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Financial Tips From Experts

Financial Tips From Experts

We all find ourselves dreaming of what life would be like if we had lots of money. But a lot of the time it just doesn’t seem achievable.

However, you can take hold of your financial future; here are some tips from the world’s richest, who know first-hand that it IS possible!“A budget is telling your money where to go, instead of wondering where it went”
-John C. Maxwell: Internationally respected leadership expert, speaker, and author who has sold more than 18 million books.Like John Maxwell, most will agree that budgeting is the key element of financial success. If you have to review your bank statements to figure out where hundreds of your pay cheque has gone, then it may be time for you to plan a budget.

Review your spending over the last 3 months to know exactly what you need to pay for each month. Organise your budget into categories including essentials such as bills, grocery shopping or petrol, then extras such as hairdressers, gifts and so on. Make sure you limit extras to a minimum, however, do not plan to spend $0 on yourself as this just isn’t achievable! Based on the amount you have left over; plan how much you will put into savings every month. 10% of your pay is the recommended amount.

“Stop buying things you don’t need, to impress people you don’t even like”
-Suze Orman: Author, financial advisor, motivational speaker, and television host.

Keep it simple and stop unnecessary spending. You don’t need to place a huge emphasis on designer clothes and shoes. For example you can find billionaire David Cheritonan (an early investor in Google) wearing jeans and a t-shirt! Same goes for luxury items such as cars; you don’t need a brand new, expensive car. Rather choose a modest, economical car that will get you from A to B.

Furthermore, if it’s a possibility, use your car as little as often. Billionaires John Caudwell, David Cheriton, and Chuck Feeney prefer to walk, bike or use public transportation instead of driving. Certainly, they could afford to take a helicopter or chauffer, but they choose to get a little exercise and take advantage of public transport!
“I like Business, and the truth is I save way more than I spend. I invest. I plan for the future. I have a special eye for opportunities and work harder than anyone may expect “
-Sofia Vergara: Actress, comedian, producer, television host, model and businesswoman

Yes, you have to work hard. It is easy to believe people just get lucky, or are born into wealth. However, this is not always the case. Dedication, hard work and being smart with your money does pay off! For example Starbucks’ Howard Schultz grew up in a housing complex for the poor and Oprah Winfrey was born into a poor family in Mississippi.

“Patience is the key element of success”
-Bill Gates: Co-founder of Microsoft

A quote from the richest man in the world! Remember, it’s not going to happen overnight, it can take years of hard work, budgeting and saving to see a considerable change in your financial wealth! Be patient.

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Disclaimer: The above information is general in nature and not intended to be advice. You should consider seeking professional advice before following any suggestions in this blog/website.