Billionaires Give Financial Advice
Before you scoff and roll your eyes, know that this article really is filled with solid financial advice, not pretentious gobbledygook aimed at making you feel bad about yourself.
For our younger readers, this matters more than almost anything – start early with your financials. Carlos Slim Helú, a Mexican businessman who was ranked as the richest person in the world, says the sooner you start managing, saving, and investing your money, even if it’s not a whole lot, the better off you'll be. By the way, don’t throw all your investment money into one stock. Joe Garza, of Garza Legal Group, says a more diversified portfolio will lower risk and usually result in profit.
Find Your Passion In Life
Billionaire Oprah Winfrey said, "You become what you believe. You are where you are today in your life based on everything you have believed." Believe in yourself, as cheesy as it sounds, and change whatever you can to push yourself towards success. Then figure out what your passion is. What you love doing.
Christopher Paul Gardner, a millionaire now, used to be a homeless single father. Gardner said his secret to success was this: "Find something you love to do so much, you can't wait for the sun to rise to do it all over again." If you can’t start your business right this second, spend some time on Google and learn everything you can about it.
Keep It Simple
Billionaire Warren Buffett invested in companies with strong annual cash flow and companies that aren't at risk of becoming obsolete. A lot of investments pertained to insurance companies. Sticking with the fundamentals is smart when it comes to your financials.
Stick To Your Means
Basically don’t be a $30,000 millionaire. Buy things you can easily afford. Don’t show off.
All three billionaires, John Caudwell, David Cheriton, and Chuck Feeney walk, ride bikes, or use public transport to get around. It's a lot cheaper than repairing a Ferrari every couple of months. Ingvar Kamprad, owner of Ikea drives a 10-year-old Volvo, by the way. Your car is not a status symbol. Getting from Point A to Point B in safely should be sufficient. Basically, learn to distinguish your needs from your wants.