

    Instructor at Online Trading Academy

    Photo of Dan Sugar Dan Sugar
  5. I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”

    American business magnate, investor, and philanthropist. Widely considered the most successful investor of the 20th century

    Warren Buffett
  6. A common mistake people are making in retirement planning is failing to diversify their investment strategy from a concentrated stock position. There is no reason why you can't diversify your risk when it comes to the stock market.”

    CFA, CFP®, AEP, President and Founder of Kendall Capital Management

    Photo of Clark Kendall Clark Kendall
  7. No one ever achieved financial security by being weak and scared. Confidence is contagious; it will bring more into your life.”

    American author, financial advisor, motivational speaker, and television host

    Photo of Suze Orman Suze Orman
  8. Check your credit report for errors! One simple mistake can cost you money. If you are not looking at your credit report to protect it against errors, who is? 15 minutes, twice a year is easy for anyone.”

    Credit Coach. Jeanne's website

    Photo of Jeanne Kelly Jeanne Kelly
  9. Wall St. is playing games with your money. Many investors do not know it is a game or know the rules! The first rule of trading is to know you are in a game.”

    Chief Knowledge Officer, Online Trading Academy

    Photo of John O'Donnell John O'Donnell
  10. Frugality isn’t about cutting your spending on everything. That approach wouldn't last two days. Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don't love.”

    Author of I Will Teach You To Be Rich

    Ramit Sethi
  11. Comparison shop when it comes to choosing a primary financial institution. It's a very basic concept, but one that many people fail to grasp. The big banks are often the default choice, yet smaller and institutions like community banks and credit unions are considerably overlooked.”

    Analyst for NerdWallet, a personal finance website

    Photo of John Gower John Gower
  12. An investment in knowledge pays the best interest.

    One of the Founding Fathers of the United States. Author, politician, scientist

    Photo of Benjamin Franklin Benjamin Franklin
  13. Professionals look at a trade and ask ‘what is my risk?’ first. Novices ask ‘what can I make on this trade?’ first and don't understand the risks.”

    Instructor at Online Trading Academy

    Photo of Chris Muldoon Chris Muldoon
  14. You don't have to start big...small steps over a lifetime really add up. Start funding your emergency fund with $10 a month, start investing with $50 a month. It is more important to get going than to wait for the big amounts of cash!”

    Personal finance expert specializing in money management basics and beginner investing. Andrea's website

    Photo of Andrea Travillian Andrea Travillian
  15. In investing, what is comfortable is rarely profitable.

    American entrepreneur, investor, editor and writer

    Robert Arnott
  16. Individual traders must manage their trading just like a business. In other words - keep expenses low, focus on improving profit margins, develop several streams of income, and build large cash reserves.”

    Full-time, independent trader, creator of The Kirk Report

    Photo of Charles Kirk Charles Kirk
  17. Warren Buffet said: ‘When you combine ignorance and leverage, you get some pretty interesting results.’ We have seen this statement become fact in the last 7 years. However, leverage used correctly when investing in real estate can create long term wealth and great ROI.”

    Instructor at Online Trading Academy - Real Estate Investing

    Photo of Diana Hill Diana Hill
  18. Live under your means. Know exactly what you earn each month and spend less. That's a step beyond living within your means. Take responsibility and choose where your money goes, instead of being influenced by whims, advertising, habits or peer pressure.”

    National consumer finance expert, vice president of Freedom Financial Network

    Photo of Kevin Gallegos Kevin Gallegos
  19. The individual investor should act consistently as an investor and not as a speculator.

    Economist and professional investor. Graham is considered the first proponent of value investing

    Ben Graham
  20. One of the biggest mistakes I see people making is investing based on emotion rather than a disciplined, systematic process. In particular, I think people need a disciplined plan for risk management as mitigating large draw-downs in your investment portfolio has the potential to add more value over time than maximizing every ounce of upside in the bull markets.”

    Co-Founder and Portfolio Manager at Season Investments

    Photo of David Houle David Houle
  21. Know you want it, then wait for wholesale!

    Instructor at Online Trading Academy

    Photo of Joann Farley Joann Farley
  22. My top tip for traders is to look at each of their trading positions each day as if they didn't have it and ask themselves if they would open it. If the answer is "no", then the position is no longer justified, and therefore should be closed. This simple mechanism allows traders to trick their biggest enemy (emotionality in trading) and stay objective.”

