A billionaire’s guide to personal finance
Some financial advisors might ask you to stick an unreasonable amount of your income in an investment account that you won’t touch for another thirty years. But what’s the fun in that? Like Jack Ma says, we didn’t come into this world to work. We came into this world to live. So let’s plan, let’s automate, and let’s live life to the fullest.
If you’re like most of our HENRYs, you likely know a couple of millionaires. You might even be one yourself. If so, congratulations! You only need three more zeroes (and a comma) to reach billionaire status. But if you find yourself amongst the vast majority of mortal humans who are still reaching toward that seven-figure threshold, fear not. The separation between living paycheck to paycheck and being rich comes down to one thing: a mindset. A smart person said that once.
Yes, a billionaire mindset is a real thing
All jokes aside, a billionaire mindset is a real thing. And no, we’re not talking about those YouTube ads of men with chiseled beards walking alongside an infinity pool with a series of Bugatti’s conveniently positioned behind them. We’re not referring to podcast hosts who smoke weed and enlighten us with the ins and outs of “hustle culture”. A billionaire mindset is notably less showy, and wildly less cringey. Even still, billionaires can afford to do whatever they please, travel wherever they please, and spend their money on whatever they please. But guess what? So can you. Don’t believe us? We’ve assembled quotations from some of Earth’s most notable billionaires in an effort to showcase what it really means to have a “billionaire mindset”.
To live like a billionaire, you’ve gotta think like a billionaire
“If you are born poor it’s not your mistake, but if you die poor it’s your mistake.” - BILL GATES
A little harsh, huh? Easy to say…if you’re a billionaire. Before we dismiss this quote entirely on account of affluenza, it’s important to recognize a few things. First, you have the power to make your life your own. That comes down to the decisions you make, and the decisions you make ultimately derive from…you guessed it, a mindset. Things aren’t always going to go your way. Life is gonna knock you down. As financial advisors who keep a close watch on the markets, we’re more than familiar with the concept of “ups and downs”. But in order to ensure you get back up every time life gets you down… you’ve got to have a plan. No one wants to die poor. That’s why EVERYONE should have a goals-based plan.
“If you don’t find a way to make money while you sleep, you will work until you die.” - WARREN BUFFET
What’s with billionaires’ obsession with death? Anyway, aside from this recurring theme of morbidness, the major takeaway here is simple: automating your personal finances empowers you to reach your goals. At Stash Wealth, we love automation. The more you let your money move on its own, the more time you can spend making it - or spending it (see next paragraph). Once you have a personal plan in place and a series of goals outlined, use an online bank and nickname your savings accounts. You’ll be much less tempted to stick your greedy little paws into your savings accounts when you’re reminded about your goals every time you try to do so. Once you’ve got that figured out, this is where you begin automating. Take the total cost of what you want to buy and divide it by the amount of time until you intend to accomplish that goal. You’ll be surprised how easy it is to get all the things you want when you create an automated system…and stick to it.
“I'm coming to this world not to work. I want to come to this world to enjoy my life. I don't want to die in my office. I want to die on the beaches.” - JACK MA
Ok, this is getting weird. Do Billionaires go to therapy? It’s not like they can’t afford it, amiright? (drum* drum* symbol*) Let’s take a break from the machab and focus on some good news: you don’t have to be a billionaire to have a mindset like one. Billionaires aren’t showy, they don’t obsess over “appearing” to be anything more than they are, and they tend not to spend money on sh*t they don’t need.
No one wants to die poor. That’s why EVERYONE should have a goals-based plan.
Of course, there are exceptions (Jeff Bezos, are you dismantling bridges to fit your 400-foot yacht again? Silly goose.) Most of them take saving very seriously, they automate most of their financials, and they never let setbacks get them down. Combine all that together and what do you get? Someone who has put themself in a position to have fun…the carefree way.
The Stash Plan - It’s like having a billionaire mindset - but better
You make good money; there’s no reason you shouldn’t be able to enjoy it. Some financial advisors might ask you to stick an unreasonable amount of your income in an investment account that you won’t touch for another thirty years. But what’s the fun in that? Like Jack Ma says, we didn’t come into this world to work. We came into this world to live. So let’s plan, let’s automate, and let’s live life to the fullest. If you’re looking for more ways to adopt a “billionaire mindset”, meet your financial goals, and take the guesswork out of living your best life, book a call or take the HENRY quiz to see if you qualify for The Stash Plan.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.