“We all have to learn from our mistakes of overleveraging ourselves and acting like 5-year-olds – ‘I want four cookies.’ You don’t need four cookies; you only need one. It’s not about what you want, it’s about what you need. We all must reassess our consumer behavior. It’s not good enough to live within our means — we have to live beneath them.
That piece of advice, part of a CNNMoney round-up of money and investing tips from 21 business experts, comes from Fox Business Network anchor Liz Claman. The best advice Claman ever received is this:
My father, Mo Claman, would say, “Liz, buy good companies going through bad times.” When I was growing up, he was a big believer in Kodak, and every day he would get the paper and run his finger down the stocks column to check on it. The stock went through some rough periods, but he kept his Kodak shares, knowing it was a good company. He swears he put us five kids through college thanks to that stock.
Here, another piece of advice from Barry Ritholz, CEO of FusionIQ:
My father always used to tell me, “You’ll find the harder you work, the luckier you become.” And that’s directly translatable to investing in the market.