20 Worst Money Mistakes People Make in the Name of Love
.20 Worst Money Mistakes People Make in the Name of Love
Don't let finances ruin your romance.
By Andrew Lisa November 17, 2020 Start Saving Now
While it's true that love might not cost a thing, plenty of romances fall victim to money -- or at least to money mistakes. Money and relationships are inseparable, and if you mismanage the former, the latter hardly stands a chance. From secrecy and poor communication to conflicting priorities and plain old bad decisions, some of the best relationship advice helps two people avoid the pitfalls of money mistakes in romance.
Read through to find out if you and your partner are making common money mistakes, and discover how these mistakes can hurt your relationship.
20 Worst Money Mistakes People Make in the Name of Love
Don't let finances ruin your romance.
By Andrew Lisa November 17, 2020 Start Saving Now
While it's true that love might not cost a thing, plenty of romances fall victim to money -- or at least to money mistakes. Money and relationships are inseparable, and if you mismanage the former, the latter hardly stands a chance. From secrecy and poor communication to conflicting priorities and plain old bad decisions, some of the best relationship advice helps two people avoid the pitfalls of money mistakes in romance.
Read through to find out if you and your partner are making common money mistakes, and discover how these mistakes can hurt your relationship.
Keeping Money a Secret
It's important to be open about money as it is to be open about even the most intimate aspects of your love life.
"Couples are more comfortable discussing sex than money," said Neale Godfrey, chairman and president of Children's Financial Network. "They need to be comfortable with both. They should come clean with each other about assets, debt, income and expenses. They also need to set their goals together." Avoiding money conversations can result in a change in the relationship's power dymanic.
Leaving Financial Responsibilities to Just One Partner
It takes two to tango -- and this has never been truer than when it comes to financial heavy lifting. This includes paying the bills and the management of investments.
"Both partners need to have a clear handle on the inflows and outflows of money," Godfrey said. "Even if you hate paying bills, do it."
Concealing Your ‘Financial Personality’
Being real about who you are and accepting the other person as he or she is can mean the difference between relationship success and couple catastrophe -- especially where money is concerned.
"You have come into the relationship as either a saver or a spender, and that will determine how you handle money," Godfrey said. "You will feel your way is the right way and vice versa. Trust me, this will start a lot of arguments, resentment and stress. Explain your personality and how you developed it. I bet your parents and your upbringing had a lot to do with your present-day attitude toward money."
To continue reading, please go to the original article here:
10 Financial To-Dos Before Going on a Trip
.Travel Prep: 10 Financial To-Dos Before Going on a Trip
Plan a trip without worrying about your finances. Here's how.
By Charlene Oldham June 9, 2021
From searching for the best flight deals to finding the perfect Airbnb rental, travelers often spend hours planning the perfect vacation. Unfortunately, many jet-setters neglect to take the same care with their financial planning.
"Before leaving for a vacation, it's important to create a 'financial to-do list' to ensure your finances are kept in order while you're away," said Natasha Rachel Smith, a consumer affairs expert with TopCashback.com.
Making a few small monetary moves before leaving for your trip can ensure your re-entry into the real world is as smooth as possible. Here are 10 tips to avoid financial ruin and overspending on your next trip.
Travel Prep: 10 Financial To-Dos Before Going on a Trip
Plan a trip without worrying about your finances. Here's how.
By Charlene Oldham June 9, 2021
From searching for the best flight deals to finding the perfect Airbnb rental, travelers often spend hours planning the perfect vacation. Unfortunately, many jet-setters neglect to take the same care with their financial planning.
"Before leaving for a vacation, it's important to create a 'financial to-do list' to ensure your finances are kept in order while you're away," said Natasha Rachel Smith, a consumer affairs expert with TopCashback.com.
Making a few small monetary moves before leaving for your trip can ensure your re-entry into the real world is as smooth as possible. Here are 10 tips to avoid financial ruin and overspending on your next trip.
Set Up Automatic Payments for Bills
"It is easy to forget about finances while on a trip," said David McCormick-Goodhart, a Virginia-based financial advisor with the wealth management firm Savant Capital Management. "Prior to leaving, do a quick accounting of the direct deposits and automatic withdrawals that will occur while you are away to make sure that your account balance does not go negative." If you are interested in being a financial advisor, there are things people might not tell you.
