There is a lot of standard advice about money: spend less than you earn, stay away from high-interest loans, etc. These tips have been around for a long time for a reason: they work. If you want to make money, it’s always a good idea to follow normal advice.
Not all tips about money, though, fall into this group. Some financial advice is out of the ordinary, but that doesn’t mean it’s unrealistic or foolish.
Everyone’s case is different, and if you often disagree with the majority, you might also find that traditional financial advice doesn’t work for you. Many of the strangest people in business and personal finance have some ideas about money that might seem out of the ordinary.
Still, their advice can work if it’s given to the right person in the right situation. Here are some unusual pieces of money tips from well-known experts:
Warren Buffett: Stay away from Timing the Market
Warren Buffett is one of the most famous investors of all time. He started and ran Berkshire Hathaway. He is known for saying that you should only invest in companies with strong fundamentals and a good business plan.
But Buffett chooses these companies based on careful maths, not on which ones are popular or which ones he thinks will do well in the future. Buffett once said, “We have not been good at timing.” He even said that he didn’t take advantage of investment chances that came up because of the Great Recession and the pandemic when he could have.
Buffett is a supporter of value trading. He thinks that you should invest in good companies with room to grow, not just in whatever name is popular at the time.
Elon Musk: Purchase What You Believe In
Elon Musk is the CEO of Tesla, SpaceX, Neuralink, and The Boring Company. He is known for speaking his mind and often dividing people. Even if you don’t like Musk, he has the most money in the world, so it’s not a bad idea to listen to what he has to say about money.
As it turns out, Musk’s way of investing is a lot like Buffett’s. Investing in companies with good business plans is the key.
“Invest in a number of companies whose goods and services you like. If you think their goods and services are getting worse, then you should sell. Musk said, “Don’t freak out when the market does.”
Don’t invest in the stock market, says Mark Cuban.
Mark Cuban is best known as the billionaire majority owner of the Dallas Mavericks and for his part on “Shark Tank.” He is not afraid to give investors tough love advice. Cuban can seem bold or even rude at times, but most of the time, he’s just giving people what they need to hear.
“The stock market is likely the worst place to put your money. If you don’t want to put your money in the bank, Cuban said, “NEVER put your money in something where you don’t have more information.” “Why should you invest your money in something because a broker told you to?”
But Cuban later said that a cheap S&P 500 index fund is the “best bet” for buyers who don’t know much about the market. When you put these two things together, you can see that he thinks you shouldn’t spend on something without understanding it. Or, in other words, do your homework.
Bill Gates: Consider Taking calculated risks.
After co-founding Microsoft and making a fortune of more than $100 billion, Bill Gates has had his share of success. Of course, we can all learn a lot from him. This means taking chances, both in business and in investing.
“Every decision we make about how much to invest is calculated,” Gates said. “I think a lot, look at data and talk to experts to figure out if we can really help make a difference.”
But Gates also says that sometimes you might have to change your plans. “We’re working on problems where progress isn’t just measured in years, but often in decades. The end goal doesn’t change, but the way to get there might.”
Jeff Bezos: Life and Job Shouldn’t Be a Trade-Off
Jeff Bezos started Amazon. Despite being over 30 years younger than the Walton family dynasty, Amazon is about to pass Walmart in world sales. Maybe that’s partly because of how hard Bezos works, but the real reason is that he doesn’t think work and life should be equal.
“I get asked about work-life balance all the time,” said Bezos. “In my opinion, that’s a bad phrase because it sounds like you have to choose between two things.”
In fact, he thinks we can be happy at both work and home and don’t have to choose between the two. “If I’m happy at home, I have a lot of energy when I go to work,” Bezos said. “And if I’m happy at work, I have a lot of energy when I get home.”
Jean Chatzky: Giving Money Away Makes You Wealthier
Jean Chatzky is a famous personal finance writer and the financial editor for NBC’s “Today” show. Chatzky is a top personal finance expert, and he says that giving away your money will make you richer.
Even though there are tax credits, that is not exactly true. But Chatzky is talking about a kind of wealth that isn’t just money.
“Your attention turns to where you can make a difference, whether it’s in the world as a whole, a disease as a whole, or your community as a whole,” Chatzky said. “You’ll use your skills and help to get something done that’s bigger than you.”