Thursday, October 31, 2013
Even though you may consider some of the following millionaires evil, you can still learn a thing or two from them about how to amass a fortune. Here are five personal finance tips to learn from observing five “evil” millionaires:
- It’s as important to BE something as it is to DO something. Donald Trump has continually stressed that getting rich and being successful go hand-in-hand. Some say that even if you haven’t yet amassed a fortune, you’ll still need to pretend to be successful. Once you’re well-known and respected, you can amass your fortune much easier.
- Put your money in index funds. Bernie Madoff may be in prison, but he has offered this solid investment advice. “The best chance for the average investor is to put money in an index fund. There are lower commission rates and more professional management with these types of firms. It’s the safest and least likely place to get scammed.”
- Sign a prenuptial agreement. Rupert Murdoch has been through three marriages and knows how prenuptial agreements can make the awful experience of handling money in a divorce much easier.
- Postpone financial decisions when possible. Described as a villain by the New Yorker, Blackstone Group CEO Stephen Schwarzman’s advice is to take time to consider financial decisions in every way. This will allow you to overcome dumb biases that lead to poor decisions.
- Don’t be lazy. Even with the countless scandals, former Italian Prime Minister Silvio Berlusconi remains as one of the richest people in the world. His advice is to not sit around and wait to increase your wealth, but work for it no matter what it takes.
See Thorin Klosowski, The Best Personal Finance Tips from Evil Millionaires, Life Hacker, Oct. 31, 2013.