For most accounts -- including credit cards, car loans, utilities and mortgages -- setting up automatic payments is as easy as making a phone call or sharing banking information through a creditor's website. Taking this step will help you avoid late fees or suspended services if a bill comes due while you're out of town.
And if you continue using automatic payment services, you can save time, paper and postage even after your vacation is over. Some companies even offer auto-enrollment discounts and perks as incentives for customers. For the odd expense that can't be paid automatically, be sure to send funds in advance of your departure date.
Know What's in Your Wallet -- and Let Your Bank Know, Too
When you plan a trip, decide which credit and debit cards you'll be using while on the road. Then let your bank and credit card companies know where you are going and how long you'll be gone, so the charges and withdrawals you make while you're out of town won't be flagged as suspicious.
Some banks also let users set up text alerts that notify them of charges to help make spotting fraudulent activity easier in case your card is stolen while you're traveling. Additionally, travelers can protect themselves by taking note of the contents of their wallets prior to departure.
To continue reading, please go to the original article here:
Financial Responsibility Is Self-Care
.Financial Responsibility Is Self-Care
6 Ways to Treat Yourself (and Your Wallet) This Week
by Mike Brassfield Senior Writer Updated July 14, 202
In times like these, we could all use a little self-care. Things like getting a massage, maintaining good sleeping habits, eating a vegetable or two, curling up with a good book and sticking with a somewhat regular workout could do us all some good.
Ah, but what about financial self-care? We’re always being reminded to take care of our mental, emotional and physical health. But what about your financial health?
We all need that too, because we’re all financially stressed. For example, a survey by the National Endowment for Financial Education found that a whopping nine in 10 Americans say the COVID-19 crisis is causing stress on their personal finances.
Financial Responsibility Is Self-Care
6 Ways to Treat Yourself (and Your Wallet) This Week
by Mike Brassfield Senior Writer Updated July 14, 202
In times like these, we could all use a little self-care. Things like getting a massage, maintaining good sleeping habits, eating a vegetable or two, curling up with a good book and sticking with a somewhat regular workout could do us all some good.
Ah, but what about financial self-care? We’re always being reminded to take care of our mental, emotional and physical health. But what about your financial health?
We all need that too, because we’re all financially stressed. For example, a survey by the National Endowment for Financial Education found that a whopping nine in 10 Americans say the COVID-19 crisis is causing stress on their personal finances.
Financial self-care is about lowering your financial stress level by jettisoning bad habits and taking control of your money. With that in mind, we’ve got six strategies for setting yourself up for financial success:
1. Treat Yourself — and Earn Money Back
Start getting money back whenever you buy groceries. A free app called Fetch Rewards will reward you with gift cards just for buying toilet paper and hundreds of other items.
Here’s how it works: After you’ve downloaded the app, just take a picture of your receipt showing you purchased an item from one of the brands listed in Fetch. You can use receipts from grocery stores, convenience stores, drugstores, liquor stores and more.
For your efforts, you’ll earn gift cards to places like Amazon or Walmart. You can download the free Fetch Rewards app here. Over a million people already have, so they must be onto something.
2. Set Goals with the Budget for People Who Hate Budgets
Part of financial self-care is building new and better habits — like sticking to a budget. Don’t want to budget? Try the budget for people who hate budgets.
The 50/30/20 method for budgeting is one of the simplest ways to get your spending in check. No 100-line spreadsheets or major lifestyle changes required.
Here’s how it works: Take your total after-tax income each month, and divide it in half. That’s your essentials budget (50%). Take the rest, and divide it into personal spending (30%) and financial goals (20%).
Let’s break it down:
To continue reading, please go to the original article here:
Here’s Why Having Separate Bank Accounts in Marriage Might Make Sense
.Here’s Why Having Separate Bank Accounts in Marriage Might Make Sense
by Nicole Dow Senior Writer August 10, 2021
If you’re married or living with your significant other, there’s a lot you share. Your home. Your weekend plans. Perhaps even a kid or two. But just because you’re sharing a life together doesn’t mean you have to share the same bank account. Having separate bank accounts in marriage or a serious relationship may be the perfect solution to harmonious money management.
