I had an awesome finance professor back in college that really made an impression on me. On the last day of class, after we went over the final exam, he told us three pieces of life advice. These three things really stayed with me, and I would like to share them with you.
This is what Professor Sinow said:
1. The most important decision you will ever make is the person you will marry. It not only affects your physical and mental health, it affects your financial wealth. Be absolutely certain of the type of person you are marrying and make sure there are no skeletons in the closet so to speak. He told us of an example of one of his former students many years ago, who found an awesome girl to marry. They became engaged and everything went smoothly on their marriage. After getting married, they applied for a home loan to get a nice home in the suburbs, but something went wrong. They were not approved for a loan because of the wife’s credit history. Apparently she loved to spend and had $100,000 in credit card debt. Professor Sinow later said that this problem put a big strain on their marriage and made the young couple question whether they should get a divorce. Know the type of person you will marry.
2. Guard you reputation and integrity with your life. Act responsibly, Act ethically. Then good things will happen to you. If you are unsure about something, use the mom test. Before you do anything decide how your mom would react if she knew you were doing this. If you think your mom would say no, don’t do it.
3. 9 out of 10 people in America that make 1 million or more and have 10 million in assets are self employed.
I keep these three pieces of advice close to heart. Especially the first two. The third is something that should motivate all of us to think out of the box.