Simple Money Habits of Successful CEOs
Regardless of where you are in your career or business, you will need to create a system for keeping track of all your expenses and income. This is because having a firm grip on your finances as a startup owner, or even as a seasoned professional, is what really translates into financial success over time.
Not sure where to begin? The following tips provided by some of the most successful CEOs should help.
1. Spend Less Than You Earn
It will be impossible to grow your savings and investment and assets if you spend everything you earn. It seems like common sense but try to limit your spending to only a small portion of your income. This is also the way to work with your businesses finances to keep them in top shape.
Just make sure that you have a separate business current account so you can keep personal ad business finances sperate.
2. Don’t Be Afraid of Risks
If you are really serious about growing your finances, you will have to make investments. When it comes to investing, in most cases, fortune favours the brave. So, don’t be afraid to take some risks.
Even if you fail, do not stop investing. Jeff Bezos, Mark Zuckerberg, and Bill Gates are where they are today because they are risk-takers. At the time when they were starting their business, the odds were stacked against them but look at where they are today.
The trick is to approach investing as a long-term project because investors who stay in the market through ups and downs typically do not lose their investment during any 20-year period.
3. Diversifying your income
Diversifying your income stream can fast track your journey to financial success, but in order to do so, you will have to invest in self-improvement too.
We understand that finding time to learn a new skill or set up a side business is nearly impossible. However, if you try just a little bit harder, you’ll discover you have more free time on your schedule than you realise. For example, consider cutting back the amount of time you spend on social media or watching TV and instead read a book or take an online course. If Bill Gates and Warren Buffett could do it, so can you.
4. Save Money Automatically
Even though we might have the best intentions, let’s face it, saving is hard. Sometimes we spend more than we have or we forget to save. What better way to fix this than by automating the flow of money into your savings account. Not only is it more convenient, but it is also faster. It also takes the burden of keeping up with payments manually off you and ensures that you can grow your finances even while you sleep.