naomi is sixteen and she would like to open a savings account. what should she do?
Being a millionaire or billionaire — especially a cocky-made i — usually requires being disciplined about saving and spending, besides as investing wisely. Although the super rich tin splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long-term. And then, if you lot want to alive similar a millionaire yourself, you'll take to follow the coin rules of the wealthy.
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Kristen Bell: Accept Advantage of Coupons When Shopping
Net worth: $twoscore meg
"Frozen" star Kristen Bong still clips coupons despite her multi-million-dollar wealth."I nearly exclusively shop with coupons," she said on "Conan," sharing that her personal favorite place to shop with coupons is Bed Bath & Beyond. "It'southward the best one because they've got 20% off, and if you lot become and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80." Cutting Dorsum: How To Salve Money on All Your Monthly Expenses and Bills
Sara Blakely: Create and Maintain a Nest Egg
Cyberspace worth: $one.2 billion
Spanx founder Sara Blakely kept her day task while starting her shapewear company to make sure she'd be able to maintain a healthy nest egg."Information technology's really important to relieve money and create a nest egg, get comfortable for yourself with what the nest egg is, and don't touch it," she told Business Insider. "Leave information technology at that place. I always had a portion of my paycheck put into savings, and that was an piece of cake automatic way ... I didn't quit my task until I'd already landed Neiman Marcus and Saks Fifth Avenue. I was then careful, I [worked on Spanx] at night and on the weekends because I didn't not want to have income coming in." Offset Learning: ten Job Skills Worth Six-Figure Salaries
Warren Buffett: Recollect of Investing every bit a Long-Term Strategy
Net worth: $104.six billion
Billionaire investor Warren Buffett isn't a proponent of active stock trading."When nosotros own portions of outstanding businesses with outstanding managements, our favorite holding period is forever," he wrote in his 1988 Berkshire Hathaway shareholders letter. "Nosotros are just the contrary of those who hurry to sell and book profits when companies perform well." Check Out: Warren Buffett's Biggest Investing Mistakes and What You lot Tin can Acquire From Them
Grant Cardone: Salvage $100K and Invest the Residuum
Net worth: $300 million
Grant Cardone is a self-fabricated millionaire, author and sales training expert. He recommends hitting a lofty savings goal — $100,000 — and then investing any money earned afterward you hit that amount."You demand to show to yourself that you tin can go out and get coin," he wrote in a 2018 post for CNBC. "Saving $100,000 shows that you have an power to brand money and then to keep information technology. Most people tin't practice either of those things. In one case you can earn and save, then you can showtime building wealth." See: 31 Impaired Things That Are Keeping Yous From Condign Wealthy
Mark Cuban: Don't Alive Beyond Your Means, Even If That Ways Living Like a Student
Net worth: $4.v billion
Investor and "Shark Tank" star Marker Cuban believes that overspending can be an unnecessary cause of stress, and he advocates for living like a student if that's all y'all tin can truly afford."Your biggest enemies are your bills," Cuban wrote in a 2009 blog post. "The more you owe, the more you stress. The more you stress over bills, the more difficult it is to focus on your goals. The cheaper you can alive, the greater your options."
Bethenny Frankel: Stay Out of the Red
Net worth: $70 million
Before she was the head of the Skinnygirl empire, "Real Housewives of New York" star Bethenny Frankel was a struggling xxx-something who had racked upwardly $xx,000 in credit bill of fare debt. Her No. 1 money rule is to make certain you have plenty saved to pay off all your bills."You can't put yourself in a position where, if the south— hit the fan, you couldn't pay all of your bills at in one case," she said. "If the world came to an end, I would be able to pay for everything. I might not exist left with much, but I can afford what I have."
Sarah Michelle Gellar: Before Yous Make a Major Purchase, Sleep on Information technology
Net worth: $30 meg
Sarah Michelle Gellar has been a successful actress for decades — and she has the cyberspace worth to testify information technology — simply she doesn't impulsively buy any she wants."I don't like making big purchases," Gellar told CNBC. "I will go dorsum and stare at a leather jacket for a couple days before I fifty-fifty purchase information technology."
Beyoncé Knowles: Be an Contained Woman
Net worth: $500 million
Beyoncé Knowles doesn't simply sing most independent women — she is one. Knowles is married to one of the richest rappers in the earth, simply she's a mega success in her own correct and thinks all women should be financially independent, too."You know, equality is a myth, and for some reason, everyone accepts the fact that women don't brand as much money every bit men practice," she said in the HBO documentary, "Life Is But a Dream." "I don't empathise that. Why practice nosotros accept to take a backseat? I truly believe that women should exist financially independent from their men. And let'due south face up it, money gives men the power to run the bear witness. Information technology gives men the power to ascertain value. They ascertain what's sexy. And men define what's feminine. It's ridiculous."
