The best financial advice for you in 2021 from top experts like Robert Kiyosaki, Mindy Jensen and more


You no longer need a subscription to the Wall Street Journal or a professional financial advisor to get great financial advice (though those things can’t hurt). The general public now has access to many of the best personal finance experts through blogs, podcasts, books, and social media pages, where they share their tips on investing, saving money, budgeting, and more.

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This year, I spoke with some of the most trusted people in the personal finance space to get exclusive tips and advice on GOBankingRates’ “Money Most Powerful” franchise – and here are some of the top tips they shared .

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Make investing a habit

“The best thing you can do with your money is to develop an investing habit and start it right away. It’s okay if you don’t feel like you have much to invest in — even $20 a month or so $30, over time, can turn into a lot of money.” –Andrew Sather, co-host of “The Investing for Beginners Podcast”

Don’t go with the flow when investing

“The crowd is often wrong and definitely overly emotional, but it has the power to move the market. Avoid the herd and move in back They trampled the market. Hold certain stocks for the long term – I have Apple and Amazon, but there are some that I love and know will be great for years but close. [The biggest mistake people make when it comes to investing is] They lose confidence too quickly.They want the stock to go up every day and I’m noticing more people are weighing [their] Daily or weekly market-specific portfolios. nut. ” –Charles Payne, host of Fox Business’ “Making Money with Charles Payne”

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There is no shortcut to getting rich

“Don’t take shortcuts. When a company like GameStop is surging in financial markets, it may be tempting to try to cash out, but the reality is you’ll almost always be late. Study the Big Fool Theory. Understanding how it works will make You’re eye-opening that there are very few get-rich-quick schemes that really work.” –David Lazarus, award-winning business columnist for the Los Angeles Times

Align your money behavior with your personal values ​​and goals

“Find out for yourself what you value. It’s really easy to get information from other people and get other people to spend our money. It’s critical to introspect and figure out what you really value so you can base your Spend, save and invest with your financial goals.” –Erin Lowry, author of the best-selling trilogy “Breaking the Millennium” book series

Try asset class investing

“Focus on asset classes rather than trying to pick individual stocks. Asset class investing can be just as interesting as researching companies — and certainly more valuable because it doesn’t rely on outsmarting other investors.” —David Stein, founder of personal finance website Money for the Rest of Us

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Set manageable financial goals

“[The biggest mistake people make when it comes to budgeting and debt management is] Starts too big. Most of us won’t be in debt overnight, so you’ll have to create a process that allows you to take small steps to achieve big goals. ” –Jill Schlesinger, Certified Financial Planner, host of the “Jill on Money” podcast

Your first investment should be an index fund

“Individual stocks are too risky to put together a portfolio of your own choosing. So, at a minimum, I ask you to put money other than the $10,000 you own in your first 20 years into an index fund, the S&P 500 It’s my favorite.” –Jim Cramer, co-host of CNBC’s “Squawk on the Street”

Don’t wait to start investing

“[The biggest mistake people make when it comes to investing is] Don’t start early. People put off because they are afraid or don’t understand it. You can adjust the assets in your portfolio at any time, but it takes time to build and a plan of action. You have to be consistent. ” — Jully-Alma Taveras, founder of Investing Latina

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Having a balanced portfolio is no longer the best strategy

“All the pundits are talking about a ‘balanced portfolio’ – some stocks, some bonds, gold… I think that’s an outdated view. The stock market has given investors better returns over time than most investments The average annual return for the S&P since 1930 is 9.7%. Now, keep in mind that some years are much better, while others, like the financial/real estate crash of 2008, when the S&P dropped 37% % of value, the situation is much worse. But recently, personal investing experts say that buying well-managed quality companies should be a bigger part of your portfolio over time. Yes, bonds can give you downside protection, But unless you’re in old age and need to save your savings, quality stocks are a great option. But remember, the stock market is a casino. Everything is a bet. Sometimes in a bet, you lose. Never bet more than The loss you can afford.” –Liz Claman, anchor of Fox Business’ “The Claman Countdown”

