Money Pro Tips: A Q&A with Professor and Author Dorie Clark
Each week, we ask a personal finance or business expert for their money pro tips. This week, we talked to Dorie Clark, author of Entrepreneurial You and professor at Duke University’s Fuqua School of Business. Here's a look at her approach to managing finances and her best advice.
Last Thing You Resisted Buying
Q: What was the last thing you resisted buying?
A: Frozen hot chocolate.
Q: How did you resist it?
A: The challenge was not so much the money as the calories! I knew I would get chai soon, which is more healthful but still tasty.
Current Money Goal
Q: What’s your current money goal?
A: Earn at least 50% of my revenue from passive income sources by the end of 2020.
Q: How are you working toward it?
A: Creating and marketing online courses.
Best Financial Advice You Ever Got
Q: What’s the best financial advice you’ve ever received?
A: Watch fees and expenses, which can decimate your margins.
Worst Financial Advice You Ever Got
Q: What’s the worst financial advice you’ve ever received?
A: This was more by example than explicit, but my father used to churn his portfolio and make trades all the time, encouraged by his commission-based broker. A terrible idea!
No. 1 Money Tip You Give to People
Q: What’s your number one money tip?
A: Money should go first to a rainy day fund, then to maxing out your retirement accounts.
What Would You Do with a $1 Million Windfall?
Q: What would you do if you received a $1 million windfall?
A: Upgrade to a two-bedroom condo in NYC.
How Do You Budget?
Q: How do you budget?
A: I spend immoderately on food and moderately on everything else.
Money Book, Podcast, or Blog You Recommend
Q: What money book, podcast, or blog do you recommend?
A: Invested by my friend Danielle Town.
Common Money Advice Question People Ask You
Q: What’s the most common money advice question people ask you?
A: Mostly, they ask me about how to earn more money!
Q: What do you tell them?
A: Become a recognized expert in your field so you can charge premium rates, and clients will nonetheless seek you out.
Want more money pro tips? Check out our finance blogs.
Description: A person reading financial tips from Dorie Clark, reflecting on their own money management and professional strategies.
