10 money tips you should know & do before you die

Fatherly advice you can take to the bank.

Parker is not only the resident photographer at Money Talks. She’s also our trusted hand model! 😉

Happy Fourth of July to all who celebrate.

Here are 10 money tips to help you achieve or maintain financial independence.

There are lists with more actionable steps. This brief compilation is designed more for giving my daughter Parker general advice that will help to guide her mentally and emotionally through real-life circumstances.

It’s my way of developing that voice in the back of Parker’s mind at the exact moment she’s about to make a questionable decision.

So think of this list more like money dos and don’ts.

1. Always know where your money is going
   
   Keep track of your money. No matter how much or little you have. Pay attention to even the small things. It’s often the small things that add up and become big things.
   

2. Don’t be frivolous or stupid with your money
   
   Remember that your resources aren’t solely yours to do whatever you desire. You should be other-centered, starting with saving and investing early for your children and then giving back to others. You can’t accomplish either if you’re wasteful with money.
   

3. Don’t go crazy spending for your wedding
   
   They’re overrated ceremonies. Focus on your marriage instead. Trust me. Forget what the outside world thinks and what society has programmed you to believe. You don’t need a gaudy wedding. You need a good marriage. A lot of people attended my wedding. It was great, truly fun and memorable. It was also expensive. And when the marriage ended, my mother was the only one from my wedding who genuinely showed up for me as I went through a divorce.
   

4. Get it in writing
   
   Don’t forget. We’ve been over this. But it’s worth repeating to help you remember. Turn verbal agreements into binding contracts. They add clarity and security for both sides.

5. Negotiate but don’t haggle
   
   Whether it’s your salary or a business deal, the goal is to procure the best offer you can. Understanding your value and the other side’s desires will build your confidence in negotiations. And never settle for less than you’re worth or pay more than a fair price. But don’t quibble. Whatever it is, if it’s worth your time and energy, a few bucks shouldn’t kill the deal.

   

6. Grow comfortable walking away
   
   It can be hard to separate your feelings from some offers and opportunities. You must learn to rely on logic here more than emotion. When your feelings enter the picture, they can result in a regrettable choice. But creating a formula based in fact and sticking to it will make it clear when you should say no.

7. Stand on your decision
   
   Saying no and walking away is hard enough. Standing on the decision is another challenge completely. Don’t let anyone or anything (within reason) sway you once you’ve decided what’s best for you. Listen to that voice in your head and that feeling in the pit of your stomach. It’s called instinct. Trust it.
   

8. Spend on what brings you joy, but don’t seek joy in spending
   
   If excessive or extravagant spending ever becomes part of your personality, your assets should be bubbling over for you to afford that lifestyle. If so, do you. Live your best life. If not, there’s a good chance there’s a void somewhere, perhaps something you’re trying to mask by spending. You don’t want to let that trait get out of check.

9. Avoid lifestyle creep
   
   This phenomenon happens when you begin spending more after you start to earn more. It could be more expensive groceries or more frequent manicures. Most of us do it because that’s the point of making more money: to be able to do the things we like. But until your asset base is healthy, funnel your additional funds to cash-producing investments.
   

10. Maintain multiple streams of income
    
    I shared with you last year that I wasn’t taught to have side hustles. My loyalty to three companies throughout my 20-year career — the past 19 of which have been with two companies — has provided great stability, with a steady paycheck and stellar benefits. I’ve been blessed to work my dream job.
    
    Still, I allowed two decades to pass before I realized I was playing a real-life game of Russian Roulette with my resources, especially given my old habits. I used to view moonlighting at a second gig as negative, as if I’d be seen as a bad employee if I did anything other than my primary job. So I dedicated a disproportionate amount of my time and my talents to someone else’s family legacy. Now I look at moonlighting completely differently. It’s no longer negotiable. You must water your own grass in as many ways as possible. It’s about showing up and choosing yourself, your family, your company and doing all you can to build your own table.