7 IMPORTANT FINANCIAL WEALTH-BUILDING LESSONS FROM THE VERY WEALTHY
Do you want to be rich? Do you want to be the ultimate money magnet all through your life? One of the best techniques to actually achieve that is by learning from the world’s richest people.
Surprisingly, the world’s richest people are not stingy in telling how they made their wealth. After all, they still have enough money to spread around.
Today, I am going to be sharing expensive lessons about money from the world’s richest people. I took my time to study their lives to discover their views about money and how I can follow suit.
Here I have compiled 7 lessons about money I learnt from the world’s richest people and how you can learn from it so your way can be prosperous too.
1. Be Frugal
One lesson I have taken to heart from the world’s richest people is to practice frugality no matter the amount of wealth I command. Take a look at Warren Buffet, despite his millions he still lives in his home for many years that cost less than a million dollars to maintain.
You can be a Warren Buffet. All you just need is the right attitude towards money and finance. He drives simple cars, wear simple clothes and shoes and live in a simple apartment. World richest people no matter their wealth always advise anyone trying to be like them to always practice frugality.
Have you ever seen Mark Zuckerberg on gold blinks on his neck or wrist? Can he not afford them?
What is he trying to say? Live a simple life no matter the amount of income you are earning.
2. Do not Put all your Eggs in One Basket
Another lesson about money from the world’s richest people is never to put all of my money in one basket. The rich people in this world never put all of their money into one investment. Normally, it is very foolish to put all of your money into one investment basket because if anything happen, all your money is washed away.
A diversified portfolio like stock, real estate, bonds, mutual funds and gold are what the world richest people advised that anyone do with their money. Remember, putting your money in different basket does not mean investing in different companies. It is investing in different types of companies.
For example, you should not invest your money in three different fast food companies. Instead, you could invest in food, tech, transportation and agriculture. So, if one sector go bad tomorrow, you still have other investment intact.
3. Money Equals Freedom
Wealthy people give so much significance to how much they earn. The richest people in the world i know that money equals freedom.
Money gives you the freedom to choose the kind of life you want to live. It gives you the chance to do what you want to do, where you want to travel to and the kind of lifestyle you want to live.
These and more are the drive that motivates world richest people around the world.
4. Invest in Appreciating Assets
Another lesson about money I learnt from the world richest people is that they always invest in appreciating assets. They don’t waste their money on assets that depreciates, so, they make sure they understand about the investment before putting in their money.
Assets that has the potential to appreciate in value in the future is what they invest their money into.
Assets like properties, bonds, precious stones etc.
5. They Never Stop Selling
They are already rich and don’t need to have a lot of money but that is not a philosophy for them. They take selling as the core operation of their business.
If you have observe Robert Kiyosaki, he is always promoting his seminars, books, audio programs and radio shows because that is one core way he makes his money. Selling is the lifeblood of business that generates income.
Moreover, why do you think Tony Robbins always host his favorite Unleash the Power Within?
Don’t you know he also has to sell ticket seat to make money too aside his other means of making money?
6. Stay Away from Complex Investment
The rich does not invest their money into an investment they don’t understand or too complex. Why?
Because these kind of investment present possible problems in the future. The rich don’t want to lose their money in paying expensive fees when they should be earning more.
7. They look for Investment Everyday
Lastly in this post, the rich are always looking for any good business opportunities every day to invest their money in. They are always thinking about the future and are looking for ways to increase their wealth.
Whether it is a small tech startup or a new social media app that has the potential to hit millions in the future, they are ready to put their money into it after they have done their investigation.
These are the lessons about money I have learnt from world richest people and I want you to read this post and take note of them so your financial life can be organized. See you at the top!