5 highly successful people who share their biggest financial secrets
Don’t make the same financial mistakes.
the main points
- Even the most successful people make financial mistakes.
- Suss Orman says one of her biggest mistakes was spending money to impress people.
- Debbi Fields believes in learning to start small, no matter how much you have.
Life is full of regret. Successful people are no different. They have also made mistakes or poor decisions when it comes to their finances. One of the main reasons for their success is that they have learned from their mistakes. We have found some great and insightful quotes from successful people. Here are the biggest regrets of five CEOs and millionaires (and one billionaire). Learn from their mistakes so you don’t make the same mistakes!
1. Suze Orman, author, television presenter, motivational speaker
“I had established a successful financial planning practice and was earning more in one month than I was making in a year. But the problem here was: the more money I made, the more I wanted others to see how good I was, financially.”
“I’ve spent so much money—on cars, watches, fancy clothes just to impress others—that I’ve been burdened with debt. If I had been a guest on my CNBC show today, I would have given myself one big punch.”
“My finances were a mess, but most importantly, my money was a mess because I was a mess. I was messing up everything – all the things I was spending my money on didn’t add anything to my self-esteem.”
Lesson to learn: Your self-worth is not dictated by your net worth. Don’t buy things you don’t need to impress people you don’t like. True friends won’t care what you have and your future self will thank you!
2. Debbie Fields, founder of Mrs. Fields
“Looking back now, I know I would have benefited greatly if I had started an investment strategy when I was a young adult. I was so busy trying to save every dollar and spend my living wage for a salary, that the idea of creating wealth was never an issue.”
“I didn’t think the bigger size of my bank account was my fault – I could have created a simulated investment account, join a club, or learn about buying and selling securities.”
“The key to managing money and building a nest is learning how to manage small amounts and grow them wisely over time. It can start with a pocket change and grow beyond anything you can imagine! The key word here is ‘imagine’…You gotta add a zero or two to your net your wealth and directing your financial position and strategy towards achieving it.”
Lesson to learn: Start investing now, no matter how small you start. Once you learn how to manage small amounts of money, you will be ready to manage larger amounts.
3. John Stein, founder and CEO of Betterment
“I wasted a lot of time and money by overthinking investing. Whether it was opening dozens of brokerage accounts, focusing too much on individual securities (thanks to Enron), trying to do very complicated transactions – it was a waste.”
“I should have taken the pointer route in my younger years. I’d be in a better place to retire now, and I would have been able to spend more time with friends and family.”
“Money is one thing, but I especially wouldn’t get back the hundreds of hours I spent trying to beat the market.”
Lesson to learn: Don’t overcomplicate the investment. When it comes to your money, a little is often more. Keeping investing simple will help you stick to your financial plan for the long term
4. Mark Cuban Billionaire Entrepreneur Dallas Mavericks
“[I wish I knew] Credit cards are the worst investment you can make. The money I save on interest through no debt is better than any return I could get by investing that money in the stock market. I thought I would be a genius in the stock market. Even I wasn’t.”
“I should have paid off my cards every 30 days.”
Lesson to learn: Not paying your credit cards could cost you a fortune in the long run. The average credit card interest rate is close to 17%. Use a credit card only if you can pay off the balance in full.
5. Tim Ferriss, Angel Investor, Bestselling Author of “The 4-Hour Workweek”
“In your twenties, improve by learning, not earning. Work directly under or with key deal makers and gain skills. This is especially true for negotiation and hard skills, such as programming.”
What would you prefer: an extra $20,000 a year in their twenties, making a profit of $100,000-200,000 a year in their thirties, or a low-paying job for a 20-25 — but a job like an MBA in the real world You get it for — making millions in your thirties?”
“It often comes down to prioritizing acquiring skills over immediate earning after college. McKinsey or Goldman can be tempting, but it’s easy to fall into the 20-plus-year trap of paying for a bloated lifestyle that’s always a little more expensive than the year before. Serfs can become self-made kings, but advisors tend to remain advisors. The only real job security is a superior skill set.”
Lesson to learn: The best investment you can make is to invest in yourself. You are your greatest asset. By investing in your own education, skills, and relationships, you can increase your financial opportunities no matter what the market looks like.
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