4 Personal Finance Tips From Millionaires

[Mika]

Diversify Your Income: Warren Buffet has invested in 65 different companies from Coca-Cola to McDonald's, Apple, Bank of America, American Express, etc. Elon Musk owns different companies such as Tesla for electric cars, Space X for Space Exploration, a tunneling company called The Boring Company, etc.

Invest in Yourself: Investing in yourself means acquiring knowledge and skills to build expertise. You will have to invest in yourself to learn how to invest in the stock market, how to trade in the stock market, or other markets of your choice.

Risk Management: Building income through business and investment involves a lot of risks and you need skills to manage your risks. You will first have to know your risk tolerance level.

Don’t run with the crowd: Just because people are saying it is the best, it does not make the best. You need the knowledge to assess to know what is right and what is not. That’s how you avoid scams.

 

[Suba]

Thanks for sharing, in many cases, even though we have tried to implement risk management by doing analysis, identification, control and evaluation and we have also set risk tolerance but of course the results will be very different from the whales (Warren Buffet). so that the purchase of shares for him will be able to affect the market price, create fomo so that in the near future retail investors will follow him, and he warrent buffet will easily take profit.

 

[Jasmine]

What applied for Elon Musk or Warren Buffet will never apply for us. For instance, Elon Musk built a game at the age of 12 and sold the game and make $500 at the age of 14. Do we have the talent that Musk possesses? Buffet was already making money at the age of 14. When we were at their age, we did not even understand the value of money. One of the best ways to build fortune is by starting at young age. However, most of the people do not get financial education when they are young, so they miss the chance of becoming rich. There is no denying that building skills will help you make more money, however, most of us are so ingrained with our daily life that we don't get time to start learning new skills. For example, would you be able to spend 2-3 hours learning how to code after coming home from work at 7 in the evening.