7 wealth management tips and dirty financial secrets
Billionaires and entrepreneurs around the world often share their life advice and sense of passion with consumers—- encouraging them to make changes in their perspective to promote success. But it’s not common for us to get a real glimpse into the reality of the billionaire lifestyle. How exactly do these individuals and corporations beat the odds? We’re taking a look at 7 wealth management tips and dirty financial secrets to give you a look into the lives of the world’s wealthiest people.
“Passion is the genesis of genius.” – Tony Robbins
Maintaining momentum can be challenging for anyone. Whether you’re trying to run that extra mile on the treadmill, or managing a multi-billion-dollar company, it’s a natural challenge for everyone. But billionaires have mastered this art with years of wins and losses in between. When you’re managing multiple projects at once, it can be hard to hold onto that same sense of passion that got you started on this journey. Maybe you’re still trying to find your passion?
Whatever stage you’re in, the world’s most successful people can all agree that it’s passion that drives them to make a difference. Once you’ve discovered what innovation or cause ignites this in you— you’ll be on the fast track for success.
2. Be ahead of the game
Staying ahead of the game is what gives the world’s most successful people the edge on the rest of us. Having the foresight to invest in what’s new and the confidence to take risks in unexplored territory is a quality amongst the wealthiest individuals around the world.
3. Have a vision and hold yourself accountable
Once you’ve developed a concept for a new consumer service or project, it’s important to hold yourself accountable as you check off your goals and meet new milestones. Tracking your goals and coming up with ways to celebrate your success can help you stay focused.
4. Manage your money efficiently
With smart investments comes smart (and sometimes sneaky) money management. Billionaires and corporations alike have become notorious for using tax evasion (or avoiding) schemes to shield their accounts from US taxes. Offshore tax havens are one way the rich and famous keep their cash in their own hands only, and accumulate more and more.
Tax evasion and offshore havens are considered “black hat tax shelters” in the eyes of the IRS— meaning these accounts can end up in big tax trouble if they’re caught. Rather than jeopardizing your accounts and hard work with black hat methods, managing your money and filing your taxes efficiently is a more honest and legal way to go, and may actually be more lucrative in the long run.
5. Invest in opportunities that support you in the long haul
While it is great to take risks with your investments and put your money toward new technologies and unexplored concepts, investing in longstanding opportunities can provide you with consistent income that risky investments may not.
Whether you invest in real estate or an up-and-coming tech startup, managing your investment effectively is really what will keep your ROIs steady.
6. Having a head start helps
Having money often starts with money. With the exception of a few, many of the world’s wealthiest like Bill Gates and S. Robson Walton both had a financial advantage with their wealthy families guiding their success. With better access to higher education, more financial support, and connections, making a career for yourself can be simple if the odds are in your favor.
7. Maintain good connections
It’s all about who you know— no matter what industry you’re in. Networking to keep promising business and personal connections can help accelerate your vision and keep your business thriving for years to come.
Part of maintaining a good rapport with your connections means having a strong public relations practice to keep yourself and your company in good standing with the public. Executives like Mark Zuckerberg know what it’s like to be under fire in the public eye, and having a good team by his side is what allowed Facebook to stay afloat amongst data breach allegations.
Whether you’re onto making your next billion or just started investing, these tips can be used for billionaires and passionate entrepreneurs alike.
Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.