Be very skeptical of anything that promises high returns with no risk. If it sounds too good to be true, it is. The dot-com bust should have taught everyone that lesson. Slow and boring index funds beat hot stock tips over the long run.

I made this exact mistake when I was younger and it cost me. Learn from others instead of learning the hard way. The personal finance section of any bookstore has dozens of books — they mostly say the same sensible things for a reason.

I'm not a financial advisor but I've learned a lot from personal experience. The most important thing is to start early and be consistent. Even small amounts add up over time thanks to compound interest. Don't try to time the market.

Taxes are the part everyone forgets about. Whatever you're planning, factor in what you'll owe Uncle Sam. Talk to an accountant — a good one saves you more than they charge. H&R Block is fine for simple stuff but get a real CPA if it's complicated.

Don't make a big financial decision when you're stressed or excited. Sleep on it. The dealership, the realtor, the salesman all want you to decide RIGHT NOW because pressure works in their favor. Walking away is always an option.

The simplest advice I ever got was: spend less than you earn and invest the difference. Sounds obvious but most Americans don't do it. Track every dollar you spend for a month — you'll be shocked where your money goes.

Make a budget and actually stick to it. Boring advice, I know, but it works. The envelope method helped my family — cash in labeled envelopes for groceries, gas, fun money. When the envelope is empty, you're done spending in that category.