Finance Advice from Famous Rich People

Famous Rich Investors Sharing Advice on Finance

      Providing advice on financial matters is a stake in the trading of financial advisors. After all, it was their area of expertise. They are famous people who are successful and rich in finance or investment, and nowadays they are very rich. So, what are the best tips and tricks about finances they've ever provided?

While it's a good idea to make financial resolutions to improve your financial situation throughout the year, many people find it easier to do so at the beginning of the new year. Regardless of when you get started, the basics are the same. Here are some financial tips that you may find useful from famous rich people so that you can progress financially.

Warren Buffett

Warren Edward Buffet was born on August 30, 1930. Warren is a well-known American business figure, investor, and philanthropist. Warren is Berkshire Hathaway's current chairman and CEO. Warren is considered to be one of the most successful investors in the world, and he has a net worth of more than $105.2 billion as of November 2021, making Warren Buffet the tenth richest person in the world. (Wikipedia)

Warren Buffett Financial Tips:

Save your money before you spend it, not vice versa

Saving cash is the golden ticket to growing your fortune. Warren Buffett is a firm believer in the power of investing, but to invest, one must first of course put some cash aside. And if you spend and spend all of your paychecks, you can't do that.

That's why it's smart to automate your savings. Most banks allow you to automatically transfer part of your paycheck from your checking account to your savings account before you have a chance to touch it. In turn, it can prevent you from spending what you might otherwise be saving. You can also automate your savings by signing up for a company 401(k) plan, or by signing up for an IRA by automatic transfer.

Robert Kiyosaki

Robert Toru Kiyosaki was born April 8, 1947. Kiyosaki is a prominent American businessman and writer among motivational and financial entrepreneurs. Kiyosaki is the founder and founder of Rich Global LLC and Rich Dad Corporation, a private financial education business that offers business education and personal finance advice to people through videos and books. The company's main income comes from the "Rich Dad" seminar franchise held by independent people using the Kiyosaki brand name for a certain royalty fee. Robert Kiyosaki is also a pioneer of the board game and Cashflow software to educate people and children about business and finance concepts.

Robert Kiyosaki Financial Tips:

Spend on Assets, Not Liabilities

To get you ahead and grow financially, Robert Kiyosaki recommends that you spend your money on assets that can generate money and wealth like real estate. You can't grow and increase your wealth if you spend it on clothes, cars, and vacations.

However, Kiyosaki stated that people should not consider their house an asset, even when it is paid off. “I still live in a house where I spend a lot of money on monthly expenses, on taxes, insurance, utilities, and maintenance,” Robert Kiyosaki said in a published interview.

Benjamin Graham

Benjamin Graham was born on May 9, 1894, and died on September 21, 1976. Benjamin Graham was a well-known British-born American professor, economist, and investor. Benjamin is widely known by businesspeople as the "father of value investing" and wrote 2 of the founding texts in neoclassical investing: Security Analysis (1934) with David Dodd, and The Intelligent Investor (1949). His profound investment philosophy emphasizes investor psychology, minimal debt, fundamental analysis, buy-and-hold investing, concentrated diversification, activist investing, safe buying, and a contrarian mindset.

Benjamin Graham Financial Tips

A smart investor is a realist-minded person who sells to the optimist and buys from the pessimist.

This tip is from The Intelligent Investor and is one of the most powerful and impactful quotes an investor can learn. Many investors underperform because they do the exact opposite of what they are supposed to do. They buy when the stock price keeps going up, and they see someone else making a lot of money. And when the market is experiencing a correction or crash, these people panic and sell when prices are low.

Graham's quote advises savvy investors to sell into greed when prices are good, and experts can only seem to say how high they can get. And intelligent thinking investors take advantage of market panic and chaos by buying investments when prices are depressed, and the market is "sold out".

George Soros

George Soros was born on 12 August 1930 in György Schwartz, George Soros is a Hungarian-born American philanthropist and wealth investor. As of March 2021, Soros has a net worth of US$8.6 billion, having donated more than US$32 billion to the Open Society Foundations, of which US$15 billion has been distributed, representing 64% of his true fortune, making Soros "the most generous of all givers." according to Forbes magazine. (as a percentage of net worth)

Born in Budapest to a disobedient Jewish family, Soros survived the Nazi occupation of Hungary and moved to Great Britain in 1947. Soros studied at the London School of Economics and was awarded a BSc degree in philosophy in 1951, and later he also received a degree in Science and, also in philosophy, in 1954.

George Soros Financial Tips

It doesn't matter if you are wrong or right, but how much money you make when you are right and how much money you lose when you are wrong.

This Investment Method and Strategy highlight and emphasizes that- the number of trades you win or lose doesn't matter. You should concentrate on how much money you can make on a successful trade, as opposed to how much money you lose on a failed trade. Qualitative studies are a must when you are buying or selling certain stocks in the market.