There’s a plethora of money advice out there — some worth sharing and some worth tuning out.
To help you separate the noise from the good stuff, we rounded up the nine best pieces of advice we heard about money this year.
Here’s what self-made millionaires, financial planners, and CEOs had to say about how to best manage your money and grow your wealth:
You need a reason to invest.
Jon Stein, founder and CEO at Betterment, an automated investing service:
'When you invest, avoid blindly putting money into the market; instead, think about what you want to accomplish in the future in terms of specific goals.
'These are things like retirement, a home down payment, your child's education, making your money last your lifetime, or simply building wealth for the long term.
'By having clear, concrete goals, you can put together a properly risk-managed investment plan, which can increase the likelihood that you'll reach your goals.'
Building wealth is completely up to you.
Steve Siebold, self-made millionaire, author of 'How Rich People Think,' has interviewed over 1,200 rich people:
'Stop telling yourself that getting rich is outside of your control. The truth is that making money is an inside job.
'Let's set the record straight once and for all: Anyone can become wealthy. It has nothing to do with your education or where you come from. It's not what you do that guarantees wealth, it's what you are. In other words, it's not the labour that creates the fortune, but the thinking behind the labour. That's why people like Donald Trump go from millionaire to bankruptcy and come back richer than ever. People like Mr. Trump have a fundamental belief that they are supposed to be rich, fulfilled, and happy. They believe they have every right to be rich and nobody is going to get in their way.
'What kind of person do you need to become to build the life you want to live? Write a plan of action that will help you grow into this person. Start by telling yourself that you deserve to be rich, have every right to be rich, and that being rich is an inside job. It's up to you and only you.'
You have to be willing to step outside of your comfort zone.
Thomas Corley, spent five years studying rich people, author of 'Rich Habits: The Daily Success Habits of Wealthy Individuals,'
'Success requires risk. You have to risk some time and money in order to build wealth of any kind. I'm not talking about gambling, here. I'm talking about an entirely different type of risk called calculated risk.
'This risk requires that you gain some experience and working knowledge in an area, and then put that knowledge to work by taking action (as opposed to diving blindly into an area in which you lack any expertise). It might be real estate, investing in a private business, starting your own business, or pursuing another somewhat-risky opportunity.'
Saving is only half the battle of building wealth.
Alan Moore, financial planner, specialises in working with Gen X and Gen Y clients:
'Too often we get caught just looking at the expense side of things and how much you can cut out of your budget. We preach about spending less and saving more. But we don't look at how much more money we can earn.
'Whether that be through salary negotiations at work, through a side hustle, or even through handyman work on the side, it's important to find ways to focus on your income, too. How can you increase your earnings? What actions can you take to earn additional money?
'It's a lot easier, in my opinion, to find ways to make an extra $500 a month than to cut your monthly spending by $500 a month.'
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