Curious about the most impactful personal finance advice from industry experts? Featuring insights from an accomplished CEO and an experienced founder, this article reveals invaluable tips that could transform financial strategies. It starts with the timeless wisdom to pay yourself first and concludes with the empowering notion to see each dollar as future independence. Discover eight unique insights from top professionals in this engaging read.
- Pay Yourself First
- Dollar-Cost Average Into Index Funds
- Invest in What You Know
- Avoid Comparing to Parents’ Lifestyle
- Automate Your Finances
- Treat Finances With Business Rigor
- Think Long-Term for Every Decision
- See Each Dollar as Future Independence
Pay Yourself First
The best piece of personal finance advice I’ve ever received was to “pay yourself first.” It might sound simple, but in my experience, the best advice often looks simple on the surface—but the impact is profound.
The idea here is to treat your savings like any other non-negotiable expense you’ve got, such as rent, mortgage, or bills. The best way to pay yourself first is to set up automatic transfers to a savings account on the same day your paycheck lands in your account.
By moving a percentage of your income directly into a savings account (ideally a high-interest one) on payday, you can take the pressure and stress out of saving. Over time, this small habit will help you build a healthy safety net, without requiring constant effort or even willpower.
Another great benefit here is that by prioritizing our financial security first, you’ll find that it actually gets easier to budget for other expenses since your savings will bring some peace of mind.
Erika Kullberg
Attorney, Money Expert, and Founder, Erika.com
Dollar-Cost Average Into Index Funds
This may sound simple, but the best personal finance advice I ever received was to dollar-cost average (DCA) into index funds and invest for the long term. Instead of keeping all my savings in low-interest bank accounts or trying to time the market for quick gains, I commit to investing a set amount each month, regardless of price fluctuations.
I choose index funds because they have consistently delivered positive returns over time, far surpassing any savings account. What I love about this approach—and what I now recommend to everyone—is that it’s accessible for anyone. It eliminates many of the daunting aspects of investing, such as navigating volatile markets, emotional ups and downs, and geopolitical factors. DCA creates a straightforward way to build a substantial investment portfolio, making the journey toward financial growth much more manageable and less intimidating.
Elyas Coutts
CEO, Connect Vending
Invest in What You Know
The best personal-finance advice I’ve ever received was: “Invest in what you know.” As a business owner, I’ve seen firsthand the value of investing in familiar industries and areas where I have expertise. This approach reduces risk and allows me to spot opportunities and confidently make informed decisions. I started by diversifying my investments within my own industry to implement this advice.
For instance, instead of putting all my funds into unrelated ventures, I reinvest some of my profits into technologies and tools that directly benefit my business. This strengthened my business and positioned me to better understand and capitalize on industry trends, giving my investments a strategic edge.
Outside my business, I followed the same principle in personal finance by focusing on investments I understood well, such as real estate and dividend stocks. By concentrating on areas where I had knowledge, I avoided speculative risks and built a stable portfolio that aligned with my goals and values. So, this advice has actually allowed me to make strategic choices that support both my business and personal growth, turning my expertise into a powerful tool for wealth-building.
Bob Schulte
Founder, Bryt Software LLC
Avoid Comparing to Parents’ Lifestyle
Don’t expect to live your parents’ lifestyle. So many of us grow up assuming we will have the same level of comfort (or discomfort) in our adult lives. But for many Gen X and Millennial Americans, it has been difficult to replicate these lifestyles, especially when it comes to housing.
The young adults from affluent families I work with seem to find this particularly surprising, as they were more shielded from conversations about money.
Rebecca Shoval
Founder, Welcome Financial Education
Automate Your Finances
The best personal-finance advice I ever received was to automate as much as possible. It’s the closest thing to a “set it and forget it” approach to managing your money, and it takes so much of the mental effort and willpower out of the equation. I started by setting up recurring deposits to my savings account. Every payday, a portion of my check is automatically transferred, so I’m consistently building my emergency fund without even thinking about it.
I also automated contributions to my retirement accounts. This ensures I’m consistently investing in my future, regardless of market fluctuations or how I’m feeling on any given day. Beyond savings and retirement, I automate bill payments to avoid late fees and keep my credit score healthy. I even have a system for automatically investing in index funds each month. Automating these key aspects of my finances has freed up my time and mental energy to focus on other financial goals, like paying down debt faster or saving for a down payment on a house.
Honestly, the peace of mind that comes with knowing my finances are largely on autopilot is priceless. I’m less stressed about money, and I’m actually making more progress toward my goals than when I was trying to manage everything manually. If you’re looking to take control of your finances, I can’t recommend automation enough. It’s a simple but incredibly powerful tool.
JJ Maxwell
CEO, Double Finance
Treat Finances With Business Rigor
The most impactful financial advice I ever received was, “Treat personal finances with the same rigor as business finances.” Initially, it sounded straightforward, but the key was to adopt business-style metrics—cash flow statements, projections, and periodic reviews—for my own finances.
I implemented this by setting up a “personal P&L,” tracking income, expenses, and investments with disciplined monthly reviews. This structure allowed me to identify where cash was “leaking” and redirected that into higher-yield investments and savings.
It also enabled me to create an “emergency fund” for myself, similar to a business contingency plan, providing financial resilience in volatile times. This approach has built stability and positioned my finances for growth, freeing me to focus on entrepreneurial goals without unnecessary financial stress.
John Beaver
Founder, Desky
Think Long-Term for Every Decision
Years ago, someone advised me to think of every financial decision, no matter how small, through a long-term lens. At the time, it felt counterintuitive—why analyze every minor expense? But I gave it a try, and over the years, it’s shaped my entire approach to money.
In practice, this has meant prioritizing investments and purchases that pay off over time. For example, when I started ContractorBond, I consciously invested in high-quality resources and infrastructure upfront instead of cutting corners for short-term gains. This philosophy has also filtered into my personal life, from choosing reliable vehicles to making smarter choices with insurance and retirement plans.
By regularly asking myself, “How will this decision impact me years from now?” I’ve been able to avoid many costly pitfalls and build a more stable financial foundation. It’s a simple but powerful mindset shift that has helped me make choices I’m still grateful for today—and it’s one I recommend to anyone looking to create lasting financial security.
Michael Benoit
Founder and Insurance Expert, ContractorBond
See Each Dollar as Future Independence
I’ve been given several words of wisdom from my mentors in the finance field, but here’s the advice that grabbed the spotlight:
To see each dollar as a chance to build future independence. I learned to view money as a means of preparing myself for future options and stability rather than concentrating on what it may currently purchase. This required me to reconsider impulsive purchases or short-term objectives in favor of saving for a future I would be happy to lead. I put this into reality by establishing clear objectives for my savings, such as investing in various assets, trip funds, and school, which provides me with a compelling purpose to lay money aside. I have a better financial future ahead of me, which has helped me cut back on wasteful expenditures.
Steven Mena
CEO, AAA Fence and Deck Company
