Don’t make the same financial mistakes.
- Even the most successful people have made money mistakes.
- Suze Orman says that one of her biggest mistakes was spending money to impress people.
- Debbi Fields believes in learning to start small, no matter how much you have.
Life is full of regrets. Successful people are no different. They too have made mistakes or poor decisions when it comes to their finances. One of the main reasons they have been successful is because they have learned from their mistakes. We have found some great and insightful quotes from successful people. These are the top regrets of five CEOs and billionaires (and one billionaire). Learn from their mistakes so you don’t make the same ones!
1. Suze Orman, Author, TV Host, Motivational Speaker
“I built a successful financial planning practice and was making more in a month than I was making in a year. But here was the problem: the more money I made, the more I wanted other people to see how well I was doing, financially speaking” .
“I spent so much money, on fancy cars, watches and clothes just to impress other people, that I went deep into debt. If I was a guest on my CNBC show today, I would have beat the crap out of myself.”
“My finances were a mess, but more importantly, my money was a mess because I was a mess. I had it all wrong: all the things I spent my money on added nothing to my self-esteem.”
Lesson to learn: Your self worth is not dictated by your net worth. Don’t buy things you don’t need to impress people you don’t like. True friends won’t care what you have and your future self will thank you!
2. Debbi Fields, Founder, Mrs. Fields
“Looking back now, I know I would have benefited greatly if I had started an investment strategy as a young adult. I was so busy trying to save every dollar and living paycheck to paycheck that the idea of building wealth never really caught on.” a consideration.”
“Not thinking about something bigger than my bank account was my mistake: I could have created a dummy investment account, joined a club, or learned about buying and selling securities.”
“The key to managing money and building a nest egg is learning how to manage small amounts and grow them wisely over time. You can start with pocket change and grow beyond anything you’ve ever imagined! The key word here is ‘ imagined’… You have to add a zero or two to your net worth and direct your attitude and financial strategy to achieve it.”
Lesson to learn: Start investing now, no matter how small the start. Once you’ve learned how to manage small amounts of money, you’re ready to manage larger amounts.
3. Jon Stein, Founder and CEO of Betterment
“I wasted a lot of time and money thinking too much about investing. Whether it was opening a dozen brokerage accounts, focusing too much on individual securities (thanks to Enron), and trying to do overly complicated trades, it was a waste.”
“I should have gone the index route in my younger years. I would have been in a better place to retire now and would have been able to spend more time with friends and family.”
“Money is one thing, but especially I will never get back the hundreds of hours I put in trying to beat the market.”
Lesson to learn: Don’t overcomplicate the investment. When it comes to your money, less is often more. Keeping investing simple will help you stick to your long-term financial plan.
4. Mark Cuban, billionaire businessman and owner of the Dallas Mavericks
“[I wish I knew] that credit cards are the worst investment you can make. That the money I save in interest by not having debt is better than any return I can get by investing that money in the stock market. I thought I’d be a stock market genius. Until I wasn’t.”
“I should have paid off my cards every 30 days.”
Lesson to learn: Not paying off your credit cards can cost you a fortune in the long run. The average interest rate on credit cards is close to 17%. Only use a credit card if you can pay the balance in full.
5. Tim Ferriss, angel investor, author of the bestseller ‘The 4-Hour Workweek’
“In your 20s, optimize yourself to learn, not win. Work directly under or with master negotiators and gain skills. This is particularly true for negotiation and hard skills like coding.”
“Which would you rather have: $20,000 more per year at 20, leading to $100,000 to $200,000 per year at 30, or a lower paying job from 20 to 25, but one like a real-world MBA that you get paid for, does it take you to make millions at 30?
“It often boils down to prioritizing skill acquisition over immediate post-college income. McKinsey or Goldman may be seductive, but it’s easy to get stuck on a 20+ year path paying for an inflated lifestyle that’s always a little more expensive than the year before. Servants can become kings themselves, but consultants tend to stay consultants. The only true job security is a superior skill set.”
Lesson to learn: The best investment you can make is to invest in yourself. You are your greatest asset. By investing in your education, skill set, and relationships, you can increase your financial opportunities no matter what the market is like.
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