5 Golden Money Advice From Billionaire Businessmen
Unless you are born into royalty or to a rich family, you would want to learn how to manage your finances from nothing but the best. Billionaires have picked themselves up and made themselves into some of the most successful people, so taking some tips from them should be worth it. Here are some principles that billionaires live by.
Money is Not Everything
Truly Rich Club Insider says that your values are way more important than how much you are worth. When you are rich but have no values, you are sure to fail later on. Albert Einstein said, “Try not to become a man of success, but rather try to become a man of value.”
Billionaires have never defined themselves by how much they are worth. In fact, it is more common to see very rich people dress simply in jeans and a shirt rather than in a coat and tie. Billionaires are more identified with their principles and what they can impart to other people. The amount that they earn speaks louder than just numbers.
Pay Yourself First
When you first receive your paycheck at the end of the month, what are the first few things that you do with it? Do you spend before you save, or do you save before you spend? If you are just winging it by just spending what you wish while leaving a reasonable amount for what you call savings, this could be one reason why you have trouble saving money.
For you to be able to save money, do your budgeting the other way around. This means that you should put aside a certain sum for savings before you pay bills and of course before you splurge.
Carlos Slim Helu is a Mexican billionaire who was the richest person in the world for a few years, before the title was retaken the title. Among the many tips that he swears by is this: start early. If however, you already are approaching your 40s and are still struggling, then the situation means that you should start immediately.
The earlier you start learning how to manage your finances, no matter how small it may be, the better off you will be in the long run. You can make some mistakes, but starting early will give you the opportunity to learn and mature. As for Slim, he bought shares in a bank at the age of 12 while earned 200 pesos a week while working for his father as a teen.
Billionaires can afford to live in the most exclusive and largest mansions, drive the most expensive cars and live a life fit for a king. While some of them do, some of them just do not feel like it. Take for example Warren Buffet who chose to keep things simple. He still lives in the same two-bedroom house in Omaha that he purchased way back in 1957 and defends this decision by saying that such property has everything that he needs. He also flew couch for a very long time, despite owning the world’s largest private jet company.
Mark Zuckerburg may be one of the youngest pioneers in the tech industry, but it is very normal to see him in basic casual clothes and drive a basic car. While these people earn a lot, their money is not their crowning glory.
Billionaires Build their Own Investment Portfolio
Billionaires do not let their money get stale. They let their money grow by investing them. They are aware that getting an ordinary savings account to help them make their hard-earned money is not the best decision. Instead, they choose to invest because it is the single best way to grow their wealth over time.
Investing is one of the main reasons that billionaires do not have to work as hard for very long and can retire comfortably. You should also keep in mind that they are not any different from us. They, too, are people, but they are set apart from the rest because they know how to value their money and use it in the right way.
Now that you have some tips, try applying them little by little to your life. Regardless of your financial goals, whether they may be big or small, some knowledge in handling your money from the world’s richest people will definitely help.
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