You may know them as a highly successful American country and rock band, but listening to The Eagles can also provide sound financial advice concerning spending and investments.
Desperado, why don't you come to your senses?
Reckless spending and ‘cowboy' investments are a good way to lose a lot of money. Think things through. Is this the best way to invest or spend my money? What are the risks involved? Do I have a good chance of getting this money back?
In a New York minute, everything can change
-New York Minute
The stock market is not something to take lightly. Unless you have a firm understanding of all the factors that will affect your investment, its best to stay out of it, or at least consult with an advisory stock broker before taking action.
Ooh, I want to tell you, it's a long run
-The Long Run
The investments with the best payouts will often take a long time to mature. If you can afford to have your money locked away from you for a while, it's often worthwhile to consider a savings bond or pension. If you spot a 'get rich quick' scheme that seems too good to be true, it probably is.
I have accountants/ Pay for it all
-Life's Been Good
While it's important to keep control of your finances, it can also be useful to heed the advice of experts. Independent Financial Advisors exist to give you impartial advice about how best to spend or invest your money.
Oh, no, pretty mama, what you gonna do in those shoes?
Before you spend your money on something pricey, like an expensive pair of shoes, think twice. Is this something you really need? How much use are you going to get out of it? Are you going to regret this purchase when your credit card statement comes at the end of the month?
"I paid my dues and I feel like trav'lin' on"
Sometimes the best way to invest your money is to pay off your debts. What's the point in earning money from a savings account if you're spending more than that in overdraft interest? Personal finance software can help you track where you've got money coming in and where your money is going, and help you plug any leaks in your financial ship.
You can spend all your time making money/ You can spend all your love making time"
-Take It To The Limit
If you have money saved away, sometimes investing it isn't the best spend. Maybe it IS time you took the family on a nice holiday, or bought a new car. What are your priorities?