Wes Hall explains the biggest money myth and the value of a well-tailored suit

What’s the best money advice you’ve ever received? 

Don’t be married to money. Money is like sand in the palm of your hand.

What’s the worst money advice you’ve ever received? 

If you make it, spend it!

Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life? 

I’d rather get a large sum at once, so I can use it as I deem fit. I can manage my cash better than most.

What do you think is the most underrated financial advice, tip or strategy? 

Bet on the jockey, not the horse. With poor management, a business will never see its true potential.

What is the biggest misconception people have about growing money?

The biggest misconception people have about money is that you can just put it in the bank and you will get rich. Banks are successful because of this myth. They take in all these deposits and then loan money at high interest and make billions in profits. There are banks, however, that will work with you to optimize the value of your dollar.

Can you share a money regret? 

My biggest money regret is when I put too much money in a single investment or sector. Diversification will allow you to sleep at night. You may not get the home run, but you will not strike out.

What does the word “value” mean to you? 

I like tailored suits. They’re costly but made with good fabric and are customized for me. When I travel with my suits, I just hang them and wear them to a meeting the next day without ironing them. Some people prefer to buy suits off the rack and don’t pay much attention to the fabric, and then their suits have to be replaced after just months of wear. When they travel, they have to spend money on laundering, or they look like they slept in the suit. My suits last for a decade or more. That’s what value for money looks like to me.

What’s the first major purchase you made as an adult? 

My first house. I paid $112,000 for it and I couldn’t afford it, but I stretched my wallet to do it. Turned out it was the best purchase I’ve made. I sold that house five years later for twice the original purchase price, and after I used the equity built up in my house to start Kingsdale. Today that house is worth over $1.5 million.