Financial Advice from Billionaires

There are still some principles and underlying mindsets that we can all apply to our finances, no matter what we’re reaching toward. And as people who are doing well financially, billionaires can offer some general advice that can be useful even to those who don’t own private islands or overseas bank accounts.

Here are seven tips from billionaires sharing financial insights.

1. Education is Important — Bill Gates

Bill Gates notably dropped out of Harvard, yet he still believes in the power of education. During a Reddit AMA, a user asked what financial advice the Microsoft founder would offer someone making less than $100,000 annually.

Gates’ reply? “Invest in your education.”

2. Pay off your Credit Card in Full — Mark Cuban

The billionaire owner of the Dallas Mavericks and frequent Shark Tank star has advised people to cut up their credit cards and suggested that if you use credit cards, you don’t want to be rich.

3. Invest in what you believe in — Chase Coleman III

You’ll have opportunities to put your money toward different things. It might be investing in the stock market or into real estate, or it may be supporting a friend’s business or a charity. The important thing is to invest in things you like and believe in. Don’t simply hop into a situation because it’s the trendy thing to do.

4. Keep your emotions in check — David Tepper

Tepper advises patience and trying not to panic, especially when you’ve done your research. That applies to investments in stocks and bonds, but also when choosing your insurance companies or making big purchases, such as a new home or car. If you’ve put in the time to analyze your decisions and aren’t making an emotional choice, you’ll be just fine.