In anticipation of the new year came the time to make financial decisions and to plan how you are going to achieve them. One of the smartest ways to do this is to learn from people who have achieved similar goals, notes CNBC. 9 American self-made millionaires decided to share their ideas on how to make the year 2020 the most financially successful for you.
1. “Invest in yourself”
“My financial solution is the same every year: to invest in yourself. I invested all my first orders in a fashionable fur coat from Bergdorf Goodman. In the moment when I wore it I realized that it was the best $ 340 I ever spent.
Of course, I could invest in your growing business, but I knew I need to invest in yourself to succeed. The coat made me feel like a Queen of new York real estate, and everything around began to believe it.
Whether it’s a new coat, a relaxing massage or just a day off with a friend, you will never regret investing in yourself” — Barbara Corcoran, founder of the Corcoran Group.
2. “Make your money work”
“Don’t leave money in the Bank until they are worthless. Invest them in investments that can potentially provide you with a constant cash flow.
And I’m not talking about buying a house (contrary to popular belief, the house is not an investment because it pays you every month. I invested in real estate, but this does not mean that all investments in real estate — good idea).
Instead, make 2020 the year in which you invest in, for example, in the development of skills that will make you better at work”, Grant Cardone, founder of Cardone Capital, real estate Empire worth $ 750 million.
3. “Give more”
“The secret of how to live a full life is to give. Although financial security and comfort is calm, neither one of them means nothing if you don’t help others and don’t feel the gratitude.
That is why my financial goal is to pay twice. I opened a separate Bank account where a percentage of my income automatically transferred each month to ensure that I could easily sacrifice that I care about.
I also pay through his company, Nunbelievable. We donate two meals to help the hungry for every dozen cookies that we sell. More and more consumers prefer brands that support a social mission, so the donation is also good business.
We all have the power to touch the lives of others, Express gratitude and live more abundantly. Here’s a new decade, giving more than we spend!” — Kuda Biza, co-founder and marketing Director Nunbelievable, co-founder of #ThisIsMyEra, and founder and member of the Foundation Board of Amani hope.
4. “Spend only a percentage of your income”
“Parkinson’s law suggests that work expands to fill all the time available for its completion. This also explains why we spend all that we earn or even more.
Financial decision for our family for the year 2020 is to live on 20% of income and save the rest for savings, charitable donations and investments. We strive to ensure that our costs were constant, even if our business and revenues grow.
This does not mean that we live in a deficit; we enjoy life, managing their resources. We use Mint to manage our personal accounts and QuickBooks for tracking our profit and loss, balance sheets, financial trends and budgets (by our accounting). We then regularly review these data for clarity, transparency and accountability”, — Lin San, CEO of Tiny Devotions and partner in Crimcheck.
5. “Be true to yourself (and the money will follow)”
“I decided to link my business goals with my personal values. This is more than a lifestyle — it’s the best way to build a successful business. Although the quality of your product or service has value, even the best products don’t talk to people. Do the people. Consumers respond to authenticity and becoming more effective in detecting false promises and personalities of the brand.
When you are true to yourself, and not trying to be cute, you win the respect of people is one of the most powerful assets that could have a business. Although you’re not perfect and can lose the opportunity, you prove that your word is good, and trust always leads to higher income.
Purchase their individuality, reflect it in your brand and encourage your team and customers to contribute to the cause” — Itzik levy, co-founder and CEO of vCita, integrated platform of small business management.
6. “Create a system of financial control”
“Implement a system to accurately predict the next 12 months financially. You want to do the work to install and maintain this system, but with it forecasting becomes a lot easier.
First, determine what income you will receive over the next 12 months and create a budget for how you plan to save or spend the money. Set weekly or monthly intervals, test points, when you view your figures to see how you are tracking the trend.
Finally, use your powers to increase the budget, if the performance will be the same, better or worse than expected. It’s not rocket science; just a commitment to the process, procedure and accountability” — Dennis Najjar, co-founder AccountingDepartment.com virtual accounting services for small businesses.
7. “Understand important financial performance”
“Our decision in the new year to ensure that our team fully understood the various indicators that have the greatest impact on our financial goals, and how these indicators are related to each other.
When you grow quickly, it is much easier to look at top-selling; but it is also important to understand the customer retention rate, conversion rate, marketing costs, and how they all fit together.
We will succeed by sharing their plans with key stakeholders within the business, getting their contribution, and then making sure everyone in the team know what they need to do to contribute to our financial goal,” Emma Watkinson, co-founder and CEO of SilkFred.
8. “Get ready for four D”
“To become financially bulletproof, be smart and get ready for the most serious threats to your financial future: debt, death, divorce, and bad decisions (debt, death, divorce, and bad decisions).
You need money to retire; so plan accordingly and learn how you can save for a rainy day. Allocate funds for future investment, business expansion, and the planned and unplanned situations. Make it a habit of using auto-Deposit, in order not to lose money.
Always live below their means. The more successful you become, the more important to watch every penny. As soon as you are so limited financially, it is easy to get carried away by the feeling of success and spend too much. Finally, beware of hidden fees, including your financial advisors,” Gail Corder Fischer , co-founder and Executive Vice President of Fischer & Company, the world’s leading company for corporate real estate, which provides consulting, brokerage and technology solutions.
9. “Invest in property”
“Find ways to get higher returns on their investments, creating a network or finding the right offers. Even a few percentage points matter.
The difference between yields of 10% and 15% in the short term may not seem so great, but 30 years is the difference between the multiplication of your money in 4 or 7 times. Investing in real estate is a great way to do it.
To get higher returns on our investments, we will contact the developers and use the potential of our brokerage real estate Agency, which in 2019 were 700 closed transactions to create opportunities that we can offer people wishing to invest with us and get higher profits,” Daniel lesniak, founder at Orange Line Living , the broker in the Keri Shull team and co-founder HyperFast Agent involved in coaching in real estate.