Wealth management is significant in any decade. Here are experts from across history to help you make the right investments and manage your personal wealth in 2020.
“An investment in knowledge always pays the best interest.”
This quote by Benjamin Franklin, the grandfather of modern financial advice, is more important now than ever. Even though a college education can be a significant expenditure, these days, it is required for many starting jobs.
“Be fearful when others are greedy. Be greedy when others are fearful.”
Many of the richest people in the world will tell you that knowing when to take chances is how they got their fortunes. Therefore, it is important to know your field or your investments like the back of your hand. This way, you will also know when to be cautious with your earnings and when to take a risk that no one else is willing to.
“Invest in yourself.”
This more general advice speaks to the increasing amounts of specialization in 2020. With more people branching off into more specific career paths, knowing how to make yourself the best in your field is more important than ever. The right experience, schooling, and skills make all the difference.
“It’s OK to have your eggs in one basket as long as you control what happens to that basket.”
Elon Musk is one of our most recent business mega-successes. Here, he advocates taking control of your industry, or creating your own company or brand to retain control of your idea.
“The four most dangerous words in investing are: ‘This time, it’s different.’”
-Sir John Templeton
This quote is about acknowledging your failures and not forcing yourself to repeat them. History’s great investors don’t just know when to invest their wealth: they know when to stop.
“The more your money works for you, the less you have to work for money.”
This quote speaks to getting on top of your industry, automating your earnings, and figuring out how to make your business run smoothly. All wealthy individuals reach the point where they are no longer struggling to figure out how to get money. Instead, they are using their money to make their lives better.
“Don’t confuse price with value.”
This advice is equally relevant to new homeowners and stock investors. Not everyone who has something for sale knows what it’s truly worth (or will be worth). Sometimes, they merely list the price they think it should go for. Recognizing the difference between price and value is one of the most essential steps to wealth management.
“Know your limits.”
Sometimes, wealth management comes down to common sense. You may want to buy a big house to feel wealthy. However, buying something you can’t financially manage will only make you poorer in the long run. This quote simply means that you should not buy outside of your means.
“Don’t lose sight of the big picture.”
-John D. Rockefeller
If anyone has left behind a wealth legacy, it’s Rockefeller. The big picture he refers to could be anything from knowing the industry you’re investing or the value of your property. Don’t buy things just because you want them: think about how they will affect you in the long run.
“Do your homework.”
This quote refers to doing your research and can mean successfully predicting a stock investment’s future to researching the housing market in your area. Doing research and being on top of your investment will ensure that your wealth goes to the right place.