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7 tips of self-made millionaires: Being prepared is never redundant!

Thursday 26, 12 2019
Only a few dozen days we will enter a new year, even a new decade. This is the time to start setting your financial goals and planning to accomplish them.
7 tips of self-made millionaires: Being prepared is never redundant!

One of the wisest ways to learn from people who share the same goals or have accomplished those goals. Here are seven tips that the self-made millionaires and advisors of The Oracle share about money in 2020.

Invest in yourself

"My financial goals are always the same every year: invest in myself. I spent all my commission on the fashionable Bergdorf Goodman fur coat. The moment I put on that shirt, I knew it was the best USD 340 I ever spent.

I can use that money for my business, but investing in myself is even more important. The coat made me feel like the queen of New York real estate. Even the people around me believe that.

Whether it's a jacket, a massage trip or an afternoon with friends, never regret investing for yourself "

- Barbara Corcoran - founder of The Corcoran Group and investor on the US Shark Tank program.

Use money to make a profit

"Don't leave your money" dead "in the bank. Use it to invest in profitable things.

I am not talking about buying a home. (Contrary to popular belief, a house is not an investment, because it doesn't generate more money each month for you. I get real estate enrichment doesn't mean it's a good investment.)

Instead, invest in yourself in 2020, by learning the skills to help you work better. "

- Grant Cardone - founder of the real estate empire worth 750 million USD Cardone Capital

Use money to make a profit

Give more

"The secret to a fulfilling life is giving away. Wealth and comfort will make you feel peaceful, but it doesn't make any sense if you don't help others and feel grateful.

Therefore, my financial goal is to give away more. I opened a private bank account just to give away. Thanks to that, I can easily donate to those in need.

I also do charity through my company - Nunbelievable. For every dozen biscuits sold, we will donate 2 meals. Many customers like the idea of charity, so our business is also more convenient.

We have enough power to change the lives of others, to spread our gratitude, and to live well. Welcome a new decade of giving! "

- Kuda Biza - founder, CMO of Nunbelieve, founder of Amani Hope Foundation

Only spend a part of your income

"Parkinson 's law says that the work will take longer to fill the time it takes to do it. That is also why we often spend all the money we have.

In 2020, my family plans to live on 20% of their income and use the rest to invest, charity and save. Despite the growing business, we kept spending low.

That doesn't mean we live miserably. We still enjoy life, while managing the money. We use apps to manage spending and income, then check them each month.

- Lin Sun - CEO of Tiny Devotions

Live true to yourself (then money will come)

"I want to connect my business goals with my personal values. It's not just a way of life, but the best way to be successful in business. No matter how good the product, they cannot promote it to the customers themselves. Only humans can do it. Consumers like honesty and it's easy to spot if brands are doing the wrong thing.

Being true to yourself instead of trying to be likable makes you receive respect from others - one of the most powerful assets an entrepreneur possesses. You may not be perfect and miss many opportunities, but as long as you keep your word, money will come. "

- Itzik Levy - founder and CEO of vCita management platform

Establish a financial tracking system

"Set up a system to accurately predict the financial situation over the next 12 months. It will take a lot of effort to set up and maintain it, but once the system is completed, the forecasting will become easier.

First, determine what your next 12 month income is and plan to spend or save that money. Weekly or monthly, review your financial situation to compare with previous forecasts. Finally, make a chart to see if you're doing well or not to avoid being out of pocket at the end of the year. "

- Dennis Najjar - co-founder of accounting service AccountingDepartment.com

Get ready for future risks

"To ensure financial security, be wise and prepare for the biggest risks in the future: debt, death, divorce and wrong decisions.

You need money to retire, so plan early and save on uncertainty. To set aside a separate fund to invest in the future, expand business, or prevent force majeure cases.

Live a simple life. The more successful you are, the more money you have to pay attention. When life is in abundance, it is easy to feel complacent and spend excessively. Finally, remember to pay attention to potential expenses, such as financial advisory fees. "

- Gail Corder Fischer - founder and deputy director of real estate group Fischer & Company

Read more: 5 Principles To Maintain The Performance Of Elon Musk

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