Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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
10 of the best beaches near airports Wait out your layover in the transit lounge? Or grab some sun, sand and surf? More
World's Top Employers for New Grads For an exclusive CNNMoney list, research firm Universum Global surveyed business students at colleges around the world to see where they most want to work. More
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More

Special Offer