Users of question and answer website Quora have been posting on the topic and came up with some thought provoking observations.
Live within your means and use compound interest
Among the lessons from user Garrick Saito are these five tips:
1. Live within your means
2. Start saving from your first pay
3. Set up a retirement account as early in your work career as possible
4. Appreciate the concept of compounding interest
5. Setup a household budget and stick to it.
Happiness counts too
Quora user Christopher Pollock writes that spending on enjoyable experiences counts too:
“Every dollar is an investment. Even if you are going to Disneyland, it is an investment into your personal happiness and an investment into the relationships you are building with your companions. Every dollar you spend must be advancing you in some way. This will fight off instant gratification.”
Pollock also encourages using the “pay yourself first“ technique.
“When you get your pay, set money aside for yourself before any person or company you owe. This will determine whether you move up financially or not.”
Future proof yourself
Quora user Mark Brimson gives a nod to the rapid pace of change when he writes: “Consider careers that are in demand now and in the next 10 years.”
What do you think are the most important things about personal finance a non-finance background person must know?
Send us your views using the contact form here or tweet them to @eZonomics using the #moneytips and we will publish the best.