Money tips come at you from all angles, professional blogs, well meaning advisors, family, friends, your accountant… your bank manager. Money tips are plentiful and most of us find them pretty useful, especially when budgets are tight. This led me to wondering what the very rich had to say on the subject, and after getting inside the mind of some guys with serious money, thought it might be fun to share their great financial advice with you. From index investments to how to get invoice finance, here are 7 Top Money Tips from Famous Super-Millionaires:
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1. Warren Buffet
Mr super-investor of the 20th Century made his money through investments after having started his first business when he was six. These days he is known for his great philanthropy, but what little gem has ‘The Oracle of Omaha’ have as his top money tip? Quote – “The average individual will be a lot happier if they avoid debt”. He clarifies this, saying that credit card debt should definitely be avoided because you shouldn’t pay 18% for money.
2. Richard Branson
Top British entrepreneur and head of Virgin is less specific about how to handle money and giving financial advice, but he is very forthcoming on the subject of working from home. He believes it is optimal to work at home, and that commuting and travelling to work is a waste of time. When he has meetings, he goes to an office, but he always tries to make people to go to him.
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3. Donald Trump
Mr. Trump has always had a blunt nature. Hi success comes from his no-nonsense approach. He has an interesting point of view about how to make money from real estate, particularly in the currently depressed home market. He says the best investment is in bank owned homes. The number of foreclosures has left the banks with thousands of properties on their hands and they don’t want them. You are more likely to find a bargain in a foreclosure than in a standard sale.
4. Ingvar Krampad
The name may not be immediately familiar to you but Ingvar Krampad is the founder of home furnishing giant IKEA. He actually couches his top money tips in interesting packages and makes them inspirational. How about “It is better to be a bit stingy than throw money out of the window” or “We do not need fancy cars, posh titles, tailor-made uniforms, or other status symbols. We rely on our own strength and our own will!” One of my favorites is “Ten minutes are not just one-sixth of your hourly pay. Ten minutes are a piece of yourself. Divide your life into ten-minute units and sacrifice as few of them as possible in meaningless activity”.
5. Andrew Carnegie
Andrew Carnegie was probably the first real famous super-millionaire. He was a Scotsman who emigrated to America and made millions in the steel industry. In Britain the Scots have a reputation of being penny pinching and miserly as a race –maybe that’s what inspired one of Mr. Carnegie’s responses when asked for one of his top money tips – “Concentrate your energies, your thoughts and your capital. The wise man puts all his eggs in one basket and watches the basket”. Contrary to his race’s characteristics, Carnegie became a huge philanthropist in his later years.
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6. Bill Gates
What does the world’s richest man have to say on the topic of how to make money? He believes that you should choose to do something you love even if there’s little chance of it making you rich. He says – quote “'I can understand wanting to have millions of dollars...There's a certain meaningful freedom that comes with that, but once you get much beyond that, I have to tell you, it's the same hamburger.”
7. Martha Stewart
I searched high and low for top money tips from the world’s richest women, and didn’t do very well actually. The biggest problem was that, although they may very well be successful now in being heads of companies etc, many of the women in the top 20 world’s richest women have inherited their money, either from fathers or deceased husbands. So, I have turned to one familiar self-made female millionaire. Martha has passed on many, many top money tips for all aspects of the home in her time but in terms of general financial advice she responded - quote - "Once you realize that you have identified a passion, invest in yourself. Figure out what you need to know, what kind of experience and expertise you need to develop to do the things that you feel in your heart you will enjoy and that will sustain you both mentally and economically."
One thing I have noticed when I was researching this post is that what these super-rich people class as top money tips are all at a very high level. Maybe they have become so immune to making money that the grass roots and methods of how they made their money have been forgotten. Their top money tips are inspiring but they haven’t really imparted anything of a practical nature – don’t you think? Maybe you have to buy their books and make them even richer to get to the nitty-gritty top financial advice.
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