The Most Important Financial Lesson—Doctor’s Orders

Recently, while at a routine doctor’s appointment, the doctor asked me what I do for work. When I replied, “I’m a financial advisor”, he immediately shared that he was approaching retirement and said, “Tell all your clients something for me! Tell them the most important financial lesson is to spend less than you make.” He illustrated this with his hands – one higher, one lower – emphasizing the gap between income and spending.

As I reflected on his zeal about this single piece of financial wisdom, I realized I have also asked the same question of people around me: What is the most important financial lesson you have learned?

Here are some of the responses I’ve gotten:

“Have an investment plan and an investment philosophy, and stick with it.”

“Live below your means.”

“Don’t watch the financial news.”

“Don’t compare your plan to others.”

As for my most important financial lesson, I’ve landed on the first thing I remember my parents teaching me about money: “save some, give some, spend some”.

This lesson points back to the doctor’s advice – in order to save, give, and spend some, you are working within the constraints of what you have. His advice, though simple, resonates because it touches on a fundamental truth that pierces through all the complexities of financial planning. Much like how a doctor might emphasize the basics of a healthy lifestyle—such as eating well and exercising—this financial wisdom underscores the importance of building a strong, foundational habit. No matter how sophisticated our investment strategies or how well-planned our financial goals are, they all rest on this basic principle: if we fail to manage our spending, no amount of financial planning can secure our future. It’s the most simple yet most profound step we can take toward financial health.

So, I’m passing along all of these financial lessons, particularly this one: spend less than you make—doctor’s orders.

Hannah Whatley, CFP®, AIF®  is a  Financial Advisor with Rather & Kittrell.