9 Financial Legends And The Habits That Made Them Wealthy

Ethan Rotberg  Sat, January 16, 2021

Want to be the next Warren Buffett or Oprah Winfrey? You would do well to imitate their habits then.  Sure, you probably won’t amass the same kind of wealth as those iconic billionaires, but you don’t become wealthy — and stay wealthy — without some smart habits and strict discipline.

Here are 10 spending, saving and investing tips you can apply to your own life, straight from 10 legendary financial experts and business tycoons.

1. Jim Cramer: Get to know yourself

While you’re growing as an investor, don’t try to find the perfect strategy for the perfect portfolio, says Mad Money host Jim Cramer. The key is to develop a strategy that’s perfect for you.

"The truth is, there’s no one-size-fits-all approach to investing, and anybody who tells you differently is either dangerously misinformed or flat-out lying to you," Cramer says.

That’s why there’s one rule Cramer follows above all others: Know yourself.

Try talking one-on-one with an expert about your goals and tolerance for risk. Today, you can work with a certified financial planner online to create a plan that’s optimized for you and only you.

2. Warren Buffett: Don’t look backward

Folksy billionaire businessman Warren Buffett once said "the investor of today does not profit from yesterday’s growth."

Investors often rely heavily on past performance when choosing what to buy and sell. That information is useful, but Buffett says following historical trends is less important than seeing new opportunities.

It takes time to develop that insight. If you’re not there yet, it may be better to take your bias out of the equation entirely by using a robo-advisor.

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https://finance.yahoo.com/news/9-financial-legends-habits-made-190000898.html