They’ve done well. They’re richer than rich. They’ve either been in the right place at the right time, but more likely than that, they’ve got strategies and techniques that have served them well. Let’s find out what they’ve learned along the way so we might follow in their financial footsteps. Here are three lessons from the rich and famous.
Don’t Spend It All
This practical advice may seem a tad bit obvious. The rich are rich because they don’t spend their money – or at least they don’t spend all of it. Too many folks live paycheck-to-paycheck, doing their level best to stretch what they have to pay for what they owe.
Instead, it’s best to slim down expenses to live in the minimum so that more money gets put in savings to the maximum. Part of the responsibility of earning money today is providing what you’ll need tomorrow.
Plan How to Spend
Even the wealthy have a budget. If they don’t plan their expenditures, they might end up like Mike Tyson. After buying 110 cars, a few Bengal tigers, and a $2 million bathtub, his debts overwhelmed him. Put a plan in place, so that you’re not always worried about whether you’ll have enough money.
Figure out how much you need and then before you put the rest in the bank, set some aside for the extras. Maybe you’d like a night on the town or you know that your vacation is coming up or you holding a dinner party for your close friends – use your extra money for those. Set a certain amount to put in the Extra Jar for each week – and then stick to that amount. Should you not spend it all in one week, roll it over for next week. The extra things in life are often the most memorable. Be practical with the amount you set aside, but don’t be stingy with yourself either.
Don’t be foolish with this advice, mind you, but it’s important to make changes if you wish to have changes. Dare to take risks with your career, investing in yourself – perhaps with additional training or education, making a move to a new location, competing for advancements to work your way up the ladder. Try new things. Should you have an idea that you think you could market, move forward and give it a try. Learn from your mistakes so that you don’t make them again, but allow for error – that’s often the way we learn more. Believe in yourself, and take a leap.
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