Nearly 7% of the households in the United States boast millionaire or higher status. That doesn’t sound like a lot. But with over 300 million people in the country, that adds up to almost 23 million individuals in this tax bracket.
If that many people can get their financial act together, you can, too!
The best part is that many of these economic success stories are from well-known men and women who don’t mind sharing their tips. Even your peers on forums like Reddit have lots of savvy personal finance ideas that might work for you.
We’ve compiled some of the most excellent money advice from top earners to share with you, along with the key takeaways to get you started!
1. Elon Musk
Tech giant and pioneer Elon Musk has a net worth of over $46 billion. One would imagine he’s pretty competent at knowing when to invest and when to walk away. It’s not often that he shares his financial know-how with the world, but when he speaks, it’s smart to listen.
One of his main suggestions is to have a portfolio and diversify it. He quotes that “it’s okay to have all your eggs in one basket, as long as you control the basket.”
When you can’t, though, follow Musk’s actions and spread out your funds in multiple different avenues. He has invested in everything from newspaper startups to technological innovations.
Musk’s key takeaways have a lot to do with trusting your intuition. If an investment seems like it will pay off, it may be worth the immediate risk.
2. Warren Buffett
Known for being one of the richest men alive, Warren Buffett’s financial advice is solicited by industry giants, politicians, and other big players in economics. But his tips aren’t just for the mega rich who want to get richer.
Buffett has suggestions for the average person to invest their money in the stock market. He says to keep your investments down and look for low-cost index funds to start with.
While you’re looking for your next portfolio option, focus on long-term predictions. Watch what the pattern over years looks like, not the excitement of the next few months.
Buffett’s key takeaways are always in line with his suggestion of staying calm and keeping your investments stable. Don’t invest more than you can afford to lose and don’t listen to the “chatter” around the stock market.
You won’t see him jumping on bandwagons or worrying about immediate dips in the market. Instead, he is in it for the end-game as he checks out the big picture.
3. Darren Hardy
Darren Hardy cemented his name as a financial entrepreneur guru with his book, “The Compound Effect.” In it, he details to the reader how every action and non-action you do has a gradual impact on your future.
The financial takeaway with his “compounding” theory is that the sooner you start saving, the greater the effect. One dollar a day will compound your assets, whereas spending that dollar every day will compound your debt.
This theory applies to your relationships, health, and other lifestyle habits, too. Hardy has written other books and has his own finance podcasts. The key takeaway he refers to regularly is that your choices determine your future financial success.
When you’re looking for the best financial advice, there’s no need to reinvent the wheel. Millions of people in the United States alone are already millionaires, and they are willing to help you follow the steps they took to get there.
From knowing how to invest your money to taking control of your spending habits, the best financial advice is out there. These three gurus have lots of great suggestions. Follow their key takeaways and start your path to financial freedom!