Would you take money advice from a rich person? Of course you would! So we’ve taken 3 rich and successful entrepreneurs and got some of their money advice for you! See below what Warren Buffet, Gary Vaynerchuk and Tony Robins have to say about money!
Warren Buffet ; Invest in yourself.
From taking care of your body to educating yourself to your work, Buffet has often said you must invest in you to make yourself more valuable.
“Anything you do to improve your own talents and make yourself more valuable will get paid off in terms of appropriate real purchasing power,” he said “Those returns will come back 10-fold, and unlike other assets, your abilities and skills can’t be taken away from you.”
Are you investing in yourself? Upskilling, exercising, doing what you love in work, volunteering etc.
Do what you need to do to make yourself better and the money will follow.
Gary Vaynerchuk ; Be practical about your money
“The first and most important thing that I tell new entrepreneurs is the importance of practicality when it comes to money. I’m blown away by all the “entrepreneurs” who start businesses and at launch, don’t realise the importance of generating money and how to manage profits” says Vaynerchuk.
You have to be practical about how much money you have, how much you need.
Before starting a business ask yourself the money questions, such as ;
What’s you overhead’s – rent, suppliers etc.? What do you need to do to make money? How much can you expect to make from each sale? etc.
Be really realistic and practical when it comes to money, you can be the best at what you do but if you don’t have cash – it’s a hobby not a business!
Tony Robbins Saving Money is Key
“In the end, it doesn’t matter how much money you earn. If you don’t set aside some, you could lose it all…This is the first and most important step in putting yourself on the road to financial freedom. Take that step today.”
The beauty of this is you can start saving today! Even if it’s a small amount, get one less coffee in the day, bring your own lunch and save the money you would have spent. The more money you save, the more money you can put back into the business or invest in a new aspect of the business so you can focus on the things you want to spend your time doing. Having savings can also help you in times of financial trouble. So save some for a rainy day, in our climate we are well used to them!
Want to know how successful people spend their weekends? Click here