Having separate bank accounts isn’t an indication that you’re not connected as a couple. In fact, there are plenty of valid reasons why a couple might choose to not to merge finances.
Here’s Why Having Separate Bank Accounts in Marriage Might Make Sense
by Nicole Dow Senior Writer August 10, 2021
If you’re married or living with your significant other, there’s a lot you share. Your home. Your weekend plans. Perhaps even a kid or two. But just because you’re sharing a life together doesn’t mean you have to share the same bank account. Having separate bank accounts in marriage or a serious relationship may be the perfect solution to harmonious money management.
Having separate bank accounts isn’t an indication that you’re not connected as a couple. In fact, there are plenty of valid reasons why a couple might choose to not to merge finances.
6 Reasons Why a Couple Might Want Separate Bank Accounts
1. You Want to Quit Being Sneaky About Purchases
When you share bank accounts with your significant other, they see every time you swipe your credit card, spring for an online purchase or make a withdrawal from the ATM.
Sometimes you might want a little financial privacy — whether you’re trying to surprise your honey with an anniversary gift or you just don’t want them to know exactly how much you spent on a new pair of shoes.
The Penny Hoarder conducted a survey on people’s budgeting and spending habits and found that nearly 1 in 4 respondents said they’ve kept a purchase secret from their significant other in fear of how they’d react.
Keeping significant financial secrets from your spouse — like racking up a bunch of debt on secret credit cards — can be harmful to your relationship. However, if you just crave a little autonomy to spend money (responsibly!), having individual accounts can help.
2. You Have Different Income Levels
To continue reading, please go to the original article here:
https://www.thepennyhoarder.com/budgeting/separate-bank-accounts-in-marriage/?aff_sub2=homepage
6 Reasons Why It’s So Hard To Get Out of Debt
.6 Reasons Why It’s So Hard To Get Out of Debt
Cynthia Measom June 30, 2021
Getting out of debt isn't easy. It requires a lifestyle shift. Sometimes, you have to make a small change in the way you handle your finances -- and sometimes a big one.
If your New Year's resolution for 2021 was focused on getting out of debt, you may not have made much headway. This past year has been financially devastating for many families; and despite some assistance from the federal government, the Democrat-Republican congressional divide has slowed up stimulus for individuals and businesses alike.
6 Reasons Why It’s So Hard To Get Out of Debt
Cynthia Measom June 30, 2021
Getting out of debt isn't easy. It requires a lifestyle shift. Sometimes, you have to make a small change in the way you handle your finances -- and sometimes a big one.
If your New Year's resolution for 2021 was focused on getting out of debt, you may not have made much headway. This past year has been financially devastating for many families; and despite some assistance from the federal government, the Democrat-Republican congressional divide has slowed up stimulus for individuals and businesses alike.
To get some additional insight on why you haven't gotten out of debt by now, take a look at these reasons why it's so difficult. Plus, learn what you can do to start conquering your debt once and for all.
1. You Don't Have a Budget
Not having a budget is a sure way to keep yourself in debt. It's important to assign each dollar you earn to a specific category, including debt, and then account for every dollar you spend.
Many different budget plans exist, including the 50/30/20 rule. When using this budget, you put 50% of your income toward your necessities, such as rent, car payments, insurance, utilities and food. Next, 30% goes toward things you want, such as eating out, streaming services and new shoes. The remaining 20% goes into savings and paying off debt.
If you're determined to pay off your debt as soon as possible, you may want to play with the percentages a bit. For instance, consider putting 30% or 40% toward your savings and debt and leaving only 10% for things you want but don't need.
2. You Only Make Minimum Payments
While creditors only require that cardholders make the minimum payment each month by the due date, doing so can keep you in debt for years.
By only paying the minimum each month, you could draw your payments out over a decade and end up paying more in interest charges than what you originally charged.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/6-reasons-why-hard-debt-220050527.html
Planning To Retire? Here’s A List Of At Least 14 Things To Account For First
.Planning To Retire? Here’s A List Of At Least 14 Things To Account For First
Alessandra Malito Tue, August 10, 2021
Retirement requires an enormous amount of planning, affecting not only how much money to put aside for old age but how to spend and maintain it.
Retirement Tip of the Week: When planning for retirement, especially if you plan to retire soon, make a list of expenses you expect to have — as well as any other variables that will affect your financial picture. Compare it to your income.
