The website 21stcenturynews.com.au published an interesting article about
Money management skills do not come effortlessly and naturally to all. Spending wisely and living frugally prove to be a challenge to a number of people, and this is when money management becomes of utmost importance.
No other bunch of individuals can best offer pieces of advice on how to properly handle money than the world’s billionaires. The fact that they have risen above everyone to amass great wealth should be enough reason to trust what they have to say.
If you’re looking to spend less, save more, and do all the right things with your money, we suggest you take note of these money management tips from seven of the world’s billionaires:
Bill Gates (net worth: $79 billion)
The Microsoft co-founder and former CEO believes in learning from past mistakes. According to him, “It’s fine to celebrate success, but it is more important to heed the lessons of failure.” Never forget the money problems you’ve had in the past and the factors that caused them. Think of what works and what doesn’t whenever you’re making a money-related decision.
Oprah Winfrey (net worth: $2.9 billion)
The inspirational woman billionaire, TV personality, media executive, and philanthropist says finding your true passion is the first step to success. Figure out what it is you really love to do, and you’ll see that spending for it will be worth it. Nothing can ever present real value for money than something that brings fulfillment.
Mark Zuckerberg (net worth $30 billion)
The Facebook founder is one of the best examples of living a frugal life. He drives a modest car (a $30,000 Acura, entry-level sedan), and encourages others to do the same. Find a simple and practical vehicle that serves all your needs. You will spend less in purchasing and maintaining it.
Warren Buffet (net worth: $66.1 billion)
The world’s top investor says you should be smart in buying a home; choose one that fits your needs. Buffet still lives in a 5-bedroom stucco house he bought back in 1958, and he sees no need to move to a mansion even though he can surely afford it. Think of your lifestyle and for what purpose you’re really buying a house, so you can make the right choice.
Richard Branson (net worth: $5.1 billion)
Write down your goals, according to British billionaire and Virgin Group founder Richard Branson. You must first have a clear purpose for managing your money. Are you looking to buy a house, start an investment portfolio, or open up your own business? Setting goals will keep you on track and make you more conscious about your spending.
Michael Bloomberg (net worth: $34.3 billion)
One of the most controversial mayors of New York City and the majority shareholder of Bloomberg L.P. is also known for his practical lifestyle. He sticks to what he needs and what works best for him. He reportedly has owned only two pairs of work shoes for the past 10 years. Like Bloomberg, do not spend on things you do not really need; you will probably end up not using them anyway.
Carlos Slim Helú ($78.5 billion)
The Mexican businessman believes in saving your earnings as early as possible in life. The earlier you start saving, the earlier you learn to properly handle money. Consequently, the earlier you will be financially independent. If you’re in your 20s and enjoying the perks of earning your own money, keep yourself in check and slow down a bit. Think of how easier the future will be if you start saving now.