19 of 40
BACK NEXT
Live within your means
Olivia S. Mitchell
Director, Boettner Center for Pensions and Retirement Research, The Wharton School

From an early age, my parents told me, "Save your money first and get used to living on what's left over." That message proved useful. When I first started teaching, we would get paid only during the nine months of classes. I remember saying to myself, "My goodness, I'd better budget my salary to survive the summer."

I have also tried to inculcate in my daughters the idea of putting money away before they spend it. I forced both of them to set up an IR A with their summer earnings, and I told them they would call and thank me when they turned 80. I plan on staying alive until then just so I can get that call.

NEXT: You can't reliably beat the market

Last updated July 22 2008: 11:27 AM ET
More Galleries
Star Trek technology that we use today With the death of Leonard Nimoy, the actor who played Star Trek's Spock, we remember his character's legacy: The technology we use every day. More
Zombie brands with a second life Where you can still get an Ionic Breeze air freshener. The Sharper Image and five other bankrupt brands still walk among the living, sort of. More
4 trends popping up in high-end kitchens Here's what luxury homeowners are adding to their kitchens. More

Special Offer