One-liners have been the tools of stand-up comics since the dawn of time. However, our Money Coach Bill Stanley compiled a list of money mantras that are no laughing matter when it comes to our finances.
If you find yourself in a hole, stop digging (Source: “Rich Dad, Poor Dad” by Robert Kiyosaki) “When you find yourself repeatedly overspending and not able to pay off credit card debt at the end of the month, put the credit card away and stop spending,” Stanley said. “You must change your spending habits.”
It's your money! (Source: ABC Nightly News) “Yes, it is your money. You should be in charge and not let anyone else tell you what to do with your money,” Stanley said. “You can listen to advice but you must make the final decisions.”
Never buy a financial product recommended by someone who makes a commission on the sale (Source: Bill Stanley, the Money Coach) “A financial adviser should provide unbiased advice,” he said. “When the adviser works for a commission, the advice could be unfairly biased.”
If something can't go on forever, it will stop (Source: Federal Reserve Chairman Ben Bernanke used this term to describe growing federal deficits) “This also applies to those who spend more than they make each month,” Stanley said. “Don't deceive yourself that you can continue doing the wrong thing, and the problem will go away by itself.”
Things will cost more in the future (Source: Bill Stanley, the Money Coach) “I rarely make financial predictions, but I am pretty sure that this one will come true,” he said. “A very simple example is the first class stamp. When I first started collecting stamps, it cost five cents to mail a letter. Buy Forever stamps now if you plan to mail anything in the future.”
When you are educated, it's harder for people to take advantage of you (Source: The Best American Travel Writing 2004 "Faces in a Crowd") “The more you learn about family finances and investing, the better off you will be,” Stanley said.
Stop, look, and listen (Source: The Beardstown Ladies) “Before you buy something, stop and think: 'Do I really need this?' and 'Can I afford to buy it?', he said. “Look before you leap. Find out as much about the product as possible. Listen to yourself; you know best what you should be spending your money on.”
A winner does more than the job requires. A loser says: I only work here (Source: Attached to a bulletin board in an American Express Office from “No Kids, No Money and a Chevy” by Chuck Mansfield.) “Do more than your neighbor or your co-worker when it comes to managing your money. Go the extra mile,” Stanley said.
Don’t worry about the economy (Source: Warren Buffet) “Don’t worry about things you can't control. Worry about your own budget; don't worry about the economy. Do the best you can in whatever economic circumstances you find yourself in,” Stanley said.
Look both ways before you cross the street (Source: your Mom) “Be careful when investing; there are a lot of reckless products and clueless salesmen out there,” Stanley said.
Bill Stanley and Money Matters airs every Tuesday on FOX21 Morning News.
If you have a question for Bill, contact him directly: MoneyCoachBill@aol.com
TV Station Profiles & Public Inspection Files forKXRM