8 Smart Money Tips from Billionaires

How could world-famous billionaires like Warren Buffet earn so much? Well, a big part of it is by managing money effectively and wisely. And once you learn these money-saving tips from actual billionaires and turn them into habits, you’ll be able to save much more money than you could imagine and get ahead financially. So check them out and let us know what you think.

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Save From the Top

Warren Buffet says you can invest money only if you prioritize saving, and to do this, you should start saving before spending.

If you save the money that’s leftover, you won’t have that much. So Buffet’s advice is to decide on a savings percentage before you start spending and lay it aside.

Save 6 Months Worth of Income

Wondering how to be rich and successful like the famous investor, Mark Cuban? Thinking ahead and having your back to the wall, is his strategy.

Life is full of surprises, so it’s better to guarantee your future, especially in terms of money. You may want to quit your job in the near future or you might even get laid off, so try saving 6 months worth of income to survive until you find a new job.

Invest in a Reasonable Vehicle

Do you think Mark Zuckerberg, the founder of Facebook drives a Ferrari every day? Well… he actually uses a Volkswagen GTI to get things done.

So, get a reasonable vehicle to stay on the road for as long as you can.

Don’t Spend Your Money on Luxury Items

Would you believe me if I said Carlos Slim, one of the wealthiest people in the world, doesn’t have a yacht or a plane? Well, there are lots of millionaires who prefer to skip luxury items because they think they’re, “just a pain in the neck.”

Live in a Simple Home

Billionaires can afford to live in expensive mansions, and many do. However, there are frugal billionaires who have chosen to live in a simple house, such as Warren Buffet. He still lives in a five-room house since 1958. The simpler, the better.

Fly Economy

Don’t let the luxury of a first-class seat deceive you, it’s just a flight. Even Ingvar Kamprad, the late IKEA founder, doesn’t mind flying economy. He thinks just because you can afford something doesn’t mean you should. Sounds logical, doesn’t it?

Use Public Transportation

World-famous billionaires like John Caudwell, David Cheriton, and Chuck Feeney choose to walk, ride a bike, or travel on public transportation. They know they can afford to use a helicopter for their meetings, but they don’t feel the need for it. So, try these options for transportation, it’s not only good for your budget and health but also nature-friendly.

Wear Simple Clothes

We all think that the rich wear designer clothes and shoes all the time. Yet frugal billionaires keep things simple, like David Cheriton, who wears jeans and a t-shirts, or John Caudwell, who prefers to buy his clothes off the rack.

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It may seem impossible at times to get ahead financially, but just by doing a few things that the billionaires do, you can start seeing more money in the bank. So try these tips and let us know what you think!