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.

Secrets of 6 top financial advisers

Some of the financial planning profession's most respected veterans reveal their favorite strategies for tough times.

4 of 7
BACKNEXT
The secret to saving more money
The secret to saving more money
Years in business: 29
Client assets: $120 million
Known for: Former chairwoman, National Association of Personal Financial Advisors
Fund your goals before you spend

Peggy Cabaniss - The calm voice
HC Financial Advisors, Lafayette, Calif.

It's easy to fritter money away. What you need is a plan.

Let's say you make $10,000 a month gross. Write that down. Take out what your income tax is and what you pay for Social Security. Take out whatever is deducted from your paycheck for your health plan and your 401(k).Notice that I set out goals first. What 95% of people do is, money comes into their checking account, they spend it, and at the end of the month there's nothing left. Of course they don't accomplish their goals.

On the day that money hits your checking account, have a certain amount automatically transferred to a savings or brokerage account. The main thing is that it doesn't sit around tempting you to spend.

NEXT: The secret making your money last

Last updated December 10 2008: 1:46 PM ET
More Galleries
Here's what costs more than a barrel of oil Oil prices have crashed to below $27 a gallon -- a level not seen since 2003 -- which makes a barrel of crude cheaper than lots of everyday purchases that we don't think twice about. More
Super Bowl 50 ads are studded with celebrities The 2016 Super Bowl has rolled out the red carpet for the likes of Helen Mirren, Amy Schumer, Seth Rogen, Steven Tyler and the late, great Marilyn Monroe. More
The women of marijuana These women entrepreneurs and executives are making their mark in the marijuana industry. More

Special Offer