{This is Part 1 of a 3-Part Series.}
The beautiful thing about the world is this: you don’t have to figure out everything on your own.
There have been millions of super successful people that have come before you and I. And, whether we believe it or not, many of these successful people have been in the same circumstances that you and I have been in.
The best way to learn is not by figuring it out on your own. It is by using the experiences and wisdom of others to create a shortcut to true wealth and massive success.
So, to help us do that, I asked numerous experts this question:
What is one piece of financial advice that you would give your younger self?
Their responses are all different, yet all so powerful. If you take action on these, you will surely be much wealthier in your life much more quickly.
Elle Kaplan, LexION Capital Management CEO and Founding Partner
The best piece of advice for any young professional when it comes to preparing for your financial future: start today. Retirement may seem far away right now, but making smart choices with your money now will lay the foundation for a bright financial future.
What is the one thing that all millionaires and billionaires have in common? An investment account. When you invest, you can put your hard-earned money and work for you. The longer that your wealth has to grow, the better – so start now!
Kendra Stephen, Esq., Business and Internet Attorney at Supra Legal Group
The one piece of wealth advice I would give to my younger self would be …. Don’t charge anything to your credit card that you don’t have the cash for in your bank account.
There is nothing wrong with paying for the item on your credit card to get the perks (cashback, discounts, giftcards) as long as you can pay the full balance off before you are charged interest by the credit card company.
Ellie Kay, Author of Lean Body, Fat Wallet and CEO of Ellie Kay and Company, LLC
Don’t feel like you need to have it all. You can still have it all but not all at once.
It’s okay to drive an older car, take budget vacations and live in a smaller house when you consider the money saved can be put toward building overall wealth by minimizing consumer debt.
Start funding your ROTH IRA in your early 20s even before you are married or have kids. It’s never too early to start planning for retirement.
Craig Wolfe, President of CelebriDucks and Cocoa Canard
There’s a lot I wish I knew when I started in business that I know now! A few to note are:
- It’s not how much money you make, it’s how much you keep.
- Excessive overhead can bring down any business, no matter how much you make.
- Do not try and be all things to all people or you become nothing to anyone……focus like a laser on your niche.
- Never forget what you stand for.
- Reflect your core brand ethics and quality in every marketing communication.
- Live by the penny, die by the penny….don’t compete on price alone!
- So goes your mind goes your reality – yes, your mindset really does affect how things transpire in your business!
Gene Natali, Jr., Co-Author of The Missing Semester
Make a plan, stick to the plan…
And if you didn’t start saving/investing yesterday – start today because “age is an opportunity”.
Marion Claire, The Speaking is Sexy Coach/Speaker/Author
One word: Inflation! No one ever told me that inflation is a fact of life, that no matter how much I earned/saved, it would not be worth as much in 10 years or 15 years or 20 years. That however much I thought I might need in the future, I’d have to double or triple it just to stay even.
Inflation was not a word I ever even heard mentioned. I saved a bit, spent a lot, had a lot of fun, but when it came time to think about retirement, I realized too late that the nest egg I’d thought would be enough for retirement… certainly isn’t!
Chip Bell, Keynote Speaker/Consultant/Author
It is not about what I knew…it is about what I believed.
I wish I had believed that if I focused on doing what I loved, the money is more likely to follow. And, I wish I have been convinced that money is not the root of all evil. There is nothing inherently evil about money or its pursuit. Evil lurks in how you view it, use it and abuse it. Live life generously and you will sleep well at night regardless of your net worth.
Michelle Dale, CEO of VirtualMissFriday.com
Earlier in life, I wish I had a better understanding of the incredible importance of mindset in daily existence, specifically how my overall vision, various beliefs and intentions impacted on my potential to build wealth.
From my experience, this seemingly small thing makes all the difference in the world…
John Jonas, Owner & Founder of OnlineJobs.ph and ReplaceMyself.com
One advice I wish I could give to younger self is to start finding ways to make money as early as you can.
Working or building a business at an early age teaches you how to make money AND gives you time to take risks and make all the mistakes you need to make without having major consequences. It’s easier to take financial risks when you’re single. It’s harder once you have wife, kids, a mortgage, etc.
Rachele Bouchand, CFP (Certified Financial Planner), Clark Nuber
The one piece of advice that I would give my younger self would be to sit down with an experienced planner and run two scenarios:
- A base scenario that shows my current lifestyle and decisions, and…
- A proposed scenario that had different choices, such as investing in a rental property and/or saving more, etc.
When I was younger, I didn’t know what I didn’t know, so it would have been helpful to have more guidance in my early years.
Such amazing advice all around. In summary, here are some key takeaways that will help you build massive wealth:
- Start taking control of your finances today!
- All extremely wealthy people do one thing: invest their money.
- Don’t charge anything to your credit card that you don’t have money in the bank account for.
- You can have it all, but you don’t need it all. This is a big realization.
- Start funding your retirement today! You never regret planning ahead for retirement.
- It’s not how much you make, it’s how much you keep.
- Your mindset is everything.
- Make a plan, and STICK to the plan!
- “Age is an opportunity!“
- Inflation is real. Prepare for it.
- Do what you love, and the money will come in abundance!
- Money is not evil; the way that you think about wealth is key.
- The most important thing you can do to create wealth is prepare the right mindset.
- Find ways to make money and take risks as early as you can. It doesn’t get easier with time.
- Realize what you don’t know! (important)
- Run two scenarios: one with current decisions, another with good investment decisions. What happens to your wealth? This will put into perspective what can happen if you take your finances seriously.