Planning To Retire? Here’s A List Of At Least 14 Things To Account For First
Alessandra Malito Tue, August 10, 2021
Retirement requires an enormous amount of planning, affecting not only how much money to put aside for old age but how to spend and maintain it.
Retirement Tip of the Week: When planning for retirement, especially if you plan to retire soon, make a list of expenses you expect to have — as well as any other variables that will affect your financial picture. Compare it to your income.
Anything can happen in retirement, especially since for many of us this chapter of life could span decades. Near-retirees know they need to spend money on the basics — housing, utilities, groceries, medicine — but preparation far exceeds those figures. The small details are what can make or break a comfortable old age.
Budgeting isn’t for everyone — some people don’t like to be restricted to a certain amount of money for expenditures like clothes shopping, subscription services or takeout dinners. Others may be too focused on the dollar figure, and not enjoy the lives they built. Still, having a rough estimate of what expenses to expect in retirement, and knowing if it aligns with income in retirement, is critical.
Those who do not like to budget should jot down some expectations for this chapter instead.
Here’s a list of important factors to account for when budgeting for retirement to get started, inspired by planning tools created by financial planning company NewRetirement. (The tools, which include calculating retirement income, withdrawals and Social Security strategies, are available in partnership with MarketWatch on MarketWatch’s website.)
Have a question about your own retirement concerns? Check out MarketWatch’s column “Help Me Retire”
MarketWatch also has its own tool to help narrow down where to retire, which features inputs for taxes, lifestyle choices and climate conditions.
First, it’s important to know what money you’ll have to spend. Here’s an abbreviated list to help collect that information.
To continue reading, please go to the original article here:
9 Easy Ways to Be Fiscally Responsible
.9 Easy Ways to Be Fiscally Responsible
Jacqueline Sanchez June 30, 2021
For some, it's surprising the amount of consumer and student loan debt a person has. This financial situation is a future you likely won't want for your children. So, "How do I prepare my children for the future and be fiscally responsible?"
This simple question of "How?" can unlock the way you think about money. It often isn't enough to graduate college and work a stable career.
9 Easy Ways to Be Fiscally Responsible
Jacqueline Sanchez June 30, 2021
For some, it's surprising the amount of consumer and student loan debt a person has. This financial situation is a future you likely won't want for your children. So, "How do I prepare my children for the future and be fiscally responsible?"
This simple question of "How?" can unlock the way you think about money. It often isn't enough to graduate college and work a stable career.
What Does It Mean to Be Fiscally Responsible?
Fiscal responsibility describes a person who has self-control and accountability for their spending.
Government institutions' fiscal responsibility is about how wisely those who hold an office spend tax-payer dollars and manage money in the federal reserve bank. Defining fiscally responsible for personal finances is about how wisely an individual spends their earned income.
Why Is It Important to Be Fiscally Responsible?
Even with a decent-paying job, it often isn't wise to spend money unconsciously. You might be left waiting for your next paycheck to cover unplanned expenses. This can put your family's finances at risk.
If you don't make changes, debt may never go away. That is why it's so essential to becoming fiscally responsible. You need to control your money and not let your money be in control of you.
How Do You Become Fiscally Responsible?
There isn't a magic number that indicates that you're fiscally responsible. Instead, the kind of behavior you have when it comes to spending can be a deciding factor.
Below are nine easy ways to become fiscally responsible. You can perform each method in any order. Most of them you can do simultaneously.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/9-easy-ways-fiscally-responsible-040100046.html
7 Mistakes People Make When Choosing a Financial Advisor
.7 Mistakes People Make When Choosing a Financial Advisor
August 11, 2021
Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come. A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.1
The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.6
7 Mistakes People Make When Choosing a Financial Advisor
August 11, 2021
Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come. A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.1
The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.6
A recent Vanguard study found that, on average, a $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.7
Being aware of these seven common blunders when choosing an advisor can help you find peace of mind, and avoid years of stress.
1. Hiring an Advisor Who Is Not a Fiduciary
By definition, a fiduciary is an individual who is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and makes an advisor’s advice more trustworthy.
All of the financial advisors on SmartAsset’s matching platform are registered fiduciaries. If your advisor is not a fiduciary and constantly pushes investment products on you, use this no-cost tool to find an advisor who has your best interest in mind.
