If you’re going to take money advice from someone, who better than from a self-made billionaire? Read on for some need-to-know financial tips from billionaires to jumpstart your 2019 financial mindset.
Top Financial Tips from Billionaires
1. Live Simply.
Warren Buffett, CEO of Berkshire Hathaway, has a net worth of about $80.4 billion. To maintain that cushion, he shuns living lavishly, and still lives in the same house he bought in 1957 for $31,500. He does believe some things are worth investing in, and you should put yourself at the top of that list. Find out what’s holding you back from success, then invest in whatever you need to enhance your skills. Increasing your potential and natural talents will never be a waste of time or money.
2. Set up an Emergency Fund.
John Paul DeJoria has been working since he was nine years old, starting out selling greeting cards and picking up a local newspaper delivery route. Before making it big as a billionaire co-founder of Paul Mitchell hair products and founder of Patrón Spirits, he was homeless several times during his adult life. DeJoria knows first-hand that getting a business off the ground is grueling. He encourages entrepreneurs to set up an emergency financial fund to make sure they’re able to pay their business-related bills and any other miscellaneous expenses for at least six months before launching.
3. Keep Your Day Job.
Self-made billionaire Sara Blakely, the founder of Spanx, didn’t quit her full-time job until she was sure her side hustle would be financially successful. She also didn’t accept any outside investor money and did everything herself, with the help of some friends – from meeting with mills to develop her prototype, to pitching her product, to writing the patent. Spanx continues to be 100% owned by Blakely and is still completely debt-free.
Are you feeling inspired to start something new or hustle hard to make your current business a huge success in 2019? Tweet me @lorenridinger and let’s make this the best year yet.
