Money Advice from The World’s Filthy Rich

By: Liz Zuliani   Date: 24 June 2011

About The Author

Liz Zuliani

Diverse background in digital media, with experience working across large networks, to boutique

Liz Zuliani, EconomyWatch Contributor

 

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It’s already June. Where has the year gone? For some who’ve made personal finance and investment goals to grow rich this year or increase your company profits by tenfold your New Year resolution for 2011 – you might start to hear that countdown clock to 2012 ticking already.

Money Advice from The World’s Filthy Rich

"A Tiny Leak In Your Budget Can Sink Your Financial Ship" - Donal Trump
Credit: Alnilam Ori

Forget those passé get-rich-quick schemes of the 90’s. Anyone who bought into those ideals then, let their greed play them out to the 411 scams of the millennium. And while opus magnum ideas do propel some from obscurity to the financial superstardom – it’s best to go along with better laid plans, just in case.

See the Slide Show >>> Seven Secrets of the World’s Filthy Rich

Great financial goals are great thing to have, though can be frustrating during the best of times, and the worse of times when we feel we’re just not doing well enough. Let’s face it, times are tough. Most of us carrying on with business and employment may be just starting to forget the last financial crisis – and trying to ignore the news of Europe’s immanent collapse. And pray it don’t affect the rest of the world.

So if you’re stuck in a mid-year rut, here’s some money advice from the world’s filthy rich to inspire:

  1. Read The Richest Man in Babylon. Some say it’s the money-equivalent of The Secret when it comes to becoming money savvy. They say anyone who’s ever made any money in business and investing calls this book their bedtime story. What have you really got to lose?
     
  2. Manage your personal finances. Review your budget regularly -- see where your blind spots are. I know people who don't count entertainment or alcohol or whatever -- everything must be accounted for. Even a tiny leak can sink a ship. The same with finances. – Donald Trump 
     
  3. Don’t spend, reinvest: The temptation to spend money can be huge, but if you’re following in the footsteps of Warren Buffet you should reinvest your earnings.
     
  4. Maintain austerity in prosperous times (in times when the cow is fat with milk); it accelerates corporate development and avoids the need for drastic change in times of crisis. – Carlos Slim
     
  5. Patience is a virtue. “I think in business, you have to learn to be patient. Maybe I'm not very patient myself. And I think what I've learned the most is be able to wait for something and get it when it's the right time.” - Bernard Arnault
     
  6. Be determined to succeed and create wealth. “Everyone experiences tough times, it is a measure of your determination and dedication how you deal with them and how you can come through them.” - Lakshmi Mittal
     
  7. Invest for long-haul. We are now investing in each of our businesses to achieve substantial earnings growth in the future and create further value for millions of our shareholders. - Mukesh Ambani

Related: The 10 Richest People on the Planet: Where All that Stimulus Money Went

Related: Asia’s Millionaires Overtake Their European Counterparts

Related: The 10 Richest Young People in the World

Seven Secrets of the World’s Filthy Rich
View the Slide Show

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