Eight personal finance gurus were asked in what is the best advice and lessons they learn on increasing the wealth.

The following advice I believe is most sound. I’d like to add another advice I think was best which I heard 2 weeks ago.

” You must distinguish the difference between your needs and wants.  You should spend only for what you need from the money that you actively earn.

The rest of the money should be saved and go to investments.  From the earning of your investments ( your money making more money) should come for spending from your wants…

IN short, you should build a nest egg, and if it earns extra income, that’s the time you should indulge yourself…  No matter how high your income, and especially if your income is high, you should continue to save.

For instance, you need a car.  A Ford would do. If you want a BMW, the extra money should come from the money you earn from your investments, not your income!

Yahoo! Personal Finance

- from Wayne Dyer.

The lesson “for me was, first, pay yourself,” Dyer says.

While in the Navy stationed in Guam, Dyer saved 90 percent of his pay over the last 18 months he was there. “So I came home with enough money to pay tuition for four years of school and a car. Even today I pay myself first. If you want to be financially independent by the time you’re 30 years old, pay yourself first.