Everybody wants to be wealthy. The average person will tell you all the things they would do if they had a million dollars, but ask them how to make that first million and they have no idea. In most cases they will tell you that they just don't have enough extra money to begin investing in things. They say that if only they made more money, they would be wealthy. It's hard enough to make more money with your current job, but it's even hard to sock your excess funds into wealth building assets. There's a massive difference between being rich and being wealthy. Rich people make a lot of money at work. Wealthy people control assets that create more wealth passively. Being wealthy means financial freedom despite the economic climate. Being rich means you're always at the mercy of a changing economy. Most people will never be rich. I will never be rich, nor do I want to be. I want to be wealthy. Without an excessive amount of income to funnel into investing, those who want to invest must save in another way. By being frugal and being a smart consumer. It's easier to waste less money than it is make more money. It's amazing how many unnecessary things we purchase. Rather than purchasing useless items, we could be using those funds to create wealth by investing in assets that create more income. The first steps in becoming financially free is to consume wisely and invest intelligently. I recently came across an article from SS Viral via Reddit entitled, "7 Effective And Easy Tips From Billionaires That Will Help You Get Your Financial Life On Track!," that shares 7 financial tips from various billionaires and I found all of these thoughts to be worth sharing with you.
- Michael Bloomberg - The financial information mogul is thought to be worth over 30 billion. Many of his inner circle have said that he has worn the same two pairs of shoes for over 10 years. You will hear from many wealthy people that they stick to what works and what they like when it comes to consumables. Why spend a fortune on shoes? It won't make you more wealthy.
- Ingvar Kamprad - Ingvar is the CEO and founder of Ikea. He is pretty infamous for being frugal despite being worth over 50 billion. Ingvar prefers to travel economy class when traveling rather than affording a private jet or even flying first class. He prefers not to spend his hard earned fortune on unnecessary expenses.
- Mark Zuckerberg - Everyone knows Mr. Zuckerberg. Mark is worth somewhere around 35 billion dollars. Mark is well know to be less than flashy with his wealth. Just watch any interview with him and you'll see that he prefers jeans and hoodies to designer suits. It is also well known that he has driven the same $30,000 Acura for many years.
- Li Ka-Shing - Li is the second wealthiest entrepreneur in Asia. He is a well-known port developer, plastics manufacturer and real estate investor. Despite being worth around 30 billion dollars, he has always dressed himself in very economical clothes. He wore the same $50 watch for years and years before slightly upgrading to a Seiko.
- Oprah - I don't even need to put her last name there, do I? Oprah is one of the least wealthy persons on this list. She is worth around 3 billion dollars. Oprah credits her success to a few opened doors, as well as living with a passion. Oprah had a vision and pursued it. She had to make a great many sacrifices to accomplish her goals. That's living with intentionality. Decisions made with intention tend to produce the best results.
- Warren Buffett - Warren is the pinnacle of the well-rounded and thoughtful investor. He is another person who lives with great intentionality. Warren foregoes personal extravagancies in lieu of investing opportunities. Though he is worth over 60 billion dollars, he still lives the Nebraska farm house he bought in 1958. Today, his house is only worth around $300,000.
- Bill Gates - Bill is the wealthiest man in the world. Some times he falls to second, but that's not a bad place to be, either. Bill is also well-known for spending his money wisely and seizing opportunities. However, Bill credits his most informative moments to be when he has learned from his failures. In business, you will fail far more that you will succeed. In order to thrive, you must be capable of learning from your failures before you shrug them off and keep trying.
That's all for today. I'll be back soon with more real estate specific information. It's just always nice to have some insight and reinforcement from the some of the world's most successful people. If you're struggling with your business or your personal finances, remember to celebrate all of the small victories and learn from all of the failures. Just keep plugging.
And remember to remember me if you need any help buying or selling real estate in the greater Charleston area. There have been a lot of folks interested in income-producing properties lately, which is always a good thing.
Troy Franklin Gandee