Do You Have Financial Advice?

Mark D asked:

What is your best financial advice to pass along to those of us just starting out?

Cover your costs.

No, seriously.

Cover. Your. Costs. When you’re just starting out, make sure you have enough in the bank to get you through the first few months. Think of things like office supplies, payroll, taxes, personal living expenses and on and on and on.

You also need to be sure you pay your bills on time. Vendors won’t work with you anymore if you aren’t paying them in a timely fashion. Never rob Peter to pay Paul. Dinner out can wait. That new pair of shoes can wait – even if you’re barefoot. Pay the invoices when they’re due or you’re going to be sunk before you get started.

What about all of you? What’s your best financial advice for those just starting out?

What's Your Best Financial Advice?