    Chartered financial analyst and owner/editor-in-chief of Sunshine Profits, website dedicated to gold and silver investments

    Photo of Przemyslaw Radomski Przemyslaw Radomski
  23. Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.”

    American businessman and stock investor, research consultant at Fidelity Investments

    Peter Lynch
  24. The most impactful approach to money management is spending less than you owe… By establishing a structured spending plan, which accounts for all expenses, you can focus on eliminating unnecessary expenses and commit your disposable income to building wealth.”

    Community Outreach Director at Cambridge Credit Counseling Corp

    Photo of Thom Fox Thom Fox
  25. Saving at least $1,000 in emergency savings should be a non-negotiable part of your overall money management plan. This holds true regardless of any existing debt you're trying to pay down. Why? Because should an unforeseen financial crisis hit your front door, without a savings safety net, you’ll only fall deeper into debt; preparedness means everything when it comes to financial success.”

    Editor for GoBankingRates.com, an online personal finance resource

    Photo of Jennifer Calonia Jennifer Calonia
  26. Invest in yourself. Your career is the engine of your wealth.”

    Australian television presenter, financial analyst and financial advisor

    Paul Clitheroe
  27. Wealth building is simple and can be fully explained in just one sentence: Spend less than you earn and invest the difference wisely. If you get that right you will be wealthy. Everything else is just details.”

    Money Coach at FinancialMentor.com

    Photo of Todd Tresidder Todd Tresidder
  28. People should take every opportunity they can to save money because it really adds up, and the best way I know to do that is to make your savings automatic.

    American financial author, TV personality, founder of FinishRich.com

    David Bach
  29. Never enter into a trade or investment without having a thorough plan first. If you fail to plan, you plan to fail! That is the best money tip I can give you.”

    Instructor and Radio Host, Online Trading Academy

    Photo of Merlin Rothfeld Merlin Rothfeld
  30. Run your household like a business and manage your finances like a bank! The lack of money is not our problem it's the mismanagement of life holding us back from maximizing our earning potential.”

    Author of Wingonomics, Creator of Get Your PhD in Wingonomics and President and CEO of New Beginning Financial Group, LLC

    Mark A. Wingo
  31. Success is not in the quality of the winning trade but in the quality of the losing trade.

    Instructor at Online Trading Academy

    Photo of Mike Mc Mahon Mike Mc Mahon
  32. To have a successful and secure financial future, it is important to adopt the mindset of saving before spending. If you set aside funds for the future each pay cycle, you are sure to have plenty of money in your retirement account and any other long-terms savings account.”

    Co-owner of Money Crashers Personal Finance

    Photo of Gyutae Park Gyutae Park
  33. When buying shares, ask yourself, would you buy the whole company?

    Australian entrepreneur, investor, investment adviser, and stockbroker

    Rene Rivkin
  34. Set aside an hour twice a month to update your budget and make sure your accounts are balancing. It's much easier to keep spending under control if you stay on top of things and catch yourself before you are too far over budget.”

    CFP® and senior financial advisor from Moss Adams Wealth Advisors

    Photo of Kathryn Garrison Kathryn Garrison
  35. It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.

    American investor, businessman, self-help author

    Robert Kiyosaki
  36. Trade what you see…not what you think.

    Instructor at Online Trading Academy

    Photo of Steve Moses Steve Moses
  37. Keep it simple, understand what you own and why.

    MBA, CFP®, VP Financial and Estate Planning, AEPG® Wealth Strategies

    Gary M. Shor
  38. The four most dangerous words in investing are: ‘this time it's different.’

    American-born British stock investor, businessman and philanthropist

    Sir John Templeton
  39. Set it and forget it. Manage big planning items (retirement, saving for college, vacation planning, etc.) easily by making them automatic.”

    Loan Consultant and credit expert at Veterans United Home Loans

    Photo of Carla Blair-Gamblian Carla Blair-Gamblian
  40. How you spend your money is how you vote on what exists in the world.

    Co-author of Your Money or Your Life and Yourmoneyoryourlife.info

    Vicki Robin
  41. Register for a Free Power Trading Workshop course and learn how to manage your money.

    Online Trading Academy

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