2. Hiring the First Advisor You Meet
While it’s tempting to hire the advisor closest to home or the first advisor in the yellow pages, this decision requires more time. Take the time to interview at least a few advisors before picking the best match for you.
3. Choosing an Advisor with the Wrong Specialty
To continue reading, please go to the original article here:
6 Reasons Why It’s So Hard To Get Out of Debt
.6 Reasons Why It’s So Hard To Get Out of Debt
Cynthia Measom June 30, 2021
Getting out of debt isn't easy. It requires a lifestyle shift. Sometimes, you have to make a small change in the way you handle your finances -- and sometimes a big one.
If your New Year's resolution for 2021 was focused on getting out of debt, you may not have made much headway. This past year has been financially devastating for many families; and despite some assistance from the federal government, the Democrat-Republican congressional divide has slowed up stimulus for individuals and businesses alike.
6 Reasons Why It’s So Hard To Get Out of Debt
Cynthia Measom June 30, 2021
Getting out of debt isn't easy. It requires a lifestyle shift. Sometimes, you have to make a small change in the way you handle your finances -- and sometimes a big one.
If your New Year's resolution for 2021 was focused on getting out of debt, you may not have made much headway. This past year has been financially devastating for many families; and despite some assistance from the federal government, the Democrat-Republican congressional divide has slowed up stimulus for individuals and businesses alike.
To get some additional insight on why you haven't gotten out of debt by now, take a look at these reasons why it's so difficult. Plus, learn what you can do to start conquering your debt once and for all.
1. You Don't Have a Budget
Not having a budget is a sure way to keep yourself in debt. It's important to assign each dollar you earn to a specific category, including debt, and then account for every dollar you spend.
Many different budget plans exist, including the 50/30/20 rule. When using this budget, you put 50% of your income toward your necessities, such as rent, car payments, insurance, utilities and food. Next, 30% goes toward things you want, such as eating out, streaming services and new shoes. The remaining 20% goes into savings and paying off debt.
If you're determined to pay off your debt as soon as possible, you may want to play with the percentages a bit. For instance, consider putting 30% or 40% toward your savings and debt and leaving only 10% for things you want but don't need.
2. You Only Make Minimum Payments
While creditors only require that cardholders make the minimum payment each month by the due date, doing so can keep you in debt for years.
By only paying the minimum each month, you could draw your payments out over a decade and end up paying more in interest charges than what you originally charged.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/6-reasons-why-hard-debt-220050527.html
13 Tips That'll Truly Make All The Difference When Buying A Home
.Homeowners Shared 13 Tips That'll Truly Make All The Difference When Buying A Home
"Bottom line: If you’re happy in your rented apartment, STAY in your rented apartment."
by Jasmin Suknanan
We recently published a post on reasons why people say they regretted buying their home. And let us tell you, people had *a lot* to say.
But we also noticed people sharing some useful home-buying tips that can actually prevent new homeowners from having some of those regrets. So we rounded up some of those tips below! Here are the best ones:
1. "Equity, equity, equity. Do your research, and know what is important to you. Get a good real estate agent who really wants what’s best for you, not just the quick sale for commissions."
"Don’t buy more than you can afford, even if the bank allows it." —callumsmommy
Homeowners Shared 13 Tips That'll Truly Make All The Difference When Buying A Home
"Bottom line: If you’re happy in your rented apartment, STAY in your rented apartment."
by Jasmin Suknanan
We recently published a post on reasons why people say they regretted buying their home. And let us tell you, people had *a lot* to say.
But we also noticed people sharing some useful home-buying tips that can actually prevent new homeowners from having some of those regrets. So we rounded up some of those tips below! Here are the best ones:
1. "Equity, equity, equity. Do your research, and know what is important to you. Get a good real estate agent who really wants what’s best for you, not just the quick sale for commissions."
"Don’t buy more than you can afford, even if the bank allows it." —callumsmommy
2. "It is important to know the lifespan of key home features! Roofs, appliances, furnaces, water heaters, septic, and irrigation systems all have expected lifespans that can be shortened by a lot of factors. And they cost a lot to repair or replace."
