One of our most-read articles covered financial advice from wealthy and successful people. In that spirit, we’ve put together some tips that could influence your financial future from notable wealthy and successful people.
Find Something You Love to Do
Christopher Paul Gardner was once homeless, but he became a millionaire, inspiring the movie The Pursuit of Happiness, also a New York Times bestseller. He says, “Here’s the secret to success: find something you love to do so much, you can’t wait for the sun to rise to do it all over again.” Maybe you can’t start that design business, but you can go online or go to your library and start learning about it, and the sooner you do so, the better.”
Start as Soon as You Can
Often named the world’s wealthiest man, Mexican billionaire Carlos Slim Helu said “Start early.” And, he added, if you did not already start to manage your money while you were young, “Start now.” Helu began by saving money and buying shares in a Mexican bank at age 12, while he was earning 200 pesos ($11) a week working for his father.
Live Simply and Practically
Both Carlos Slim and billionaire investor Warren Buffett advise “living simply.” Buffett lives in the original home he bought for $31,500, while Slim has lived in the same house for over 40 years. “Constantly pursuing things you don’t need puts you on a financial treadmill,” Buffett says.
The founder of IKEA furniture and Jim Walton of the Wal-Mart family drive practical cars that are more than 10 years old. Both advise viewing cars as tools, focusing on safety, usability and comfort.
Change How You Spend and Find Wealthier Friends
Self-made millionaire Daniel Ally, who writes for Entrepreneur magazine, has some thought-provoking advice. First, he says that many people spend 30 to 50% of their paycheck on entertainment, but wealthy people spend less. Since entertainment includes dining out, movies, recreation, and television/internet, he is likely right. Second, he also points out that many people spend the money in their bank account on items they think they need, but which are not truly needed. Rich people, Ally says, save at least 10% of their money and rarely, if ever, take out personal loans for themselves. They also pay off their debts more quickly if they do have them.
Ally also has some additional advice for people who want to increase their wealth. He advises people to choose their friends wisely, seeking out people who are better-off financially and learning from them. He also recommends “exposing yourself to wealth,” which could include visiting luxurious local attractions such as golf courses, spas or museums. You could also reach out and help others in the community. Regardless of how you feel about volunteering, it can offer opportunities to get to know others who could benefit you and your financial future.