It is common sense that if you want to be rich you should listen to rich guys. There is always a lot to learn from millionaires and billionaires who have made their own wealth.
We have put together some simple and relevant advice from a few billionaires on how to improve your finances, earn/make more, save more.
- Buy in Bulk – Mark Cuban
“It’s so hard to make a return on regular investments that […] you’re better off buying two years’ worth of toothpaste when it’s on a 50% discount. There’s an immediate return on your money. That’s real savings that you get to put in your pocket.”
2. Find your passion, find something you believe in – Oprah Winfrey
“You become what you believe. You are where you are today in your life based on everything you have believed.”
3. Be a Cheap Bastard, Save! – Chris Sacca
Don’t spend your money! Instead, he advises you to pinch your pennies and have your priorities in order for the long haul. “Being a cheap bastard now means so much more freedom and choices later,”
4. Have a Lifeboat – Reid Hoffman
You have Plan A, which is a your current plan, the business you’re trying to launch or the job you’re working at. It’s your plan to move up in the world.
Then you have a Plan B, your backup plan; it’s what you’ll switch to if you get out of Plan A. Maybe your Plan B is a side project you’ve been working on, or other jobs you’re thinking of applying for. But your Plan B should be flexible. You should be open to pursuing multiple opportunities or having a variety of backup plans should your Plan A fall through.
5. Have an Emergency Fund Set Aside – John Paul Dejoria
“Before investing or starting a company, make sure you have enough money saved for at least six months to pay bills or anything else that might come up financially,”
6. Understand that Entrepreneurship is a High Risk Path – Dustin Moskovitz
Entrepreneurs often work long, grueling hours and there’s very little glamour to it, he said. According to Moskovitz, a surer path to wealth is joining a later-stage company and helping them grow it. You’ll have a better chance of getting a high salary and achieving financial stability.