Best Money Advice I’ve Heard This Year

As a financial journalist, I have engaged in several significant conversations concerning money and financial insights that have left a lasting impression on me. From psychoanalyst Orna Guralnik’s viewpoint on the significance of discussing money to the inspirational account of Bill Stovall’s financial practices, these are some of the most valuable and memorable pieces of advice that have resonated with me throughout the year.

Guralnik’s perspective on the avoidance of discussing money was truly enlightening. According to her, money is a critical point of contact with reality, and when we shield ourselves from discussing it, we are essentially shielding ourselves from reality. Her insight serves as a reminder of the importance of confronting the financial aspects of our lives head-on, rather than avoiding them.

One of the most compelling stories I encountered this year was that of Bill Stovall, who at 100 years old, still has over $1 million saved. Stovall’s emphasis on living within his means and consistently saving a portion of his income for his old age is a testament to the power of frugality and financial discipline. His story serves as proof that consistent and mindful money habits can lead to substantial financial success in the long run.

In a conversation with Pulitzer-prize winning author Matthew Desmond, he shared a profound insight about personal financial struggles. Desmond’s childhood story, where his family lost their house due to his father’s job loss, led him to the revelation that financial struggles aren’t always an individual’s fault. He emphasizes the importance of understanding when financial hardships are the result of larger societal problems, such as evictions or food insecurity, to promote self-compassion and empathy towards others facing similar challenges.

At the beginning of the year, I delved into the realm of small financial changes that can make a big impact. The experts I spoke with provided insightful examples of how tiny adjustments, such as increasing retirement savings by 1% or adding an extra £50 towards student loan repayment, can lead to significant long-term financial benefits. These examples illustrate the power of small, manageable changes that individuals can make to improve their financial circumstances.

Reflecting on the year, these pieces of financial advice have stuck with me and continue to serve as valuable reminders of the importance of facing financial realities, maintaining disciplined financial habits, and showing compassion towards ourselves and others during financial struggles. As we approach the new year, I encourage everyone to consider the wisdom from these insights and to take proactive steps towards a financially secure future. Good luck!