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26 Personal Finance Tips from Famous People

26 Personal Finance Tips from Famous People

    Take a look at your wallet, and you’ll likely see some pictures of dead guys staring back at you. And it turns out that a lot of those guys had plenty of good financial advice to share. Personal financial advice is clogging up the Internet, and not all of it is good advice. However, the following quotes have been culled from some of the best-known businessmen, entrepreneurs, historical figures, and other famous people to provide you with some solid aphorisms for protecting your net worth. Pair the quotes below with our past advice about getting smarter, or with our past post about the daily habits of other famous people, and you’ll be well-prepared for any financial quandary you come across.

    Historical Figures

    “A penny here, and a dollar there, placed at interest, goes on accumulating, and in this way the desired result is attained. It requires some training, perhaps, to accomplish this economy, but when once used to it, you will find there is more satisfaction in rational saving than in irrational spending.” -P. T. Barnum

    “Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.” -Johann Wolfgang von Goethe

    “Old men are always advising young men to save money. That is bad advice. Don’t save every nickel. Invest in yourself. I never saved a dollar until I was forty years old.” -Henry Ford

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    “The safe way to double your money is to fold it over once and put it in your pocket.”  -Frank Hubbard

    “It is better to have a permanent income than to be fascinating.” -Oscar Wilde


    “My old father used to have a saying:  If you make a bad bargain, hug it all the tighter. ” -Abraham Lincoln

    “Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” -Ben Franklin

    Celebrities

    “A bank is a place that will lend you money if you can prove that you don’t need it.” -Bob Hope

    “You [can] use your money to buy privacy because during most of your life you aren’t allowed to be normal.” -Johnny Depp

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    “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” -Will Smith

    Writers

    “There’s no money in poetry, but then there’s no poetry in money, either.” -Robert Graves

    “It is the part of a wise man to keep himself today for tomorrow and not to venture all his eggs in one basket.” -Miguel de Cervantes

    Foul cankering rust the hidden treasure frets,

    But gold that’s put to use more gold begets.
-William Shakespeare

    “October:  This is one of the peculiarly dangerous months to speculate in stocks.  The others are July, January, September, April, November, May, March, June, December, August and February.” -Mark Twain

    “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” -Maya Angelou

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    Political Figures

    “It is an elementary and vital courtesy when you are using people’s own money against them that you do it with some grace.” -Richard Neely, WV Supreme Court

    “Money is the mother’s milk of politics.” -Jesse M. Unruh

    “In prosperity prepare for a change; in adversity hope for one.” -James Burgh

    “It takes as much energy to wish as it does to plan.” -Eleanor Roosevelt

    Businessmen and Entrepreneurs

    “God gave me my money. I believe the power to make money is a gift from God . . . to be developed and used to the best of our ability for the good of mankind. Having been endowed with the gift I possess, I believe it is my duty to make money and still more money and to use the money I make for the good of my fellow man according to the dictates of my conscience.” -John D. Rockefeller

    “The four most expensive words in the English language are, ‘This time it’s different.'” -Sir John Templeton

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    “If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich.” -Mark Cuban

    “Only buy something that you’d be perfectly happy to hold if the market shut down for ten years.” -Warren Buffett

    “Put all good eggs in one basket and then watch that basket.” -Andrew Carnegie


    “Experience taught me a few things.  One is to listen to your gut, no matter how good something sounds on paper.  The second is that you’re generally better off sticking with what you know.  And the third is that sometimes your best investments are the ones you don’t make.”  Donald Trump

    “If money is your hope for independence you will never have it.  The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.” Henry Ford

    Conclusion

    People have been trying to find the best financial advice ever since the first coins were minted millennia ago. Not every famous person gives great advice about managing money, but the quotes above will definitely serve you well as you build your net worth.

    What was the best financial advice you were ever given? Tell us in the comments below, follow us on Twitter, or take the conversation over to Facebook.

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    Tucker Cummings

    Writer and social media professional sharing productivity tips on Lifehack.

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    Last Updated on January 21, 2020

    How to Develop a Millionaire Mindset in 6 Simple Steps

    How to Develop a Millionaire Mindset in 6 Simple Steps

    We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

    It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

    How do you go about developing that millionaire mindset? By following these simple steps:

    1. Focus On What You Want – And Take It!

    So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

    Millionaires play to win, not to avoid defeat.

    This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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    2. Become Goal-Orientated

    It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

    Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

    Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

    Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

    You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

    If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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    If you are to become a millionaire, you need to start accumulating money.

    Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

    3. Don’t Spend Your Money – Invest It

    The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

    Stop working for your money and make your money work for you.

    Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

    There’s not just the stock market — there’s also property, and your own education.

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    4. Never Stop Learning

    The best thing you can invest in is yourself.

    Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

    Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

    Learn everything you can about how economics works, how the stocks markets work, how they trend.

    Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

    Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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    5. Think Big

    While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

    There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

    Aim for the stars, if you fail you’ll still be over the moon.

    6. Enjoy the Attention

    To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

    Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

    If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

    Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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    Featured photo credit: Austin Distel via unsplash.com

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