When it comes to financial advice, nothing is quite as helpful as advice that comes from those who have achieved the goals that we are reaching for. Here are five money lessons everybody can learn from multi-millionaires.
1. Warren Buffett: «Someone’s sitting in the shade today because someone planted a tree a long time ago»
In this age of social media, we only see the highlights and successes of people’s lives and it may seem like wealth and riches can come overnight. While there are some people who made the lucky moves at the right time, they should be considered the exception and not the norm. The truth is that building wealth and assets takes time and effort.
So, it’s important to have a long-term mindset when it comes to growing your wealth. Instead of trying to find the next easy way to get rich quick, opt for the time-tested techniques that provide slow and steady growth. When it comes to savings and investments, do not underestimate the power of compounding interest. Time is one of your greatest assets when it comes to growing wealth. That’s why starting a savings habit when you’re young and planning early for retirement are two pieces of financial advice that are often repeated.
Smart Financial Moves
Buffett himself took a long time to accumulate his wealth. Here’s an interesting chart that shows how Buffett grew his wealth over his lifetime. Putting it into practice: Financial and wealth planning are two important processes that you should undergo in order to figure out what it is you hope to achieve in terms of lifestyle, providing and protecting assets for the next generation, and more. It’s never too late or too early to make smart financial moves.
On a basic level, this could simply mean setting aside some time to think about life goals, both short and long term. And then consider what financial resources you would need to achieve those goals. On a more complex scale, this could be seeking professional advice from a financial advisor or personal banker who can provide guidance and recommendations on financial instruments you can use to reach your goals and better manage your assets.
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