16 Best-Ever Money Tips from the World’s Most Successful People
People rarely find success by accident. Set yourself up for financial wins by following the advice of some of the world's most successful people.
Be real about the facts
Know your facts and pay attention to them! "A fatal mistake that some people make is either to ignore data or actually deny what the facts are presenting," says entrepreneur Jeff Bussgang. "You should always strive to be very data-driven and know the truth. Now, you may still decide to do something with a low-probability outcome because the risks are low and the end result is so incredibly nirvana-like. But at least do the math and think it through before you leap into that situation." On a smaller scale that also applies to your bank accounts and credit cards: Always make sure you know how much you have and how much you are in debt.
Be okay with failure
Spanx founder Sara Blakely has said that embracing failure and remaining confident is what helped her become the youngest self-made female billionaire in America. "What you don't know can become your greatest asset if you'll let it and if you have the confidence to say, 'I'm going to do it anyway even though I haven't been taught or somebody hasn't shown me the way,'" she said. These are the best money-saving tips from self-made millionaires.
When you're young, optimize for learning—not earning
Think long-term! "In your 20s, optimize for learning, not earning," says author and entrepreneur Tim Ferriss. "Work directly under or with master dealmakers, and acquire skills. This is particularly true for negotiating and hard skills like coding. It often comes down to prioritizing skill acquisition over immediate postcollege earning. McKinsey or Goldman can be seductive, but it's easy to get trapped in a 20-plus-year path of paying for a bloated lifestyle that is always a bit more expensive than the year before. Serfs can become self-made kings, but consultants tend to remain consultants. The only true job security is a superior skill set."
Manage your risk
With big risks, there can be big rewards, but that doesn't mean you have to put it all on the line to make money—especially if you want to retire early. "From the start, our approach to entrepreneurship departed slightly from the norm," says Warby Parker founder Neil Blumenthal. "Rather than taking giant leaps (resulting, possibly, in catastrophic failures), we focused on having a bold vision but moving there with deliberate, small, rapid steps." Look out for these 10 money tips you should definitely ignore.
Optimize your chances for success in all aspects of your life. Here's an example from SoulCycle co-founder Jule Rice: "If somebody asks you for a cup of coffee and you forgot to ask if they like it with milk or sugar, you bring one that's black, you bring one with milk, you bring one with milk and sugar, and you bring one with just sugar. You just bring four coffees back. That's just what you do because you never want to show up with the wrong thing." If you don't know something, she says, don't leave your desk until the job is done. You need the tenacity to keep on going.
Have a plan
Don't leave your money to chance. Learn how to manage your money and have a plan, no matter how little capital you may have and no matter what your goals are. "Not having a financial plan is a plan—just a really bad one!" says LearnVest.com founder and CEO Alexa von Tobel, who started her business for this very reason. Don't miss these 19 personal finance tips you were never taught—but need to know.
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