I REMEMBER reading these words, on car bumper sticker: Take my advice, I'm not using it.

Amusing yet scary! Amusing because it reminds me of all the unsolicited advice we get from friends, neighbours, friends of friends, co-passengers, etc. And scary because it makes me wonder if our financial advisors practice what they preach!

So, we got Wealth experts to spell out their personal money mantras.

Ashutosh Wakhare: I save tax but not at the cost of returns.

I set aside money for insurance and investments, first.

• I always prefer term insurance. Unit Linked Insurance Plan (ULIP) is something I would not consider. Tax planning is critical, but buying insurance policies without a need does not appeal to me.
• I am a firm believer in systematic investment plans (SIP) and sector funds. I take a close look at the company and without going into too many details like 'margin of safety' or 'valuations', buy stocks and hold them for a five to seven year horizon.
• Tax planning is important. But I do not understand why I should take a housing loan just to save tax!
• I also away from credit cards as far as possible!

The author manages his own financial advisory firm, Money Bee Investments.

Read: Should I invest in ULIPs?

Photograph: Time Boyle/ Getty Images