Automation is the key to increasing savings

“Automate. Automate. Automate. Just like contributing to a 401(k), automatically contributing to your savings is one of the smartest things you can do: Make one smart decision and it’ll be consistent It pays off. I recommend making a minimum saving goal for the month and using [banking] A tool to transfer funds from your checking to your savings on a schedule that makes sense to you. If you end up with some extra stuff after meeting your needs, consider manually moving more stuff into the piggy bank. For me, automating basic savings levels is what helps me achieve my goals. Also, consider auto-transferring your paycheck as soon as you deposit it—so you don’t give yourself a chance to spend it first. ” –Mandi Woodruff, co-host of the “Brown Ambition” podcast

learn to hate debt

“Americans live the American dream with borrowed dollars. Stop using debt to make ends meet. Learn to hate debt. If debt is a person, I’ll fight it. If you learn to have a healthy hatred of debt, you can do better Manage your budget because less of your income will go towards paying down debt. The biggest mistake people make is thinking debt is a good tool. It’s not. It may be necessary to buy a car or a house, but make no mistake – that’s it Like having 50 pounds on your financial shoulders.” —Michelle Singletary, personal finance columnist for The Washington Post

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Never invest in ‘weird’ real estate

“Never buy something weird. ‘Weird,’ ‘unique,’ ‘unusual’ are all four-letter words in real estate. When you buy a house, you want something normal, traditional, fun but ordinary.” –Mindy Jensen, co-host of the “BiggerPockets Money” podcast

Start with financial goals and work backwards

“Start with the end in mind. State your goals and timeline, such as “I want these investments to grow in retirement” or “I want these investments to grow 15 years when my kids go to college” or “I want these investments to grow 5 years”, at which point I would use them to put down a down payment on a house. Once you have a specific goal and time frame, you will know how much risk is appropriate. Once you define your risk parameters, you Will know what types of assets to allocate (stocks, bonds, real estate, etc.).” -Paula Pant, founder of the “Afford Anything” blog and podcast

Try zero-based budgeting

“I recommend zero-based budgeting. This is where your income minus expenses equals zero. You tell every dollar where to go. If 2020 has taught us anything, it’s that we need to put our hearts into every dollar. Budgeting will also Helps you and your spouse agree on your finances. It forces you to talk about how you spend your money, your financial goals, and your dreams. Money is the tool that helps you achieve those dreams, and the budget is how you steer the boat .” –—Rachel Cruze, personal finance expert, author of Know Yourself, Know Your Money

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You should never say “I can’t afford it”

“I forbid myself to say, ‘I can’t afford it.’ I’ve trained myself to ask rhetorically, ‘How can I afford it?’ Asking myself how to afford something opened and challenged my mind – thinking. The words we say to ourselves and the words we believe are the most powerful forces in the world. In my experience, “I can’t afford it” “It’s what the poor say. That’s why they’re poor. I’ve found that there’s a difference between being “broken” and being “poor.” Poverty is a mindset that we all have the power to change.” –Robert Kiyosaki, author of Rich Dad Poor Dad

Invest in your financial knowledge

“Investing isn’t just a matter of saving money early and compounding your portfolio, it’s a matter of compounding your investing knowledge. Start reading as soon as possible and learn from someone like Warren Buffett with the best grades.” –Stig Brodersen, host and co-founder of “We Study Billionaires,” The Investor’s Podcast Network

Saved 8 months of living expenses in the emergency fund

“I know it’s a lot, but I hope you and your loved ones are okay if you get fired or get sick for a long time. Of course, it can take years to achieve your eight-month goal. That’s totally fine. Important The problem is you start saving today, so every month you’ll get closer to your goal.” —Suze Orman, author, speaker, media personality and podcast host, in a blog post

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Gabrielle Olya contributed reporting for this article.

About the author

Jaime Catmull has eight years of personal finance experience at GOBankingRates and has built up an extensive network of financial influencers and experts. Now, she’s using the network to get the real scoop on how to live your best financial life and grow your wealth.


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