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.