Moolanomy recently started a meme, called MOMA (My One Money Advice), by tagging personal finance bloggers by asking them their one piece of personal finance advice. His advice: “Save 10% of your income and make it automatic.” Well, since I already save 53% of my income… OK, I’m just kidding! On a serious note, I do already save more than 10% of my income automatically, and I agree that this is great financial advice. It is never too early to begin saving.

This meme is making its way around the personal finance blogosphere, and I was tagged by Plonkee Money, whose advice is “Know yourself.” Man, what great advice this is, as well. If you don’t know yourself and financial habits, you will never understand which types of investments are good for you, why you never have money, why you might be in debt, and many other personal or financial things in life. When you know yourself it is also much easier to make a plan and stick to it.

So my turn now… My one piece of financial wisdom:

“Money is not a competition.”

It doesn’t matter if you have more, less, or the same amount as someone else. People are different ages, come from different backgrounds and personal situations, and live in diverse areas. Some have debt and others are debt free. Some invest, while others scrape by. The point is not how much your earn or how much you have, but that you are doing your best to improve your personal situation. This goes for money and for life in general. It is even better if you can do something, however small, to help others improve their situation as well. I hope through my blog, I am doing a little of both - improving my personal situation by holding myself accountable, and helping others in the process.

So this is my one piece of financial advice: “Money is not a competition.” Unless of course, you are on this list.

Now I will reach out to 2 of my favorite personal finance bloggers who have a military connection: Dimes to Dollars and Journey to Financial Freedom.

What is your “MOMA”?

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