Article Written by Wesley Virgin
Everyone wants to know the formula for success. What kind of financial advice would you ask a self-made millionaire for if you could sit down with them? Here are some money-making suggestions from billionaires.
John Paul Dejora- Have An Emergency Fund Set Aside
Make sure you have a cash reserve before starting your business, advises DeJoria to new entrepreneurs.
“Make sure you have enough money saved for at least six months to cover bills or anything else that might come up financially before investing or starting a company,”
Sara Blakely- Don’t Quit Your Day Job
Sara Blakely, the creator of Spanx, is the youngest woman to be listed among the Forbes World’s Billionaires. Throughout starting her company, Blakely was frugal and tried to avoid taking on any debt. Sara advises waiting until you are confident that your business venture is sustainable before quitting your day job.
Dustin Moskovitz- Understand That Entrepreneurship Is A High-Risk Path
In Moskovitz’s opinion, a safer route to wealth is to work for a later-stage company and aid in its expansion. Your chances of landing a lucrative job and reaching financial security would be improved.
“I never thought of money as being my money,” he wrote in response to a question during an interview. “It was always just “the money” to me. It is an asset. It must be flushed back into the system if it gathers around me.”