10 Money Advice from Billionaires You Can’t Ignore
Not all billionaires start on the crib with a silver spoon. Truth be told, most of them keep a “rags to riches” kind of story. The only thing different about you and them right now is your different net worth values, but you can definitely change that!
If you’re working your way to be a somebody, struggling and juggling living through payday after payday, then maybe you need a little mentorship from the world’s billionaires. Here are just ten inspiring money advice you can learn from them below:
1. Money is not the sole thing to determine your net worth.
“The reason I’ve been able to be so financially successful is my focus has never, ever for one minute been money.” —Oprah Winfrey
One of the most celebrated media mogul in the world is around 3 billion dollars in net worth! Oprah Winfrey is one among those with an inspiring tale of success. As the Queen of Media shared, you don’t have to equate your net worth to become financially successful. Believe it or not, some of the notable billionaires, like big O, herself, never defined themselves by their net worth, and this mindset made them even richer. All they did was to focus on all their accomplishments, it’s not money they were after in the first place. It was their goal to change the world. Shift your mindset and consider money as the bonus, that way you feel more fulfilled as a person.
2. Keep priorities above anything else.
“You must gain control over your money, or the lack of it will forever control you.”- Dave Ramsey
Your financial success relies on the way you handle your finances. That one day millionaire habit is keeping you in the rat race. As American financial author, radio host, television personality, and motivational speaker Dave Ramsey would advise, it is best to save as early as you can and resist all temptations as much as possible. Iron out your financial responsibilities such as paying bills on time. Practice the save before you spend mentality to avoid incurring debt. You have been told over and over again to save at least 10% of your monthly income so you can reap huge benefits in the long haul. Follow how the rich people do, save ad control your money.
3. Live within your wage.
“Stop buying things, you don’t need to impress people you don’t like.”-Suze Orman
Material things only give you temporary happiness. In a social media driven world, instant gratification and validation makes you want to live the life to impress others. Going broke trying to look rich gets you nowhere. The happiness that follows from buying things you don’t want just to impress people you don’t like becomes short-lived. So as the financial guru, Suze Orman, advises, you should remain humble, keep a simple lifestyle, and live within your means until you are convinced to be financially stable. This way, you are happier and you spare yourself the headaches of not saving enough.
4. Strictly stick to a budget.
“Try to save something while your salary is small; it’s impossible to save after you begin to earn more.”
What most average income earners fail to recognize in general is the discipline to stick to a budget. Whatever you plan to do, strictly stick to a budget. It is wise to always organize your finances properly to avoid overspending and getting into debts. While others splurge to reward one’s self for all the hard work, it doesn’t have to be an unnecessary excessive spending.
5. Maintain a good credit standing.
“Money is a terrible master but an excellent servant.”
– P. T. Barnum
A credit card is a money problem disguised as fun. While the perks of having a credit card can be oh-so fun, the cons (if used irresponsibly) can pretty much damage your life as well. Now, a good credit score can mean opportunities, a credit score is like your track record. So don’t wait for the moment when your expenses would start to take its toll on your life. Avoid borrowing money from banks or loan sharks, if you know you aren’t in the position of paying it back despite the terms, to prevent suffering from various money mistakes as early as your 30s.
6. Invest your earnings.
“Never depend on a single income. Make investments to create a second source.” -Warren Buffet
Now what makes Warren Buffet a business magnate with a billion dollar portfolio? Well, easy…blame investments! Yes, most rich folks don’t rely on a single income, they have more than 5 streams or sources of wealth. The notion of investments may come off an activity only for the rich, but truth be told, anyone can invest regardless of a person’s current financial status. You can start investing in stocks as low as P10,000 or you may start a business venture with a few thousand pesos too. Investment may come in many ways. Investing early on is a wise way to prepare your future self, this can be a high road to becoming a millionaire before you hit 30 too!
7. Stay focused and keep your eyes on the prize.
“If you actually do something you love, it’s a lot easier and takes on a lot more purpose.”
They say, find a job that you love, and you’ll never have to work a day in your life. Ah, how the thought of working around your passion feels fulfilling! While this can be already an overstatement, still it remains true. Mark Zuckerberg, the Facebook godfather, is an example of following what you love doing. How else has he become successful at a young age right?
Always remember to set your goals and do whatever it takes to reach them. As long as you keep your eyes on the prize and keep moving forward—regardless of the challenges that you’ll encounter, you’re on your way to achieving your goals.
8. Never Stop Learning.
“You need the right people with you, not the best people.” – Jack Ma
Founder of Alibaba, Chinese billionaire, Jack Ma knows that you should never stop learning. In fact, a common trait from the richest people these days is that they never stopped wanting to learn. As Jack Ma would have said, you ought to reach out to the right people. The successful people who you can draw inspiration from, who you can look up to, and who can mentor you well. Find out how they were able to bring about their wins, and who knows, someday, you just might be like them.
9. Always start your day right.
“Early to bed and early to rise, makes a man healthy, wealthy and wise.” – Benjamin Franklin
Know what’s it like being rich and successful? Wake up early. There are more than enough interviews about billionaires starting their day with early morning rituals such as meditating, reading the newspaper, jogging, biking, taking their dogs on a walk, and having a hearty breakfast. Follow in their footsteps, and get your day started with a positive mindset. Plan out your early morning activities so you can feel pumped up facing the day’s challenges.
10. Learn from Your Mistakes.
“It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case you have failed by default.” -J. K. Rowling
Billionaires are like everyone, they commit mistakes. Owning up to a mistake, and making it a constructive force of motivation is an important trait on achieving success. World-famous author, J.K. Rowling, wouldn’t bring us the magical world of Harry Potter if she had given up. So, mistakes help a person become resilient and especially in the financial aspect, make them wiser and richer. Admitting that you’re wrong also lets you stay humble and makes your realize the good things over the bad.
So keep in mind these 10 principles and you’ll be surprised with how much these can improve your financial life. Let go and learn from your past money mistakes and focus on what you have now, as who you’ll become in the future is the product of your financial decisions today.
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