Ashton Kutcher: Invest In What You Know
Internet worth: $200 million
Actor and venture capitalist Ashton Kutcher has a simple strategy for choosing his investments."Invest in the things that you know," he said on "Chelsea." "If you drink beer all the fourth dimension — if you go to microbreweries and you try all kinds of them — you probably know which ones are the best, and my advice is e'er to invest in what you know."
Spike Lee: Don't Be Agape To Ask Others for Coin
Net worth: $50 1000000
Asking others for help funding a project or business you are passionate near shouldn't be a shameful thing. Oscar-nominated managing director Spike Lee told Wealthsimple that he's never afraid to inquire for funding when he'southward working on a film he truly believes in. He also said to not be deterred when people continually say "no" when you lot ask."It just takes ane yes," Lee said. "No thing how many people say no, yous only need that one yes and you're off and running. You can't let the nos defeat you lot. Because that's all information technology takes — just one yes."
Kevin O'Leary: Don't Buy (or Lease) a Auto
Internet worth: $400 million
Personal finance expert and "Shark Tank" investor Kevin O'Leary has said that buying a car — or even leasing i — is a bad use of your coin."Cars toll a fortune in maintenance and insurance and just the amortization, which means equally they go down in value, you're losing money," he told CNBC. He recommends using public transportation or a ride-sharing service instead. And he practices what he preaches. O'Leary said that when his final lease was upwardly, he returned the car to the dealer and left without getting a new 1. He now relies on Uber and Lyft to become around.
Suze Orman: Find Pleasance in Saving Coin
Net worth: $75 million
Suze Orman wants everyone to go "as much pleasure out of saving every bit you do spending," she told CNBC. Orman believes the key to saving more money is to shift your thinking from saving being "a real downer" to "feeling that it's great." Orman said that even though she is "a seriously wealthy woman," she gets joy out of saving money on groceries past using coupons."So the question isn't, 'When tin can you start enjoying the money that you saved?' My question back to you is, 'When do you beginning enjoying the process of saving?'" she said. "If y'all did that, you lot'll find that you lot don't fifty-fifty care near spending money anymore." Related: 16 Effective Ways To Play a trick on Yourself Into Saving Money
Chris Reining: When It Comes To Saving, First Small
Net worth: N/A
Chris Reining was able to retire in his 30s equally a millionaire thanks to his smart saving habits. Reining recommends cutting minor costs get-go before making whatever drastic lifestyle changes when yous're trying to salve."I know in that location are some people out at that place that say you lot shouldn't worry near the $five latte, just the more I think about it, cutting out the $five latte was a skilful identify to showtime," he told CNBC. "Because if you endeavor to downsize your house, get rid of all your cars and make all of these drastic changes, it's then overwhelming and you're non going to exercise whatsoever of it."After cutting out his lattes, Reining stopped going out for tiffin, which saved him about $15 a day, and adjacent cut out his costly flying hobby, which he was spending $1,000 a month on."The small changes will lead you to be able to brand the big changes," he said.
Tony Robbins: Use Compound Interest To Build Your Wealth
Internet worth: $600 1000000
New York Times best-selling author Tony Robbins wrote on his web log that "compound interest is maybe the well-nigh powerful tool in your investment arsenal." Robbins recommends putting aside a portion of each paycheck into an interest-earning investment, such as a loftier-yield savings account, index fund or stocks.
Ed Sheeran: Give Yourself a Monthly Allowance
Net worth: $200 million
Vocalist Ed Sheeran stashes most of his income in savings, and limits his spending money to a monthly allowance."[I use] my Barclays student business relationship," Sheeran told the Irish Examiner. "I've not upgraded because I don't spend much money. If I had all my money in one business relationship I would spend all of it, then I get an allowance."
Oprah Winfrey: Find a Job That Doesn't Feel Like Work
Cyberspace worth: $3.5 billion
Oprah Winfrey held jobs as a babysitter and a v-and-dime store employee — jobs she hated — before landing a chore she loved at 17, working at a radio station for $100 a week."I would have washed it for free," she wrote on Oprah.com. "And that's when I fabricated my peace with money. I decided that no matter what job I e'er did, I wanted that aforementioned feeling I got when I first started in radio — the feeling of, 'I love this so much, even if you didn't pay me I'd show up every twenty-four hour period, on fourth dimension and happy to be here.' I recognized so what I know now for sure: If you can get paid for doing what yous love, every paycheck is a bonus." More From GOBankingRates five Things Nigh Americans Don't Know Well-nigh Social Security
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This article originally appeared on GOBankingRates.com: xvi Money Rules That Millionaires Swear By
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