How to make 2020 the most successful financial year: tips from millionaires
With the new year ahead, it's time to make financial decisions and plan how you are going to achieve them. One of the smartest ways to do this is to learn from people who have already achieved similar goals, notes CNBC. 9 American self-made millionaires decided to share their ideas on how to make 2020 the most financially successful for you.
1. "Invest in yourself"
“My financial decision is the same every year: invest in yourself. I put all my first orders into a fashionable coat from Bergdorf Goodman. The minute I put it on, I realized that it was the best $ 340 I have ever spent.
Of course, I could invest in my growing business, but I knew that I needed to invest in myself in order to succeed. The fur coat made me feel like the queen of New York real estate, and everyone around us began to believe in 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”
“Do not leave money in the bank until they depreciate. Invest them in investments that could potentially provide you with constant cash flow.
And I'm not talking about buying a home (contrary to popular belief, a home is not an investment because it doesn't pay you every month. I've invested in real estate, but that doesn't mean all real estate investments are a good idea).
Instead, make 2020 a year in which you invest in yourself, such as developing skills that will make you better at work. ”- Grant Cardone, founder of Cardone Capital, a $ 750 million real estate empire.
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3. “Give more”
“The secret to living life to the fullest is giving. While there is peace of mind in financial security and comfort, none of them mean anything unless you are helping others and feeling grateful.
This is why my financial goal is to give twice as much. I opened a separate bank account where a percentage of my income is automatically transferred every month so that I can easily donate to what I care about.
I also give through my company, Nunbelievable. We donate two meals to help the starving for every dozen cookies we sell. More and more consumers are choosing brands that support social mission, so donating is also a good business.
We all have the power to touch the lives of others, to express gratitude, and to live more abundantly. Here is a new decade that gives us more than we spend! ”- Where is Biza, co-founder and director of marketing for Nunbelievable, co-founder of #ThisIsMyEra, and founder and board member of the Amani Hope Foundation.
4. "Spend only a percentage of your income"
“Parkinson's Law suggests that work expands to fill all the time available to complete it. It also explains why we spend everything we earn - or even more.
Our family’s financial decision for 2020 is to live on 20% of income and save the rest on savings, charitable donations and investments. We strive to ensure that our costs are constant, even if our business and revenues grow.
This does not mean that we are in short supply; we enjoy life by managing our resources. We use Mint to manage our personal accounts and QuickBooks to keep track of our P&L, balances, financial trends and budgets (through our accounting department). We then regularly review this data for clarity, transparency and accountability. ”- Lin San, CEO of Tiny Devotions and partner at Crimcheck.
5. “Be true to yourself (and money will follow)”
“I decided to link my business goals to my personal values. It's more than a lifestyle - it's the best way to build a successful business. While the quality of your product or service matters, even the best products don't speak to people. People do it. Consumers are responding to authenticity and are becoming more effective at detecting false promises and brand identities.
When you're true to yourself, rather than trying to be likeable, you gain people's respect - one of the most powerful assets a business can have. While you will not be perfect and you may lose opportunities, you will prove that your word is good and that trust always leads to increased income.
Acquire your personality, reflect it in your brand, and encourage your team and customers to contribute. ”- Itzik Levy, Co-Founder and CEO of vCita, a comprehensive small business management platform.
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6. “Create a financial control system”
“Implement a system to accurately predict the next 12 months financially. It takes work to install and maintain this system, but forecasting is much easier with it.
First, determine what income you will receive over the next 12 months, and create a budget for how you plan to save or spend this money. Set weekly or monthly breakpoint intervals when you view your numbers to see how you track a trend.
Finally, use your options to increase your budget if the numbers are the same, better, or worse than expected. This is not rocket science; just a commitment to process, procedure and accountability. ”- Dennis Najjar, co-founder of AccountingDepartment.com, a virtual accounting service for small businesses.
7. “Understand the important financial indicators”
“Our decision in the new year is to ensure that our team fully understands the various metrics that have the greatest impact on our financial goals and how those metrics relate to each other.
When you grow fast, it’s much easier to look at top sales; but it’s also important to understand customer retention, conversion rates, marketing costs, and how they all fit together.
We will succeed by sharing our plans with key business stakeholders, getting their input, and then making sure everyone on the team knows what they need to do to contribute to our financial goals. ”- Emma Watkinson, Co-Founder & CEO of SilkFred.
8. “Get Ready for Four D”
“To become financially bulletproof, be smart and prepare 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 find out how to save on a rainy day. Allocate funds for future investments, business expansion opportunities, as well as planned and unplanned situations. Make it a habit using an auto deposit so you don’t miss out on money.
Always live below your means. The more successful you become, the more important it is to keep track of every penny. Once you're not so financially constrained, it's easy to get carried away with a sense of success and spend too much. Finally, beware of hidden fees, including from your financial advisors. ”- Gail Corder Fischer, Co-Founder and Executive Vice President of Fischer & Company, the world's leading corporate real estate firm providing consulting, brokerage and technology solutions.
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9. “Invest in real estate”
“Find ways to get a better return on your investment by building a network or finding the right offers. Even a few percentage points matter.
The difference between 10% and 15% returns in the short term may not seem so big, but in 30 years it is the difference between multiplying your money by 4 or 7 times. Investing in real estate is a great way to do this.
To get a higher return on our investments, we contact the developers and use the potential of our real estate brokerage agency, in which there were 2019 closed transactions in 700, to create the opportunities that we can offer people who want to invest with us and get a higher profit ”, - Daniel Lesnyak, founder of Orange Line Living, broker in the Keri Shull team and co-founder of the real estate coaching HyperFast Agent.
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