A Day with Billionaires: 10 Money Lessons from The Filthy Rich | brokeGIRLrich
Managing your finances can be a difficult task. And it can become even more daunting if you have a lot of expenses to cater to. Plus, if you are an impulsive shopper. The second reason may not be applicable to everyone, but allotting some amount from your pocket for your bills from time to time is one inevitable aspect we all face in our lives.
But did you know that there are ways with which you can turn things around? Well, you know, become more financially successful and less financially stressed. You just need to keep reading and learn more about these inspiring ideas from the billionaires we have today.
- Money doesn’t entirely determine a person’s net worth
Studies will reveal that some of the notable billionaires we have today never really defined themselves using their net worth when they were still seeking their riches. And it is that mindset that you can safely say made them become even richer. So, you can say that an individual’s net worth does not necessarily equate to him/her becoming financially successful.
- Know your priorities
Most folks think that having a huge amount of money means everything is basically paradise. But money can be both a good and bad thing at the same time. But if you know your priorities and keep them ahead of everything else, you can see only the good side of having a lot of money. Keep your priorities ahead of everything else. Pay your rent plus any other bills on time before you do anything else.
- Live within your means
Seeing a billionaire living in a big house, drive fancy cars, or even own a gazillion expensive things can sometimes lead you to the wrong impression that they have their own paradise on earth. Meaning, it may come as a shock to you to find out that some of them may be broke and unhappy.
Don’t spend the money you’ve earned to get things you don’t really need or even please people you don’t like simply to show off. Most of the time you find that the happiness and pleasures that these acquisitions come with are short-lived.
- Strictly follow a budget
No matter how much you are racking in every payday, you need to have a budget and strictly stick to it. People have this notion that spending expensively is one way of rewarding themselves for their hard work. To some extent, that is true. But to another extent, it can also be a trap to fall into a bad spending habit.
- Watch your credit score
Ensure that you stay on top of your credit score. And ensure that it is always correct and on the safe side. This can only be done if you always make sure all your online loans and other loans are paid on time. Having a good credit score can get you out of certain emergencies and fixes at times. So, to be on the safe side, try to use cash for your purchases. And try to avoid making purchases using your credit card.
- Invest your money
Most people also have the notion that investing is an activity set aside only for the rich. But this is far from true. Anyone has the potential to invest. And your current financial status should not be a limitation to do so. Investing is one of the wisest ways of saving your money for future use. For one, it will increase in values as time goes on.
- Keep both eyes on the prize
Remember to set achievable goals and ensure you do whatever you possibly can to reach them. Ensure you always have your eyes on the prize and are set to keep moving forward. Don’t let any challenge be an obstacle when it comes to achieving your goals.
- Never stop learning
The rich never stop wanting to expand their knowledge. Always hungry to know more. It’s better you hang out with other people who are better than you. And very soon, you will also start shifting in that direction.
- Start your day right
Ensure you have enough time to prepare for all of your activities. Have your daily routine set up and ensure that you are pumped up and ready to start working. Remember, the early bird catches the worm. Wake up, meditate, exercise, take breakfast, and get set for a good day.
10. Learn from your mistakes
Even billionaires are known to make mistakes. After all, they’re also human. But what differentiates them from most people is that they learn from theirs. Mistakes are vital in helping you become more resilient in life. Especially when you look at it from a financial aspect. They help make you wiser and richer.
I think the tip on starting your day right can be the most important one. I often find if I wake up motivated I stay motivated. And that lets me be more productive all day.
Of course not everyday I wake up feeling that way, so I will have to look into finding more ways to do so more often!
Brian Sampton recently posted…AAPL Dividend History
The last tip is very true. Many people continue to beat themselves up for mistakes they committed a long time ago and thus fail to focus on the future and their dreams.