One of the things that many people do unconsciously is reinventing the wheel whenever they have the chance to do so. As creative and innovative individuals, we try to figure out new ways of succeeding, even if the cliché goes “if it ain’t broke, don’t fix it”.
Unfortunately, this can sometimes end up with a lot of wasted time and effort. You may be better off learning from those who have experienced it. For instance, it is easier and much more practical to emulate what self-made millionaires have done to inspire your own way of building wealth. After all, it had worked for them!
To share more, here are a few tips from self-made millionaires when it comes to building wealth.
1. Sara Blakely – “Don’t quit your job too soon”
Sara is one of the youngest-ever self-made female billionaires. She used her entire life savings to set up her first business, but the biggest tip she has to building wealth is that you shouldn’t quit your job too soon.
Building wealth is all about taking risks. Thus, they have to be well calculated and well-thought-out. Entrepreneurship is not an easy path. When you have to do everything by yourself, it becomes even harder. Tasks like accounting and bookkeeping can overwhelm you, which can be the primary reason that you choose to quit your day job.
To ensure that you continue to build wealth while growing your business, reach out to a firm offering accounting and bookkeeping services in Singapore. We provide award-winning financial services, from tax accounting services to bookkeeping and more. We understand the difficulty of managing financials while doing everything by yourself. Our role is to ensure you know your company’s financials and take the right step forward.
2. Grant Cardone – “Put your money to work”
Grant is the founder of Cardone Capital, a real estate empire worth US$750 million. He reckons that you shouldn’t let your money lie around. Instead, you should make it work for you.
Often, we are advised that we should save part of our earnings. However, that doesn’t mean you should save cash in a zero-interest, no gain account. Put your money to work, even if it is only for a small return.
Investing in getting a return is one of the best ways of saving your earnings. This way, you can save and earn at the same time. Despite this, making smart investment calls is not easy. A lot of financial knowledge is required. If you are looking to invest your business earnings, you can reach out to firms providing SME accounting services in Singapore.
We ensure that your company has all the right tools and knowledge to make smarter investments. Our team of experienced professionals can help to provide financial and risk analyses, ensuring that you have all of the financial information you need to invest smart. We also seek to ensure that your business is moving forward in the right direction, with tax services, corporate accounting services, and more.
3. Lin Sun of Tiny Devotions and Crimcheck – “Spend a fraction of your earnings”
While Grant Cardone has given essential tips on how to make a portion of your money work for you, what do you do with the rest of the money?
Lin Sun, CEO of Tiny Devotions, reckons that you should only spend 20% of your total income. That doesn’t mean you should deprive your business of much-needed cash. It means that you work around your expenses in a cost-friendly but effective way. For instance, you can reach out to the best audit firm rather than hiring an in-house auditor. This way, you can save so much more while ensuring your business needs are met.
In conclusion, these following tips from self-made millionaires have been proven to work. Rather than trying to reinvent the wheel and try new ways to succeed, you should learn from individuals who have already succeeded.