Quotes About Finance

The chances of a bank going out of business are extremely slim, but it's always a good idea to spread around major sums so every penny is backed by insurance.

Many people are in the dark when it comes to money, and I'm going to turn on the lights.

Opposites may attract, but I wouldn't put my money on a relationship of financial opposites.

The key to making money is to stay invested.

Never, ever invest money that you will need prior to three to five years - minimum.

The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.

To make the most of your money, I recommend sticking with mutual funds that don't charge a commission when you buy or sell.

Like your home's closets, your financial clutter needs an overhaul every now and again, and the payoff will go far beyond the psychic satisfaction of neatening up.

If you're not staying on top of your money, you are putting your financial well-being at risk.

Those carrying a credit card balance should scale back to making the minimum payment each month so they have more money to put into savings.

you have less than $100,000 in a Roth IRA:

you will not owe any withdrawal penalties.

If you do not need to live off your pension and you want to leave this money to your heirs, you would be better off taking the lump sum and doing a rollover rather than opting for the annuity payment.

by the time your child is a senior in high school you will want to have the bulk of your account in conservative investments; it is too risky to have your money invested in stocks when you know you will need that money in one to five years.

There are no loans for retirement.

If you want to own individual stocks your portfolio should have a minimum of 10 to 12 stocks. It is never smart to have a larger portion of your retirement funds invested in one stock. No matter how stable that stock looks, we can never be sure of its future. If the money you want to devote to stocks is not enough to buy that many individual shares, then I recommend you focus on dividend-paying ETFs.

Invest in the known versus the unknown.

Take a spin through your monthly spending and challenge yourself to cut your nonessential costs by at least 20%—something I recommend whether you are 35 or 75.

am not suggesting you keep all your money in stocks. No way! My message is that you should keep some money in stocks. If you are in your 50s and 60s today, depending on your situation, you should already have a significant portion of your portfolio—maybe half—invested in bonds. But the other half of your investable assets most likely are in stocks.

Retirement saving must take precedence over paying for college.

Make payment a weekly ritual. Bring some formality to the process by setting a date and time for when you will review the work from the past week and make the payment. Maybe it's Saturday morning when you are all around.

If you have been following my advice for years, you are well aware that I think a Roth IRA is the best retirement account you can have.

STEP 2. Contribute to a Roth IRA.

STEP 3. Increase your 401(k) contributions.