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If you're doing well financially, chances are you had help.
Someone, somewhere along the way passed along a nugget of financial wisdom that you took to heart. Maybe you absorbed the messages over time from some role model, such as a parent or grandparent. Or perhaps you just heard the right thing at the right time from a friend, an adviser or even a total stranger.
If you're not doing well financially, maybe you're finally ready to hear some advice that could make all the difference.
With that in mind, I asked experts and readers alike to share the best financial advice they ever received. The results were varied and enlightening.
Advice on saving
"No matter how much or how little you make, always save a little bit."This is a variation of "Pay yourself first" that Your Money poster "kesslergk" heard from a grandfather. It's a reminder that whatever money comes into your life, you can (and should) be setting aside some of it.
If you don't think you can, read "Too broke to save? Never."
"Save hard for the first 10 years of your married life."
This is the advice Your Money poster "Talk2Me2"received from her mother (although to apply it to more people, I might amend it to, "Save hard for the first 10 years of your adult life" or "Keep living like a broke college student for as long as you can").
"Saving hard means having to make a lot of the right choices," Talk2Me2 wrote. "We researched every purchase, learned how to do lots of things ourselves (car repair, hair cutting, sewing, cooking, home maintenance, etc.) and we could not only save money but we also used these skills to make money. When you are young, doing with less isn't a struggle because you aren't used to the luxuries yet. We also had more time to bargain shop.
Video on MSN Money: Saving for disaster
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"Mom's advice certainly paid off. We still save money even when we don't try to because we are in the habit of trying to do things ourselves, doing without if we can't find it at the right price, researching, waiting to buy, etc. We made a game out of getting what we want for less money."
Advice on spending
"Know the difference between needs and wants."Several posters also mentioned different versions of this advice, which is key to controlling your spending. When you can't distinguish between real needs and mere wants, you're constantly talking yourself into spending too much.
Poster "ARCHIEtheDRAGON" recalls his mother asking, "What do you need that for?" whenever he bought anything as a kid. Annoying? Maybe. But "now I hear her voice in my head whenever I am spending money. It keeps me from buying a lot of crap that I don't need."
"JennysMom" illustrated it this way: "You need food. You want prime rib. That example is perfect for the want vs. need debate in my head!"
Poster "Clara Bear" said she heard similar advice from her grandmother.
"Whenever I would complain about not having the newest coolest clothes or whatever when I was younger, my grandmother would always say, 'We have everything we need and most of what we want, too.' That would make me realize that even though we weren't the richest family in town, we really did have plenty. I still think about that today when I'm lusting over some ridiculously expensive item at the mall. It makes me remember that I have a place to live, plenty to eat and a great family as well as much of the stuff I want. I (usually) put the item back on the shelf and walk away satisfied with what I already have."
"Think of the true cost."
Anything you want to buy involves a number of costs. The price tag is just the start.
"I see something that would look great on my table," poster "Mamasita99" wrote. "I have to give up the cash for it that won't be able to work for me somewhere else. Then I have to think of all the time and energy I'll waste cleaning this item, keeping it out of my kids' hands, and packing it up and hauling it somewhere else when we move in a year. Most of the time, the true cost of the item is too high for me."
More from MSN Money
"Buy quality."
Sally Herigstad knows what it's like living on a tight budget. Before she became a certified public accountant and author, she was a stay-at-home mom who at one point fended off calls from collection agencies (an experience she recounts in her book, "Help! I Can't Pay My Bills: Surviving a Financial Crisis."
As Herigstad and her husband rebuilt their finances, though, she remembered her mother's advice to buy quality when it counts.
"My mom can stretch a dollar farther than anyone I know, but that doesn't mean she doesn't buy nice things. Mom taught us to buy high-quality things at stores that stand behind what they sell. That way, if anything wore out or quit working before its time, she knew she could take it back -- and she often did. You actually save money by buying things of higher quality that last than by getting cheap stuff you have to throw away in no time."
"If your outgo exceeds your income, your upkeep will be your downfall."
Poster "skywind" wrote that his grandfather often quoted this saying. It's another way of saying, "Live within your means," or, more elaborately, "Be careful of adding new expenses to the ones you've already got."
"So I'm always asking myself, am I putting out more than I'm taking in?" skywind wrote. "If I am, I know I need to turn that around, because it is unsustainable."
Advice on debt
"Don't pay interest on anything that loses value."A bunch of posters cited variations on this theme of avoiding credit card debt and borrowing only to buy property or other assets that will appreciate.
Poster "dancinmama" was told by her parents "Never pay interest on anything but real estate." In 27 years, she and her husband have taken the advice to heart.
"We have never had a car loan or paid a penny of interest on credit cards. We have saved our money and invested our money. I have been a (stay-at-home mom) since 1986 so most of this time we did it on one income, under 6 figures, on the central coast of California (cost of living was not cheap). Our net worth is now in excess of $2 million."
Poster "Honey Bucket" and her fiancé are just starting out, but they're already living a variation on this advice, which is "save today for what you want tomorrow."
"We've both been saving for retirement, wedding and housing. The difference it will make is that we will be able to pay for things instead of borrowing or having (credit card) debt. Our lives together will be financially secure because of this!!!!"
Continued: Don't co-sign a loan
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