Tips | June 6, 2011

The “best” money tip

The “best” money tip is the most basic, writes Get Rich Slowly blogger JD Roth. He says that “spend less than you earn” is his top personal finance tip.


In a new post called "Why I hate 'new, unique' money tips", Roth says one of the basics of personal finance is that to build wealth, people must spend less than they earn.
"It's not new. It's not unique. It's simply the truth."
Roth felt impelled to write the post after repeated requests for new ideas about how to save money.
He argues there are few "new, unique" ideas and that the basic rule applies as well today as it did in the past.

Once the money basics are underway
eZonomics covers many of the tried and tested - rather than "new and unique" - tips. These include planning an early retirement, beating inflation, pension planning and cutting procrastination.
Our six tips to boost saving starts with the assumption that savers are living within their means and have spare money to save and invest.
They include the tip "increase income" through a pay rise or extra work to potentially see faster results than by cutting back on small indulgences.
Our sixth tip "stay strong" can be widely applied. It urges people to not dip into savings – and use a pre-prepared emergency fund if a large, unexpected bill materialises.

eZonomics team
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SpendingInvestingSavingPersonal finance

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