The Money Mastermind Club

Best Financial Advice of All Time:  The Top 20 Money Rules from some of the smartest investors (and other people) who have every lived.

Money Magazine recently featured an article on the Top 20 Rules that were the best advice of all time.  Here's what they had to say on the subject.

#1 Money Rule:  Be humble. 
"When you do not know a thing, to allow that you do not know a thing - this is knowledge."
Confucius Quotes
"Ask yourself, 'What if I'm wrong?'"
Money Magazine Quotes

#2 Money Rule:  Take calculated risks.
"He that is overcautious will accomplish little."
Friedrich von Schiller Quotes

#3 Money Rule:  Have an emergency fund.
"For age and want, save while you may; no morning sun lasts a whole day.
Benjamin Franklin Quotes

#4 Money Rule:  Mix it up.
"It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket."
Miguel de Cervantes Quotes

#5 Money Rule:  It's the portfolio, stupid.
"Asset allocation... the overwhelming dominant contributor to total return."
Gary Brinson, Brian Singer and Gilbert Beebower Quotes

#6 Money Rule:  Average is the new best.
"The best way to own common stocks is through an index fund."
Warren Buffett Quotes

#7 Money Rule: Practice practice.
"It never was my thinking that made the big money for me.  It was always my sitting.  Got that?  Sitting tight!"
Edwin Lefevre
("Behavior finance professors Terrance Odean and Brad Barber's research into transactions by some 66,000 households between 1991 and 1996 found that those who traded least earned seven percentage points a year more than the most frequent traders."

#8 Money Rule:  Don't time the market.
"The real key to making money in the stock is to not get scared out of them."
Peter Lynch Quotes

#9 Money Rule:  Be a cheapskate.
"Performance comes and goes, but costs roll on forever."
Jack Bogle quotes

#10 Money Rule:  Don't follow the crowd.
"Fashion is made to become unfashionable."
Coco Chanel Quotes
"If you see a bandwagon, it's too late."
Sir James Goldsmith

#11 Money Rule:  Buy low.
"If a business is worth a dollar and I can buy it for 40 cents, something good may happen to me."
Warren Buffett Quotes

#12 Money Rule:  Invest abroad.
"The World is a book, and those who do not travel read only a page."
St. Augustine Quotes

#13 Money Rule: Keep perspective.
"There is nothing new in the world except the history you do not know."
Harry Truman Quotes
"The four most expensive words in the English language are 'This time it's different.'"
Sir John Templeton

#14 Money Rule:  Just do it.
"It takes as much energy to wish as it does to plan."
Eleanor Roosevelt Quotes

#15 Money Rule:  Borrow responsibly.
"As life closes in on someone who has borrowed far too much money on the strength of far too little income, there are no fire escapes."
John Kenneth Galbraith Quotes

#16 Money Rule:  Talk to your spouse.
"In every house of marriage there's room for an interpreter."
Stanley Kunitz Quotes

#17 Money Rule:  Exit gracefully.
"Only put off until tomorrow what you are willing to die left undone."
Pablo Picasso quotes.

#18 Money Rule:  Pay only your share.
"The avoidance of taxes is the only intellectual pursuit that carries any reward."
John Maynard Keynes Quotes

#19 Money Rule: Give wisely.
"The time is always right to the right thing."
Martin Luther King, Jr. Quotes

#20 Money Rule:  Keep money in it's place.
"A wise man should have money in his head, but not in his heart."
Jonathan Swift Quotes

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