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The best personal financial advice

May 13th, 2009 at 08:45 am

according to Patrick Munro of Expert Village.

It's a video Q&A, but to summarize, his "best personal financial advice" is a simple two-parter:

1. Keep your expenses low.
2. Avoid risk.

Simple, straightforward, and yet, profound, thought-provoking, perhaps even controversial.

I do kind of wish that he would elaborate on the risk part. Clearly, he is very conservative. Not that there's anything wrong with that, but to me, the point isn't to avoid risk at all, but rather, to find the most approriate risk that still offers optimal gains. That and being too conservative also introduces a certain types of risks as well, such as inflation risk.

But anyways, while the advice simple enough, I don't think its depth and importance should be underestimated.

So, what do you guys think of his "best personal financial advice"? Also, he has several other video clips that may be of interest to you.

2 Responses to “The best personal financial advice”

  1. Valerie Says:

    i think his advice is great. risk to me is any amount of money you can't afford to or want to lose. it's broad information, only because he's talking to a wide audience. it's hard to spell everything out. risk is relative. don't spend money or put money anywhere you can't afford to lose it.

    keep your expenses low is always great advice.

  2. creditcardfree Says:

    He makes excellent points!

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