Money Advice from BizChicks Around the World
We asked our BizChicks what advice they've received about money and here's what they had to say:
Whenever I have to seriously think about ‘money’ either personally or whilst running my training and consultancy business, I remind myself of the famous Oscar Wilde quote: “Nowadays people know the price of everything and the value of nothing.”
I came across a fabulous example of this recently, which as a trainer I really liked: CFO asks CEO: “What happens if we invest in developing our people and then they leave us?” CEO replies: ‘What happens if we don’t, and they stay?”
The CFO clearly knew the price of everything, but the value of nothing. The CEO obviously knows the difference!
So my best advice: Not only know the ‘price’ of something, but also its ‘value’.
Trisha - Guildford, United Kingdom
Never loan family or friends money. If you do, give it to them freely as a gift and expect nothing in return!
Teri - Illinois, USA
A credit card is NOT free money! If you don’t have it, don’t spend it!
Kylie - Dublin, Ireland
Nobody cares about your money more than you... learn how to invest it.
Debbie - Manitoba, Canada
Don’t spend more than you make (mostly in reference to credit cards and those tempting lines of credit).
Susan - Manitoba, Canada
Don’t be afraid to spend it! Over analyzing decisions can cost you more!
Monica - India
My dad spewed these pieces of money wisdom to me constantly and they are true! 1) Pay yourself first. 2) Whenever you earn money, put some aside for yourself in savings. 3) Everything’s negotiable. 4) Take care of your pennies and your dollars will take care of themselves. 5) Pay your bills when they are due, not early, not late. 6) Never let the government have your money early. 7) Don’t try to get a big tax refund. 8) There is only one way to get money—work.
Tracy - Pennsylvania, USA
My father always said: the most valuable things are time and health. For the rest we have Visa and MasterCard.
Mila - Republic of Uzbekistan, Asia
Starting my very first job out of college: “Put the maximum you are allowed into your 401K (RRSP); since you didn’t have it before, you won’t miss it.” Has served me well.
Molly - Minnesota, USA
My parents “made” me put half of any money earned into savings when I was growing up—babysitting money, allowance, doing odds and ends for the neighbor lady, whatever. I learned how to wait and save until I could afford something. My first big purchase was a 5 speed bike when I was 12! I am still a pretty good saver (wish I could afford to put 1/2 of each paycheck away!) but I always think twice before making impulsive purchases. Most of the time, I never do go back to purchase an item—I forget or decide I don’t need it. I’m so thankful my parents taught me these valuable lessons. My dad’s best advice he received when growing up: “Don’t buy the most expensive, don’t buy the least expensive, but buy what you can afford,” also something I live by!
Teresa - Wisconsin, USA
Never spend money you don’t have on things you don’t need to impress people you don’t like - paraphrasing the advice given by Deepak Chopra in his workshop in London 2011 that woke me up to the reality of where we had moved as a society. Although I never spend money I haven’t got - courtesy of an Irish upbringing - I have spent it on things I didn’t need and worried about impressing others! So, now I’ve let that one go with all the other mental clutter I have cleared out and sent for recycling!
Ann - Slough, United Kingdom
In business: You have to spend money to make money. Example: maybe you have to give out samples or advertise. Maybe you need some help from someone to get started, but it’s worth it.
Christine Dubyts is crazy about marketing and helping businesses stay in business, grow and prosper. As a fempreneur she has a special interest in working with other women business owners with their marketing and business growth efforts.
