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Color of Money: Start your new year with these money mantras

Michelle Singletary on

Finally, for my retirement worries: "In investing, we are often our worst enemy." (Burton G. Malkiel, "A Random Walk Down Wall Street.") He also says, "An understanding of how vulnerable we are to our own psychology can help us avoid the stupid investor delusions that can screw up our financial security."

I asked my readers to send me some of their favorite financial quotes as well, so here are some more words of wisdom for those of you who want to focus on your finances in 2018:

-- "How many hours would you need to work in order to buy that item?" Angie Lehman from Akron, Pennsylvania said: "I use this quote on my daughters, who are only old enough to baby-sit, but it is already making them evaluate their purchases more closely."

-- "The best way to accumulate wealth is to get out of debt." Glenn Whitehead of Tigard, Oregon, heard this from a certified public accountant he once worked with.

-- "Don't work for your money; let your money work for you." Bob Mutari of Landisville, Pennsylvania, said following this advice "made me work to save my money to earn interest (in the good old days) and to later on be smart with my money (no debt)."

-- "Consumer credit is modern-day slavery." Robert Dogan of Arlington, Virginia, said he realized this after years of racking up and then getting rid of credit card debt. He has since freed himself.

-- "Good deals don't come looking for you." Frank Wagnon from Southlake, Texas, heard this from his investment professor at Texas A&M University. This is a good mantra to keep in mind during a high-pressure sales situation.

-- "Pay as you go, you never owe." John Wetzel of Crofton, Maryland, heard this from his father-in-law, a child of the Depression and a veteran of World War II.

 

-- "We can't borrow a better standard of living. Only our banker gets that when we borrow." That came courtesy of reader Edward Brown of Vancouver, Washington.

Got your own money mantras? Send them to colorofmoney@washpost.com. And tell me your financial resolutions while you're at it.

Every new year is a chance to change.

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Readers can write to Michelle Singletary c/o The Washington Post, 1301 K St., N.W., Washington, D.C. 20071. Her email address is michelle.singletary@washpost.com. Follow her on Twitter (@SingletaryM) or Facebook (www.facebook.com/MichelleSingletary). Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

(c) 2018, Washington Post Writers Group

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