(Yahoo) Have you ever heard the old expression, "If I only knew then what I know now"? Like many folk sayings, this one speaks a universal truth. It's just human nature to think that we know everything when we are young, only to realize as we grow older that we could have used a shot of wisdom from time to time. This is particularly true in the financial world, where prudent financial moves made while we're still young can pay huge dividends in the future.
The good news is that thanks to the internet, the press in general and good old word of mouth, there are plenty of valuable financial tidbits available for the taking. Although the wisdom in these sayings can apply to everyone, they're particularly useful for those just starting out in their financial lives. To help separate the wheat from the chaff, GOBankingRates compiled a list of helpful financial quotes from successful individuals in all walks of life.
Mark Cuban is the billionaire investor probably most known for being one of the sharks on the popular TV show “Shark Tank.” However, Cuban wears many financial hats. He earned his first billions when he sold his company Broadcast.com to Yahoo, but he’s also turned the $280 million he paid for the Dallas Mavericks in 2002 into a franchise now worth $2.45 billion. In 2015, he gave Business Insider one of his most valuable financial tips for recent college graduates: “When you graduate, go out and get that job where you get paid to learn.” Rather than continuing to pay to learn, as in college, Cuban suggests that getting paid while you learn real-world business acumen is invaluable.
Elliot Weissbluth, former CEO of Hightower Investment Advisors, told Business Insider that the only type of debt that is worthwhile is that which allows you to make an investment. For example, borrowing money to pay for college can pay off in the long run, as it gives you access to higher-paying jobs. Similarly, borrowing money to buy a house or another investment that will appreciate is a way to leverage yourself to a higher net worth. But borrowing money to buy a car or to make discretionary purchases like clothes or gadgets will only put you in a financial hole.
Famed investor Warren Buffett views stock market investments a bit differently than many traders do. Perhaps that is why Buffett is not just a billionaire but the sixth wealthiest person in the world, according to the latest Forbes Billionaire Index. When it comes to investing in stocks, Buffett believes that you have to understand the business the company is in, rather than technical trading terms like the 200-day moving average or resistance zones. As Buffett tells Yahoo Finance, “If you buy intelligently into a business, you're going to make money.” Rather than getting caught up in the short-term movements of a company’s stock price, analyze the underlying business instead. Buffett also encourages investors to own businesses over the long run rather than trading in and out of them. As he famously wrote in his letter to the shareholders of his company Berkshire Hathaway in 1998, “[Our] favorite holding period is forever.”
Wealthfront CEO Adam Nash is a big believer in investing in your career when you are in your 20s. According to Nash, "Knowing what I now know about the importance your career path has in determining long term financial success, I'm a huge believer that people in their 20s should seek out opportunities at later-stage, hypergrowth companies. When you think long term, the company you join is far more important in your 20s than the specific compensation or role.” In this interview with Business Insider, Nash notes that finding a career-launching company is just as important as saving and living below your means.