Nati Harnik / AP Being a millionaire or billionaire — especially a self-made one — usually requires being disciplined about saving and spending, as well as investing wisely. Although the super-rich can splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long term.
So, if you want to live like a millionaires yourself, you’ll have to follow the money rules of the wealthy.
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Kristen Bell: Take Advantage of Coupons When Shopping
Net worth: $40 million
“Frozen” star Kristen Bell still clips coupons despite her multi-million-dollar wealth.
“I almost exclusively shop with coupons,” she said on “Conan,” sharing that her personal favorite place to shop with coupons is Bed Bath & Beyond. “It’s the best one because they’ve got 20% off, and if you go and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80.”
Take Our Poll: If Elon Musk Offered You a Job Paying You More Than You Make Today, Would You Work for Him? Gilbert Flores/Variety/REX Sara Blakely: Create and Maintain a Nest Egg
Net worth: $1 billion
Spanx founder Sara Blakely a millionaires kept her day job while starting her shapewear company to make sure she’d be able to maintain a healthy nest egg.
“It’s really important to save money and create a nest egg, become comfortable for yourself with what the nest egg is, and don’t touch it,” she told Business Insider. “Leave it there. I always had a portion of my paycheck put into savings, and that was an easy automatic way … I didn’t quit my job until I’d already landed Neiman Marcus and Saks Fifth Avenue. I was so careful, I [worked on Spanx] at night and on the weekends because I didn’t not want to have income coming in.” AP/REX
Warren Buffett: Think of Investing as a Long-Term Strategy
Net worth: $110 billion
Billionaire investor Warren Buffett isn’t a proponent of active stock trading.
“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,” he wrote in his 1988 Berkshire Hathaway shareholders letter. “We are just the opposite of those who hurry to sell and book profits when companies perform well.” GC Russia / Wikimedia Commons Grant Cardone: Save $100K and Invest the Rest
Net worth: $600 million
Grant Cardone is a self-made millionaires, author and sales training expert. He recommends hitting a lofty savings goal — $100,000 — and then investing any money earned after you hit that amount.
“You need to prove to yourself that you can go out and get money,” he wrote in a 2018 post for CNBC. “Saving $100,000 shows that you have an ability to make money and then to keep it. Most people can’t do either of those things. Once you can earn and save, then you can start building wealth.” Roger Askew/The Oxford Union/REX Mark Cuban: Don’t Live Beyond Your Means, Even If That Means Living Like a Student
Net worth: $4.6 billion
Investor and “Shark Tank” star Mark Cuban believes that overspending can be an unnecessary cause of stress, and he advocates for living like a student if that’s all you can truly afford.”Your biggest enemies are your bills,” Cuban wrote in a 2009 blog post. “The more you owe, the more you stress. The more you stress over bills, the more difficult it is to focus on your goals. The cheaper you can live, the greater your options.” JStone / Shutterstock.com Bethenny Frankel: Stay Out of the Red Net worth: $80 million Before she was the head of the Skinnygirl empire, “Real Housewives of New York” star Bethenny Frankel was a struggling 30-something who had racked up $20,000 in credit card debt. Her No. 1 money rule is to make sure you have enough saved to pay off all your bills.”You can’t put yourself in a position where, if the s— hit the fan, you couldn’t pay all of your bills at one time,” she said. “If the world came to an end, I would be able to pay for everything. I might not be left with much, but I can afford what I have.” Kathy Hutchins / Shutterstock.com Sarah Michelle […]
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