Personal Finance Advice from the Best Minds in the Business

Do you ever wish you had a personal finance expert to call up anytime you had a question? While most of us could never afford to have Dave Ramsey on speed dial, we can still learn a thing or two from the experts and apply it to our own personal finance strategies. You don't need to hire a personal finance expert to get your finances on track, listen to the words of wisdom from these giants in the industry and take on the job yourself.

Personal finance planners are great, but who says you can't do it yourself?

1. "Most Americans live with a microwave mentality," he said. "They were never taught, or haven't learned, how to delay gratification. This immaturity spells trouble when it comes to saving money and making plans down the road." - Dave Ramsey

Ramsey touches on a very important issue that we are dealing with as a society- delayed gratification. Do you typically purchase an item the moment you see it or do you go home and spend a couple days thinking about whether or not you should make the purchase? Most people would probably admit to buying on impulse, but that impulse is probably responsible for most of the consumer debt in America. Give yourself 24 hours before making a purchase, self-control and accountability are strong tools to have on the path to financial freedom.

2. "The average American doesn't know what healthy spending looks like. They see how people living around them are spending, and emulate that. But if we're all in the dark, that's a dangerous cycle." - Manish Thakor

Thakor touches on an epidemic that is alive and well in America- the "Keeping Up with the Joneses" effect. When we spend because we feel like we need to in order to be accepted, fit in, or keep up with our friends and neighbors we are dooming ourselves to financial failure. Step back, create a budget using a program such as the one offered by mint.com, and figure out what you actually need in your life.

Your neighbors don't control your future- you do. Make financial decisions based on what you want out of your life.

3. "The trick to building a path to retirement success is two-fold: First, invest in yourself and a path that can boost your earning power. Second, control your standard of living as income rises."- Michael Kitces

Michael Kitces makes two great points here- first that we need to prioritize retirement savings. Second, that as our incomes rise, we need to resist the urge of spending more. Instead of purchasing a more expensive home or car, put that extra money into savings and invest in your future.

4. "Rule 1: Decide to invest. Rule 2: Make it automatic. Rule 3: Never forget Rules 1 and 2." -Carl Richard

It can be difficult making those initial first steps towards investment and then sticking with it. Make investment an automatic process, not a monthly decision, and you will reap the rewards in the future.

Investment is the key to your future. You deserve a fantastic retirement.

5. "Even though many of us are struggling financially, we should continue to focus on how great things truly are.
-Bob Lotich

Lotich is well-known in the financial industry for his simple and effective tips that make big differences in the financial lives of his followers. This gem, in particular, is probably the best advice of them all. We all struggle to some extent with our finances, whether that is with budgeting or investment, but at the end of the day being thankful for all that you do have will keep you focused on the positive. Use the great things in your life such as your family, your home, and friends as a reason to take your personal finance seriously and grow your wealth for the future of that greatness.

Take personal finance advice from the experts, then hire yourself to make your financial dreams a reality.

Jessica Galbraith is a full-time writer and author.