The Best Financial Advice I Ever Received And How I’ve Applied It
This post is part of a group writing project with the Finance Blog Network.
I’ve received a lot of advice over the years; more of it bad than good, probably. Even so, it’s nearly impossible to pick out the single best tidbit of financial advice I’ve ever received, but I’ll take a stab at it anywhere. The best financial advice I’ve ever received is simple: get it in writing.
Get It In Writing
This seems obvious, but I think most people have probably ignored this advice more than once to their detriment in the past. Have you ever thought you had an understanding with a company only to have the deal suddenly change when it’s time to sign the contract (car dealers, I’m looking at you). Or perhaps you were told something by a coworker only to have them tell your superiors something else, leaving you high and dry because you don’t have a paper trail? If so, you know what I’m talking about: get it in writing.
If a company representative you’re dealing with cuts you a deal or tells you he will do something for you such as remove a charge or give you a special discount, it’s always best to get it in writing. Otherwise, the next guy you deal with might not be informed of the special arrangements and may not honor the agreement. I’ve had this happen to me plenty of times with everything from phone companies, auto mechanices, HVAC repairmen, and everything in between.
Maintaining a paper trail is even more important at work. It’s not uncommon for a coworker to tell you they will take care of some task, get busy, and then forget. Of course, it’s rarely intentional but these kinds of slip-ups can reflect poorly on you. That’s why I make sure any conversation of this kind happens over email and not in person. It may be less efficient, but it really helps if you have a document you can point to and say “here, this is what they said they would do.” Otherwise, you risk looking like a whiner always trying to pass blame, and those types of people never get promoted.
How I’ve Applied It
How have I applied it? Well, I got it in writing 
There’s no telling how much money and trouble I’ve saved as a result. After all, if they aren’t willing to put it in writing, they probably aren’t all that serious.
Don’t forget to check out the network’s other members posts on the subject. Andy from Saving To Invest writes about investing in DRIPs while Curt from Penny Jobs writes that the best advice he ever received was that achievement depends less on ability than the courage to go after opportunity.
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That is very good advise. When I started my business I mostly worked with people that I already had a trusted relationship with, and therefore didn’t need to worry about getting it in writing. But, as I expanded the need became greater and help me weed through the serious customers and the not so serious customers.
Hi,
My name is Jacob Share. I run Group Writing Projects, the blogosphere’s only blog on that topic. Where can I find more information about this group writing project that you’re participating in? My readers could be interested in joining as well.
I like the advice. If you are in a professional services business (as I am), there are some very important personal risk management reasons for “putting it in writing.”
Great advice and one that it espically important when it comes to finances and contracts you sign. My father’s business last the potential for a 100K deal a few years ago because the bank reneged on a verbal promise to loan funds.
I have completed my post and linked to your’s here. Great to complete our first group writing project!
At my work we have internal blogs where we discuss what we’re working on, so that keeps a paper trail and helps managers & coworkers know what we’re doing.