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Money Tips from Twitterville

Written by Nickel - 8 Comments

Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.

Over the weekend, I asked my “Tweeps” (i.e., people that follow me on Twitter) for their single best piece of financial advice. The primary limitation was that Twitter requires that their messages be 140 characters or less. Thus, the advice had to be short and to the point. I got things started with this:

“Don’t spend money that you don’t have.” (@fcn)

Which prompted the following responses:

  • @katekashman: “Automatic savings – it really works. Even if you screw up everything else, it might just be enough to get you through.”
  • @bargainr: “Like the tortoise and the hare, slow and steady wins the race. It’s about being smart with money, not clever with get rich quick schemes.”
  • @zenshinji: “Do the math. Compare like items at the store, super fantastic premium cable vs. basic + NetFlix + online, etc.”
  • @JeremyVoh: “For 9 out of 10 people, it takes hard work to make money. The other one is lucky. So, make your own luck and work hard.”
  • @countmypennies: “You don’t need that. You can make do. It won’t kill you.”
  • @scottneumeyer: “Read Dave Ramsey to get educated on money.”
  • @QuickenPRChels: “Don’t use credit cards. When I heard it way back when, I didn’t listen. Should have.”
  • @CashMoneyLife: “Spend less than you earn; earn more than you spend. Two different ways at looking at the same thing.”
  • @Green_Panda: “Don’t just cut expenses; look to increase your income, too.”
  • @glblguy: “Budget your money.”
  • @LazyManAndMoney: “Make saving automatic, by siphoning money to an account (like a mutual fund) that you never look at.”
  • @Night_runner: “Spend less, earn more.”
  • @RevancheGS: “Take care of your money first before you use it to help others, lest you find yourself in trouble as well.”
  • @ramit: “Don’t think of personal finance as a game of more willpower (“If I REALLY try to save, I will…”). Automate savings/investments.”
  • @FMFblog: “Spend less than you earn.”
  • @ericabiz: “Follow the one-in, one-out rule. For every item you buy, one of equal value or purpose must go.”
  • @jeffrosecfp: “Don’t invest just because you can. Take your time, research, reevaluate before you make your 1st investment.”
  • @ncn: “Understand credit, how it works, and how interest can work for or against you.”
  • @moolanomy: “Keep your mind open to learn new things and find creative ways to solve your problems.”
  • @mbhunter: “Buy used whenever it makes sense.”
  • @FourPillars: “Education – whether you learn about investing or bank accounts or how much debt you have – it all helps.”

There’s a bit of overlap in the responses, but I decided to go ahead and include them all. If nothing else, you can view overlapping responses as additional “votes” for a particular suggestion.

As a side note, my bit of advice prompted @StephTheBlogger to send me a link to the SNL video that I posted on Sunday.

Oh, and in case you weren’t aware, you can get new article notifications via Twitter by following @fcnfeed.

Published on March 24th, 2009 - 8 Comments
Filed under: Miscellany

About the author: is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

Comments (scroll down to add your own):

  1. Oooh, I’m first. I feel so special. I’m amazed at how fascinating it is, even though it is all I think about all day.

    Thanks for putting together this list. Very interesting.

    Comment by Anonymous — Mar 24th 2009 @ 10:27 am
  2. All great advice. One you might add:

    “Your career is your most valuable asset. Invest in it.”

    Comment by Anonymous — Mar 24th 2009 @ 10:39 am
  3. If you haven’t seen this SNL video, WATCH IT!

    Comment by Anonymous — Mar 24th 2009 @ 11:01 am
  4. One piece of advice that I didn’t see, and would like to add, is save for a rainy day. After my husband was laid off for 18 months and our income was cut by more than half, having an emergency fund saved us from financial ruin.

    Comment by Anonymous — Mar 24th 2009 @ 11:08 am
  5. DON’T EVER TAKE OUT STUDENT LOANS or any other kind of debt, for any reason.

    Comment by Anonymous — Mar 24th 2009 @ 9:47 pm
  6. What a great collection of advice!

    Comment by Anonymous — Mar 25th 2009 @ 4:25 pm
  7. Education is definitely an important part of making smart decisions. Cool collection of twitter advice.

    Comment by Anonymous — Mar 25th 2009 @ 10:05 pm
  8. Hi Nickel,

    I found your blog through the latest Carnival of Personal Development. I like what you have here! Great tips!

    And I’d like to add one more tip to this post:

    Delay Gratifications

    On response to TaxRascal above, no offense, but I don’t agree with you. Your most valuable asset is not your career, it’s your mind. That’s what you should invest in the most.



    Comment by Anonymous — Apr 7th 2009 @ 1:12 am

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