Becoming wealthy and successful is something many people aspire to, but what happens when you finally reach that stage.
It is interesting how the many billionaires in the world continue to sustain their wealth while still living the life or luxury many of us would envy.
Five billionaires share their advice on how you can build your wealth:
1. Sara Blakely
According to Entrepreneur, founder of Spanx, Sara Blakely made it to the Forbes World’s Billionaires list, one of the youngest self-made billionaires included on the list.
While building her company on the side, she never quit her day (job) and used $5 000 of her savings to kickstart her business.
According to Blakely, she saved every penny without taking on any extra debt through the launch of her business.
Now Blakely owns 100% of her business and is debt-free.
2. Chris Reining
Reining became well known after he built a $1 million portfolio at 35 and then retiring two years later.
Reining’s number one piece of advice is that the golden ticket to saving big is to start saving small.
He said by making small changes like stopping morning coffee purchases and putting that money into savings can make a huge difference.
3. Kara Goldin
Goldin is the founder and former CEO of Hint, a flavoured water company she founded in 2005.
In an interview with CNBC, Goldin said people should treat their money like it will go away tomorrow.
She said people should not overspend and always remember how fortunate they are compared with others.
4. Chris Sacca
Known as an early backer of major tech companies such as Uber, Twitter and Instagram, Sacca has made billions of dollars as a tech venture capitalist.
Sacca said young people who are looking to build their portfolios should not spend their money. Instead, they should save their pennies and make sure their priorities are in order so people can have more choices later on in life.
Another piece of advice: avoid letting debt pile up because you are spending too much of money on things just to fulfil desires.
5. Kerry Washington
In Essence Magazine, Washington said it was important for women to be financially literate. Some women choose to be involved in the conversation or ask questions about money.
Nomi Bodlani, head of strategic markets at Allan Gray said: “It’s all about going back to basics with financial literacy being the door that you can open to help you boost your investment outcomes, at any stage of your investing journey.”
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