(T4T) Tips for Tuesday - 5 financial experts and PF bloggers give advice on finances

So this week I reached out to both Financial Experts and PF (Personal Finance) Bloggers on the best advice that they've both received and given.

You may notice a common theme among the responses - let me know in the comments below if you agree, disagree or have a different perspective of your own.

1)

 

Michael Kitces

Director of Research for Pinnacle Advisory Group

Nerd's Eye View

"The real key we see amongst clients to reaching financial independence is not about spending less and saving more, but about reaching a lifestyle you can maintain and enjoy, and NOT just increasing it every time you get a raise and have more money to spend. Once you commit to your current lifestyle – and commit that you’ll maintain your current lifestyle and save your raises as they come in the future – you can get off the roller-coaster of more income = more spending, and get into the habit of more income = more saving. If you live your 30s like your 20s, your 40s like your 30s, and your 50s like your 40s, you’ll find it far easier to retire when the time comes! Our happiest clients are the ones who, as their career and income increased, simply kept living the life they already enjoyed, and saved the rest as it came – and reaching financial independence sooner than they had ever expected!"

 
BIO: With a natural inclination for thorough analysis, lifelong focus on advanced education, and years of experience in the financial services industry, Michael Kitces works to accelerate his clients financial planning knowledge. As a writer and speaker he works diligently to be on the cutting edge of finance. Mr. Kitces is constantly keeping abreast of changes in the financial planning industry so he can pass that knowledge on to his clients. 

 Learn to Save Money and Get out of Debt

2)

Laurie Campbell 

CEO Credit Canada Debt Solutions

"The best financial lesson I have learned is a simple one, and that is to be patient. There is so much hype in the media and from society to do everything now: spend your money now, get rich now, retire early, finance that car now, etc. that the simple message of being patient in planning and saving seems to be lost.

If you look at our ancestors, patience was something that was necessary in life. There were no credit cards to purchase well before you could afford an item. There was an understanding that you could not have it all and you needed to set specific goals and plan ahead. In those days an emergency fund wasn’t a luxury. It was a necessity. They knew that they would have to work long and hard before they could retire and  they were OK with this. They knew that by hard work, watching their savings grow and staying out of debt they could achieve their financial goals. There was no such thing as a $50 million dollar lottery to be won which has become a retirement plan for some.   They knew a penny saved was  a dollar earned and they had the patience to save a little bit from each pay to ensure that overtime they would build up their nest egg. By being patient, we can all spend a little less, save a little more and watch our own nest egg grow over time"

BIO:Since joining Credit Canada in 1990, Ms. Campbell has assumed progressively more important roles within the organization, becoming part of its senior leadership team as Program Manager in 1993. Her responsibilities have notably included management in the agency's education department, which presents seminars on money management and credit-related issues to over 10,000 people annually.

 

A short list of Ms. Campbell's many achievements include: She was President of the Credit Association of Greater Toronto. She was on the Advisory Committee for the television show Maxed Out. Ms. Campbell was also instrumental in spearheading Credit Education Week Canada, which promotes financial literacy throughout Canada.

 

A graduate of the University of Ottawa, currently Ms Campbell serves on the Finance Canada Payments Advisory Committee (FinPay) which serves as a discussion forum regarding developments related to public policy issues, such as competition, innovation, safety, user needs and consumer protection as it relates to the payments system.

 3)

Karlene Sinclair-Robinson

Alternative Financing Expert, Small Business Advocate, Speaker, Instructor &
Bestselling Author: Spank The Bank: THE Guide To Alternative Business Financing
KsR Solutions, LLC

"When the financial market crashed, many of us felt the impact. The failure rate of many small

businesses jumped. To say that those days were ‘trying’ ... is an understatement. How do you survive such negative economic impact?

Many of us could learn from [a] small business owner [I worked with]. 

Having been in the trucking repair business in Texas for many years, when the financial downturn hit, he, like the rest of us, had to face it somehow.

This small business owner realized one thing: survival was the key.This entrepreneur realized that selling his accounts receivable was a necessity. Why sit on paper assets when you have no money in the bank? How do you meet payroll and other business expenses if you

have to wait to get paid? He figured it was better to sell his receivables to a factoring financing source instead of waiting weeks or months to get paid. He realized the ‘time-value of money’, in that money today is worth more than waiting to receive the same amount in the future... if this business owner had not been able to use factoring to access the financing he needed...He could have been one of the U.S. Small Business Administration (SBA) statistics of so many  failed businesses. Business financing, especially alternative access to capital, is a necessity during survival or growth periods.

BIO: Karlene Sinclair-Robinson, dubbed “The Queen of Business Financing” is the Bestselling Author of 'SPANK THE BANK: The Guide to Alternative Business Financing'. She is an expert on 'Alternative Business Financing' for startups, small businesses and struggling entrepreneurs. She is a speaker, instructor, consultant and principal of KSR Solutions, LLC, based in Northern Virginia. She is also a top Twitter business financing source to follow via @KarleneSinRob. Website: www.SpankTheBankNow.com.

4) 

Cassie

Blogger, Freelance Writer, Mechanical Engineering Graduate.

http:/talesandtrenchs.wordpress.com

 "My grandfather always used to tell me:

'If your outflow exceeds your inflow, your upkeep will be your downfall'.

This is critical. It doesn’t matter how much money you make, if you spend more than you bring in you’re going to be in trouble. You need to either make more money, start spending less, or both.

Also, remember that banks are a business, and businesses exist to make money. They make their money off you. Remember that the next time you get a credit offer in the mail or at your branch. They may be friendly, but their products may not be friendly to your money."

BIO: Similar to her blog, Cassie is a bit of a hodgepodge in human form. She graduated high school wanting an arts degree, went to Denmark as an exchange student, came back wanting to be a Dietician, and graduated years later with a Mechanical Engineering degree. At Any given moment she could be thinking about: housing, fashion, technology, cooking, art, gardening, investing, men, travelling, the future, the economy, volunteering, or anything else a professional woman in her 20's might think about... Except politics. She hates politics.

5) 

Mr. Canadian Budget Binder

Personal Finance Blogger

canadianbudgetbinder.com

"I learned about money from a young age from my parents. I also had a paper route which super-charged me into a money saving machine. I was told that I [should] never spend my money unless I had to. Which is just about the way I am today. I recall my parents saying that I should save a portion of my paper route pay so I wouldn't spend it all just in case I needed it for something important. You never know when you would blow a tire on your bike is what my thought pattern was like. I believe that piece of advice led to my understanding of spending less than you earn.  Now I share this with my blog followers, "It's not about how much money you make, it's how you save it" and hope to inspire others by keeping finance simple."

BIO: Mr.CBB shares budgeting tips, frugal lifestyle, relationships, recipes, parenting, personal finance and so much more for his over 4500 fans all around the world. After all “money is money, debt is debt” no matter where you live. Come join him on Facebook, Twitter and Pinterest.