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Billionaire Elon Musk has given a lot to talk about lately. Whether as CEO of Tesla, Space X or after the controversial $44 billion purchase of Twitter, which was recently frozen, the businessman has managed to grab the headlines.
Beyond the media scandals, Musk has known how to amass his fortune, which earned him the title of the richest man in the world, according to Forbes 2022, with an estimated $219 billion dollars. Specialists analyze what strategies could take him to the top.
1. Very clear objectives
Michael Kay, president of Financial Life Focus told GoBankingRates that rich people tend to spend money only on things that matter to them, starting with setting their own goals and monitoring how these expenses align with your goals. “They are mindful not to waste their resources on things that are worthless,” he said.
2. They don’t waste money to impress others
According to Kay, much of rich people don’t tend to waste their money in an effort to impress or try to measure up to others. He says that spending money to look rich when you’re not is a sure way to sabotage wealth-building goals.
3. Have a lot of liquidity
It is one of the tools that the rich have to cover their needs in the short term. They have an emergency fund so they don’t have to have their lives interrupted by an unexpected event.. Part of this is explained by her discipline to save, Kay said.
4. They avoid unnecessary charges
Taylor Schulte, CEO of Define Financial in San Diego, says that whether it’s a late credit payment fee, a foreign debit card fee, or a checking account overdraft fee, these expenses can consume wealth. “Rich people understand that every fee they pay means less money in their pockets, he said.”
5. They are tax planners
Unlike many people, wealthier people don’t wait until April to think about their tax returns. Rather, they forecast throughout the year to have as little impact on your taxes as possible. They also avoid costly tax errors, so professional help on the subject is advisedKay said.
Among other characteristics that the specialists highlighted is the donation to charitable causes; hiring consultants; they want the money to work for them; they take advantage of the time; they understand value over costs; they have savings strategies; they change their way of thinking and invest in themselves.
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