Timeless Money Advice

We found this very interesting list compiled by CNN Money Magazine and have summarised it for you here:

1.   Be humble

When you do not know a thing, to allow that you do not know it--this is knowledge.
--Confucius

2.   Take calculated risks

He that is overcautious will accomplish little.
--Friedrich von Schiller

3.   Have an emergency fund

For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin

4.   Mix it up

It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket.
--Miguel de Cervantes

5.   It's the portfolio, stupid

Asset allocation...is the overwhelmingly dominant contributor to total return.
--Gary Brinson, Brian Singer and Gilbert Beebower

6.   Average is the new best

The best way to own common stocks is through an index fund.
--Warren Buffett

7.   Practice patience

It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!
--Edwin Lefevre

8.   Don't time the market

The real key to making money in stocks is not to get scared out of them.
--Peter Lynch

9.   Be a cheapskate

Performance comes and goes, but costs roll on forever.
--Jack Bogle

10.        Don't follow the crowd

Fashion is made to become unfashionable.
--Coco Chanel

11.        Buy low

If a business is worth a dollar and I can buy it for 40 cents, something good may happen to me.
--Warren Buffett

12. Invest abroad

The World is a book, and those who do not travel read only a page.
--St. Augustine

Keep perspective

There is nothing new in the world except the history you do not know.
--Harry Truman

14. Just do it

It takes as much energy to wish as it does to plan.
--Eleanor Roosevelt

15. Borrow responsibly

As life closes in on someone who has borrowed far too much money on the strength of far too little income, there are no fire escapes.
--John Kenneth Galbraith

16. Talk to your spouse

"In every house of marriage there's room for an interpreter."
--Stanley Kunitz

17. Exit gracefully

Only put off until tomorrow what you are willing to die having left undone.
--Pablo Picasso

18. Pay only your share

The avoidance of taxes is the only intellectual pursuit that carries any reward.
--John Maynard Keynes

19. Give wisely

The time is always right to do the right thing.
--Martin Luther King Jr.

20. Keep money in its place

A wise man should have money in his head, but not in his heart.
--Jonathan Swift

For the complete and original article please go to:  

http://money.cnn.com/galleries/2007/moneymag/0708/gallery.20_rules.moneymag/index.html