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# Vanguard CEO's Best Financial Advice and Biggest Money Mistake

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## Video: Vanguard CEO's Best Financial Advice and Biggest Money Mistake

[Watch (HLS stream): Vanguard CEO's Best Financial Advice and Biggest Money Mistake](https://cdn.jwplayer.com/manifests/JSneDLWc.m3u8) (1:13)

![Vanguard CEO's Best Financial Advice and Biggest Money Mistake](https://cdn.jwplayer.com/v2/media/JSneDLWc/poster.jpg?width=720)

_Published 2015-05-19. Vanguard CEO Bill McNabb gives the best financial advice he ever got and tells the biggest money mistake he's ever made._


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Jul 27, 2023 6:17 PM UTC

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## Transcript

So the best advice I ever got was from one of my first bosses who said live below your means and save as much as you can and in particular he He really encouraged me, it was Jack Brennan who actually became Vanguard's CEO. But it was well before he was CEO and he said if you can get the high level of savings on a percentage basis early, it hurts a lot less as time goes on. Because your used to it. And the earlier you save, obviously, the more you can let compounding. And I found it, I try to tell my kids this as well. Sometimes I'm successful, sometimes not. I've made a few. Probably the worst was when I was in graduate school.

My wife and I were running out of money. It was a, during a period when student loans were actually in decline, it was hard to get a student loan. And we just lived off our credit card. Interest rates were 21 % at that point. And it took years to pay that off and I fore swore the use of credit cards after that.

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