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Best Advice

Know where your money goes

Derek Jeter. Shortstop, New York Yankees

Even if you have someone who handles your finances for you, you should always be involved in the process.

No one ever got rich through earned income

Melody Hobson. President, Ariel Investments

Look at all the great wealthy families, from Carnegie to Rockefeller, it was never how much they made at work that made them wealthy,—it was their investments. That made me shift from thinking about a paycheck to thinking about building equity and long-term wealth. Instead of a raise, I ask for more stock.

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