When you are looking for financial advice, who better to provide it than those people who have already made their personal fortunes?
Millionaires (and billionaires !) have a lot that they can teach us about how to look after our money—and make more of it. And many of their tips are surprisingly simple.
Here are a few to take inspiration from.
Stick to Your Budget
This is a painfully simple tip that so many people fail to follow, as reported in NerdWallet. Thomas Stanley and William Danko, authors of “The Millionaire Next Door,” wrote that this is one of the main things that very wealthy people do. So keep a close eye on your finances and avoid getting into problems.
Start As Soon As You Can
This is a tip from Carlos Slim Helú, who used to be the world’s richest man, as reported in Mint. He recommends starting as early as possible when it comes to managing your finances. This is simple but important. It doesn’t matter how old you are—the more you save, the earlier you start, the more you will invest. Carlos Slim Helú should know—he started investing at the age of 12.
Don’t Spend what You Don’t Need To
Warren Buffet lives in the same house he bought in 1958 for $31,500 before he was rich. Even though he could obviously afford more now, he sees no need to. This is a good lesson about not spending money on what you don’t need. Only get what you can afford, and there is no need to start spending more just because you have more.
Stop Worrying About Money
Business Insider provides some tips from Steve Siebold, a self-made millionaire, and one of these is to stop worrying about money. Instead, only worry about how to make more. There is no point living your life worrying about money, so instead of worrying about money, dream about it.
Hold a Regular Financial Review
Keep a check on your finances by holding a regular review. This is advice from Anne O’Brien, an estate planning advisor, which was reported in U.S. News. Money is complicated, and rules change all the time. Don’t just ignore your money and hope things will work out.
Save for a Rainy Day
Saving an emergency fund is a good idea, and one that is recommended by Michael Rose of Rose Capital. Even once you become wealthy, you never know what’s around the corner. You may become injured and be unable to work, and you might need to hire a Milwaukee personal injury lawyer like Gruber Law Offices to help with compensation. You never know what can happen, so try to put some money aside just in case.
Keep a List
A to-do list is something that millionaires are very good at keeping. Thomas Corley found this out when researching the habits of the rich. Having goals leads to action, and this is something that wealthy people do long before they become wealthy.
Do Something You Love
Christopher Paul Gardner used to be homeless, but he is now a millionaire. He said to find something you love so much that you cannot wait to get up every day and do it all over again—and surely this is the secret to success in anything.
Follow Advice from the Experts
People who have made their fortunes know a thing or two about handling their money, so follow their tips. As you can see, most of these are fairly simple, common-sense tips. But these are the foundation to looking after your cash and making more of it.
Harvey Donnelly enjoys keeping an eye on what the millionaires are up to, in the hopes of one day spotting a unique opportunity and making his own millions.
