Is there a piece of financial advice that's changed your life?

The Wall Street Journal put that query (paywall) to 16 people who now make their living in some sort of financial occupation, from investment advisors to economists to finance professors.

Some of the life-changing advice came from parents, some from mentors, some from books. Here's a sampling:

  • "Plan for unexpected emergencies — and opportunities."
     
  • "Maintain an optimistic view of the long-term prospects for the stock market."
     
  • "As a married couple, live on one income and save the second income."

I can vouch for the wisdom of that last one (I heard it from Christian financial teacher Larry Burkett). My wife and I have tried to live on a single income for more than 30 years now. Early on, we had a "second income" to put in savings, but when our boys were young, there was no second income(!). Still, with the Lord's help, we've always been able to make ends meet.

What about you? What's the best financial advice you ever received? Tell us in the comments section below.