The Smartest (Financial) Advice

When 40 finance greats are asked for the best financial lessons they ever learned, you’re sure to learn something. But who wants to trawl through 40 separate pages to get to all that advice (apart from me)?

  1. Stocks build wealth – with no work
  2. Don’t follow the herd
  3. Do what you love
  4. Know where your money goes
  5. Shift from thinking about a paycheck to thinking about building equity and long-term wealth
  6. Study Warren Buffett
  7. Leave your money alone
  8. Be frugal but not stingy
  9. Use small bills
  10. Swear off debt
  11. To excel at something, immerse yourself
  12. Create your own opportunities
  13. Ignore the noise
  14. Don’t buy anything you don’t want or sell anything you ain’t got
  15. Money doesn’t make you happy
  16. Asset allocation is the most important decision investors must make
  17. Stay the course through thick and thin
  18. Don’t get too good at the wrong stuff
  19. Live within your means
  20. You can’t reliably beat the market
  21. Take risks when you can
  22. Tap the power of compounding
  23. You can’t fight the market, so join it
  24. Don’t save too much
  25. Buy low, sell high
  26. It’s hard to exploit a trend
  27. Know what risk you are taking
  28. Performance is random
  29. Stick with what you know
  30. You don’t know more than the market knows
  31. The less you pay, the more you keep
  32. The future is uncertain. Because the future is uncertain, there’s a need for caution. Try to figure out the intrinsic value of a business
  33. Always get it in writing
  34. Be humble about what you don’t know
  35. Develop a healthy scepticism
  36. Ignore short-term market swings
  37. Sell for the right reason
  38. Careful of people you trust
  39. It is character, not assets, that counts most
  40. No one has ever invented a way to get something for nothing
  41. Investing isn’t only about stocks and bonds but rather is a mind-set for making sense of all of the transactions a consumer engages in