"Often, you can get great rebates on upgrades from utility companies or government rebates if you go with eco-friendly options that cost more initially. I just put in a hybrid water heater that, with rebates, cost a couple hundred more than a standard model, but it cut my electric bill in half. Thankfully, I knew that it was an upcoming expense, so I had the money set aside and kept my eye out for deals on the model I wanted. Anytime you have to fix something out of desperation, you are in danger of getting gauged." —mamasquatch4
3. "If you can't do a professional inspection, or you have any doubts, walk away."
"If your agent is pressuring you, get a different one. When it comes to older homes, assume you'll need to do work on them." —sdk
4. "I recognize that this is a very privileged perspective, but what I've learned in my short time as a homeowner (a little under two years now) is if you can afford it, keep up with all the little things that need maintenance or upkeep."
"Don't put it off, or it will get worse and more expensive, and the things will pile up. There are a lot of costs that go into being a homeowner aside from just the purchase of the house and your mortgage." —katieh46
5. "I have owned and lived in the same house for almost 19 years. I have found that there is always going to be something that needs to be fixed. YouTube is actually SUPER helpful with videos. Homeownership can feel challenging, but you are enhancing and protecting YOUR asset." —iknowthatiknownothing
To continue reading, please go to the original article here:
https://www.buzzfeed.com/jasminsuknanan/home-buying-tips-that-make-a-difference
Think Like a Billionaire With These 19 Traits From Mark Cuban and the Super Rich
.Think Like a Billionaire With These 19 Traits From Mark Cuban and the Super Rich
Discover the qualities that made the world's biggest success stories who they are today.
By Morgan Quinn June 2, 2017
To become a huge success, you might decide to blaze your own trail. But hacking through the jungle of life can leave you bruised and battered by the time you finally reach your destination.
Walking in the footsteps of those who succeeded before you makes for an easier journey all around. The world's most successful people — with some of the largest net-worth totals, as calculated by Forbes — credit some key traits for getting them to where they are today. Absorb their lessons, and maybe you'll become a billionaire.
Think Like a Billionaire With These 19 Traits From Mark Cuban and the Super Rich
Discover the qualities that made the world's biggest success stories who they are today.
By Morgan Quinn June 2, 2017
To become a huge success, you might decide to blaze your own trail. But hacking through the jungle of life can leave you bruised and battered by the time you finally reach your destination.
Walking in the footsteps of those who succeeded before you makes for an easier journey all around. The world's most successful people — with some of the largest net-worth totals, as calculated by Forbes — credit some key traits for getting them to where they are today. Absorb their lessons, and maybe you'll become a billionaire.
1. Oprah Winfrey: Gratitude
The former queen of daytime television doesn't let her $2.9 billion net worth go to her head. Despite her abundant success, Winfrey remains grateful. In fact, Winfrey has kept a gratitude journal for many years.
"I know for sure that appreciating whatever shows up for you in life changes your personal vibration," she wrote in the November 2012 issue of O, The Oprah Magazine. "You radiate and generate more goodness for yourself when you're aware of all you have and not focusing on your have-nots."
2. Warren Buffett: Patience
Warren Buffett — the second-richest man in America behind Bill Gates — built his $73.6 billion net worth by simply taking his time. Not a fan of trendy stocks or knee-jerk reactions to market fluctuations, Buffett has a "set it and forget it" investing philosophy that requires patience and a determination to avoid falling for investing myths.
On the "Dan Patrick Show," Buffett said trying to get rich quick is one of the biggest money mistakes people can make. "It's pretty easy to get well-to-do slowly," he said. "But it's not easy to get rich quick."
3. Bill Gates: Humility
The richest man in the world is among the most charitable — and humble. Bill Gates and his wife, Melinda, have devoted their money and time to improving the lives of the world's poorest people. But despite his generous donations, Gates recognizes that others are making contributions that he says are more meaningful.
"I'm not giving up food, or vacation, or a trip to the movies" to give charitably, Gates said in a video interview for Reddit. "I essentially sacrifice nothing that I want, and there are people who are out in the field and they're giving more ... they're the biggest philanthropists."
4. Larry Ellison: Inquisitiveness
Larry Ellison, the billionaire founder of Oracle Corp., says his inquisitive nature is responsible for his success.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/net-worth/business-people/habits-of-highly-successful-billionaires/