5 Must-Do Tips From Billionaires

Chances are you want to become financially free.  You want to have enough money to know that you don’t have to worry one more day about money. You want to be debt free and have enough reserves to last you through retirement – and actually enjoy it!

To experience financial freedom, you don’t have to make millions of dollars. There are plenty of people who are experiencing the feelings of freedom money-wise that do not have a million dollars.

So, how much should you have to not have to worry about money?

That depends on various factors, such as where you live, what kind of lifestyle you desire, your current debt situation, your unique wants and needs, and more.

Personal finance success is available for those who are willing to invest their time, energy, and diligence into sound financial principles.  If you talk to financially free people, such as millionaires or billionaires, they will tell you that their success came little by little, day by day, year by year – with patience and perseverance. 

As you journey toward financial freedom, here are some tips from those with incredible wealth and financial freedom:

1.      Learn And Apply Personal Finance Principles

Being financially successful does not require you to have a degree in finance or economics.  It doesn’t mean that you have to spend months or years studying personal finance principles.  It is quite easy if you learn just a few simple personal finance tips and diligently follow them daily.

If you are willing to spend about 15 minutes a day focused on becoming more financially responsible, you will be.  The first thing that you can learn and utilize is a budget.  If you don’t have a written budget, write one down. 

Creating a budget is easy and will assist you in keeping track of your money.  Create a list of income and expenses and allot the necessary money in each category.  Make the budget workable.  If you have to cut out some things to make it work, cut them out. (Eating out, Starbucks, shopping, impulse purchases, gifting others, etc.)

2.  Track Your Money Flow

Once you’ve finished your budget, take five minutes a day to track your money flow.  See how you’ve spent your money each day. You’d be surprised at just how much you spend, as all those little purchases add up.

At the end of the month, see where your money has gone.  Check to see if you’ve stuck to your budget. Make adjustments as necessary.

It may be tempting to skip this, but if you will follow your money trail, you’ll be more apt to have more around to stick into savings or your retirement account.

Be determined to follow your budget.

3.  Learn About Personal Finance

Another great tip for becoming financially free is to invest time regularly to educating yourself on the topic of personal finance.  Read about it, talk to others about it, and challenge yourself to making it a priority in your life. 

Successful, financially free people do not get there because they are lucky. Billionaires will tell you that money didn’t fall from the sky. They have learned how to budget, they have learned about finance, and they’ve taken some risks. They’ve failed and learned from their failures.

They’ve also put the time in to make big money.

Of course, not everyone aims to be a billionaire, or even a millionaire for that matter, but the point is that you will benefit when you take time to focus on learning personal finance principles and applying them to your life.

4.  Live Simply

Billionaire Warren Buffet has plenty of advice for becoming financially free. Among his best advice is to live simply. He tells people to be frugal, be yourself, and invest in overcoming your weaknesses.

He admits that when he was young, he was afraid of public speaking. So, rather than cower away from getting out there to speak, he took a confidence course by Dale Carnegie and overcame his fear.

Of course, Buffet is also extremely wise and admits that he reads a lot. So, live simple, be frugal, and find some helpful books and/or magazines to educate yourself on the topics of finance and business.

5.  Don’t Give Up

Plenty of financially successful people will tell you that no matter what happens regarding your finances, don't give up. There may be times that you fall flat on your face while you're trying something new.

Just get up and learn from that experience and try again. Perhaps you experience a major setback, such as getting laid off from work. Take some time to brainstorm other areas that interest you work-wise. Plenty of entrepreneurs admit that a job layoff prompted them to pursue their passion and becoming an entrepreneur.

We all encounter setbacks in life, personally and/or career wise. But you don't have to give up. If you find yourself stumped, find someone to talk to about your particular situation. It could be a family member, friend, coworker, or a life or business coach. It can be super helpful to get perspective from other people.

Wrapping It Up 

There are quite a few blogs and websites devoted to helping you become financially fit and free.  There are financial experts willing to help you achieve your goals.  There are books and classes you can take to assist you in your endeavor to become a financial success.

Invest in all that you can.  Little by little and day by day, you will find yourself becoming more financially literate and more financially successful. 

Your financial success is worth the small investment of just minutes per day.  Be willing to invest your time and energy into learning sound financial principles and applying them to your life.  Celebrate your milestones and ultimately, enjoy financial freedom.

 

Photo by Andrea Piacquadio from Pexels

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