10 Super Successful People Share Their Biggest Money Secrets
One of the easiest ways to be successful is to look at people who are successful. Good advice is as close as your computer or your library. If you have financial goals that you're trying to reach, it's important to educate yourself before doing anything with your money. Recently, Business Insider asked super-successful people a simple question: 'What is the smartest thing you've done with your money?' If you want to build a fortune, pay attention.
Alexa von TobelLearnVest CEO and author Alexa von Tobel built up an emergency fund when she finished college. It was that nest egg that helped her start LearnVest, a financial planning company.
"Without that extra cash set aside, I wouldn't have had the ability to take that crazy leap," she told Business Insider.
Tony RobbinsMotivational expert Tony Robbins says paying himself first was key to his success. A close friend told him to keep his book profits separate from his other businesses, otherwise they would get eaten up.
"I now have over 20 companies and I'm actively involved in running a dozen of them," Robbins explained to Business Insider. "Throughout the years, those words never left me. In fact, they became the basis of financial independence as I know it."
Farnoosh Torabi"The smartest thing I ever did was purchasing real estate in New York City in 2004 and holding onto the apartment until 2014," personal finance expert and author Farnoosh Torabi told Business Insider. "The home price had appreciated close to 70%. I had a buyer in less than 24 hours on the market."
Adam NashAdam Nash, president and CEO of Wealthfront says the best thing he ever did was buy an expensive computer back in 1993. He told Business Insider that it was the beginning of his financial independence.
"I bought the computer because I had just declared my major in Computer Science. This decision led me to the best job I had ever had. I then decided to personally reinvest the earnings into equipment that I believed would further my development."
Jennie EnterpriseThe founder of http://www.thecoreclub.com/ Manhattan's CORE Club says the smartest thing she's ever done is invest in talent and ideas.
"I've never bought a stock in my life and I've never been interested in investing in things I can't control," she says. "For me, it all comes down to predicting the zeitgeist and investing in people and ideas that have the courage to be daring and transformational."
Steve SieboldSteve Siebold says the smartest thing he's done is used his money to generate more money. The self-made millionaire and author of 'How Rich People Think' told Business Insider that leveraging what you have is key.
For example: He bought a well known mansion to use as a head office. The purchase attracted all kinds of media attention, so in addition to being company HQ, it's also a free marketing tool.
David BachAuthor and motivational speaker David Bach says the smartest thing he ever did was take $5000 and start a business.
He had the idea for a book and financial program for women and set up everything correctly so it was a 'real business' from day one.
"Within a few years we had sold 'Smart Women Finish Rich' to Random House, launched our Smart Women Finish Rich Seminars nationally, and produced a PBS special — and, over the next decade we taught over a million women the steps to living and finishing rich," he told Business Insider.
Ashley Fieglein JohnsonWeathfront CFO Ashley Fieglein Johnson simply lived below her means.
"I never spent to the level I was earning," she says. "I always stashed away bonuses and part of my checks into investment accounts and savings accounts."
She explains there were a few times she went 'underwater' when investing, but her savings always gave her a safety net.
Lewis HowesAuthor and lifestyle entrepreneur Lewis Homes invested in himself.
"The smartest thing I ever did was invest in myself, because my personal brand will always be around," Howes told Business Insider. "I put money back into my design and my content — for my personal development and growth, and for my team."
John Paul DeJoriaHe's a billionaire who really started with nothing. But John Paul DeJoria was able to go from collecting bottles and living out of his car to establishing the hair product company John Paul Mitchell Systems and Patron tequila.
According to Business Insider, DeJoria says the smartest thing he ever did with his money was donate it. As a young boy, his mother had given him money to put in a charity box even though they didn't have much. "I quickly learned what it felt like to give to others and to those who might need it a little more than you. It was an incredible feeling and life changing experience."