I've spent nearly 15 years working in finance, and here are the 7 best pieces of advice I can give you about money

Courtesy of Zack Friedman

After nearly 15 years working in finance at companies such as Blackstone and Morgan Stanley, I witnessed firsthand how companies can make (and lose) money.

The good news is that the financial lessons I learned are not just for the Wall Street elite, which is why I want to share them with you. 

I founded Make Lemonade to simplify personal finance and to help people make smarter financial decisions. 

Here is my advice on how to make the most of your money.

1. The unexpected does — and will — happen

Financial surprises unexpectedly can impact your financial well-being. They happen to everyone, so prepare for the worst.

Your big deal may fall apart at the 11th hour. Your sure-bet investment may miss earnings. You may get outbid on your dream house.

How you react to financial surprise can be one of your most profitable financial moves.

Buy insurance. Hedge your investments. Plan for Plan B. When you have a back-up plan, the unexpected seems less devastating because you have an alternative, viable path. 

2. There are no dumb questions

When it comes to your money, the only dumb question is the one you don’t ask. 

It’s a cliché phrase, but relatively few people take advantage of asking all their questions. 

If you don’t fully understand the merits of a financial product or service, don’t be embarrassed. Get informed before parting with your money. You are the best protector of your financial house, and asking all your questions is the smartest way to guard against misinformed financial choices.

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3. Be careful with credit cards

Credit cards offer compelling travel and cash back rewards, not to mention convenience. But, they can be a financial disaster if you end up with credit card debt.

If you decide to get a credit card, pay off your full balance each month. If you can’t, then credit cards are not for you. 

Think of it this way: The interest rate on your credit card is likely higher than the average investment return in the stock market. If you have credit card debt, that lost opportunity cost can significantly hurt your bottom line. 

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