40 Money Management Tips from Professionals

When it comes to making financial decisions and managing your money, who do you ask for wealth management advice or tips? 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 management tips from experts that you can apply to your own trading, investing, saving, and financial planning:

  1. Understand Every Investment You Make

    Money Tips from Greg Collett

    ”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.”

    Greg Collett
    Director of Investment Products, World Gold Council

  2. Dare to be Different

    “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.”

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

  3. Cut Your Losses Short

    Money Tips from Blain Reinkensmeyer

    “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.”

    Blain Reinkensmeyer
    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

  4. Make High Quality Trades

    Money Tips from Dan Sugar

    “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.”

    Dan Sugar
    Instructor at Online Trading Academy

  5. Don't Follow the Crowd

    “I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”

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

  6. Diversify Your Investments

    Money Tips from Clark Kendall

    “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.”

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

  7. Believe in Yourself

    Money Tips from Suze Orman

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

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

  8. Monitor Your Credit

    Money Tips from Jeanne Kelly

    “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.”

    Jeanne Kelly
    Credit Coach

  9. Know the Rules of Trading

    Money Tips from John O'Donnell

    “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.”

    John O'Donnell
    Director of Research & PTW Presenter, Online Trading Academy

  10. Budget Realistically

    “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.”

    Ramit Sethi
    Author of I Will Teach You To Be Rich

  11. Go Bank Shopping

    Money Tips from John Gower

    “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.”

    John Gower
    Product manager and market analyst

  12. Invest in Education

    Money Tips from Benjamin Franklin

    “An investment in knowledge pays the best interest.”

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

  13. Manage Your Risk

    Money Tips from Chris Muldoon

    “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.”

    Chris Muldoon
    Instructor at Online Trading Academy

  14. Start Saving NOW, Even if it's Just a Small Amount

    Money Tips from Andrea Travillian

    “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!”

    Andrea Travillian
    Lifestyle Transformation Coach, Personal Finance Coach

  15. Get Out of Your Comfort Zone

    “In investing, what is comfortable is rarely profitable.”

    Robert Arnott
    American entrepreneur, investor, editor and writer

  16. Manage Your Trading Like You'd Manage a Business

    Money Tips from Charles Kirk

    “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.”

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

  17. Learn to Use Leverage Properly

    Money Tips from Diana Hill

    “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.”

    Diana Hill
    Real Estate Instructor and Director of OTA Real Estate

  18. Live Under Your Means

    Money Tips from Kevin Gallegos

    “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.”

    Kevin Gallegos
    National consumer finance expert, Vice President of Freedom Financial Network

  19. Be Consistent

    “The individual investor should act consistently as an investor and not as a speculator.”

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

  20. Keep Emotions in Check and Be a Disciplined Investor

    Money Tips from David Houle

    “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.”

    David Houle
    Co-Founder and Portfolio Manager at Season Investments

  21. Be Frugal

    Money Tips from Joann Farley

    “Know you want it, then wait for wholesale!”

    Joann Farley
    Instructor at Online Trading Academy

  22. Don't Hold Onto a Bad Trade

    Money Tips from Przemyslaw Radomski

    “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.”

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

  23. Don't Be Intimidated By the Stock Market

    “Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.”

    Peter Lynch
    American businessman and stock investor, research consultant at Fidelity Investments

  24. Create a Budget

    Money Tips from Thom Fox

    “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.”

    Thom Fox
    Community Outreach Director at Cambridge Credit Counseling Corp

  25. Do Tax Planning

    Money Tips from Michael Atias

    “If you pay taxes, you should do tax planning. Many think that tax planning is reserved only for affluent taxpayers, but this couldn’t be further than the truth. In my experience, all taxpayers can benefit from building a tax plan and monitoring it periodically. This is arguably the best way to reduce your tax liability in a consistent manner.”

    Michael Atias
    Director of OTA Tax Pros

  26. Maintain an Emergency Fund

    Money Tips from Jennifer (Calonia) Coates

    “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.”

    Jennifer (Calonia) Coates
    Editor for GoBankingRates.com, an online personal finance resource

  27. Always Keep Learning

    “Invest in yourself. Your career is the engine of your wealth.”

    Paul Clitheroe
    Australian television presenter, financial analyst and financial advisor

  28. Don't Over-complicate Things

    Money Tips from Todd Tresidder

    “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.”

    Todd Tresidder
    Money Coach at FinancialMentor.com

  29. Set Up Automatic Savings

    “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.”

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

  30. Always Have a Plan

    Money Tips from Merlin Rothfeld

    “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.”

    Merlin Rothfeld
    Director of Content Production and Host of Power Trading Radio, Online Trading Academy

  31. Maximize Your Earning Potential

    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.”

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

  32. Know How Much You Stand to Lose

    Money Tips from Mike Mc Mahon

    “Success is not in the quality of the winning trade but in the quality of the losing trade.”

    Mike Mc Mahon
    Content Developer, Online Trading Academy

  33. Save First

    Money Tips from Gyutae Park

    “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-term savings account.”

    Gyutae Park
    Co-owner of Money Crashers Personal Finance

  34. Review Your Accounts Often

    Money Tips from Kathryn Garrison

    “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.”

    Kathryn Garrison
    CFP® and senior financial advisor from Moss Adams Wealth Advisors

  35. Put Your Money to Work for You

    “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.”

    Robert Kiyosaki
    American investor, businessman, self-help author

  36. Trust the Charts

    Money Tips from Steve Moses

    “Trade what you see…not what you think.”

    Steve Moses
    Instructor at Online Trading Academy

  37. Spend With Purpose

    “Keep it simple, understand what you own and why.”

    Gary M. Shor
    MBA, CFP®, VP Financial and Estate Planning, AEPG® Wealth Strategies

  38. If You Want Different Results, Do Something Different

    “The four most dangerous words in investing are: ‘this time it's different.’”

    Sir John Templeton
    American-born British stock investor, businessman and philanthropist

  39. Simplify Your Finances with Automation

    Money Tips from Carla Blair-Gamblian

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

    Carla Blair-Gamblian
    Loan Consultant and credit expert at Veterans United Home Loans

  40. Spend, or Don't Spend Based on What is Important to You

    “How you spend your money is how you vote on what exists in the world.”

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

    Now that you've learned tips on money management from the best experts in the business, build your own financial education with one of our classes. Click here to find out more.


Join over 170,000 Lessons from the Pros readers. Get new articles delivered to your inbox weekly.

Free Class