21 best money tips ever

Some of the nation's leading business owners, investors, and thinkers share their thoughts on rebuilding your wealth.

5 of 21
5. Save (but don't invest) like me
Save (but don't invest) like me
Burton Malkiel
Author of "A Random Walk Down Wall Street," which showed the folly of trying to beat the market

Best advice I can give: The first section of my new book with Charlie Ellis, "The Elements of Investing," is titled "It All Starts With Saving." If you don't put money aside now, you won't have money later on.

Best advice I ever got: In 1958, I was discharged from the Army and was handed a $3,500 check for accumulated leave I had not taken. I had just started a job at Smith Barney and knew absolutely nothing about money. The head of research there pulled me aside and said, "Don't spend it. Save it. Invest it."

When I was in the Army, I was a finance officer and worked with IBM machines. So I invested all my $3,500 in IBM stock. I still own it, and it's worth well more than a quarter of a million dollars.

The advice to save, and save early, is absolutely still great -- though I would never advise someone to follow my lead and invest in the stock of just one company. I was very lucky that I bought IBM. I could have just as easily bought shares of an Enron of the time.

NEXT: Stick with like-minded people
Email | Print | Share
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Last updated May 04 2010: 4:23 PM ET
More Galleries
Our biggest money highs and lows How much money do you need to feel rich? What are your biggest money mistakes? Money magazine surveyed 1,000 Americans for the answers to these and other questions. See how your answers stack up. More
How we feel about our finances Participants in an exclusive Money magazine survey reveal how they feel about their finances. Although the Great Recession may be over, they're not all that confident about their prospects for the long run. More
8 ways to cut your tax bill To keep your tax bill as low as possible this filing season, you need to stay on top of all the ways the rules have changed. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.