Never stop learning
As busy as he is, chairman of CK Hutchison Holdings Ltd and Hong Kong’s richest man, Li Ka-shing always takes the time to read. A Bloomberg article published online in June 2016, tells how Li educated himself on the plastics industry when he started making plastics as a young man. Modern Plastics, a monthly US trade publication was one of his main sources of knowledge and ideas. “Even if I don’t get enough sleep, I’ll spend an hour to read every evening,” he was quoted as saying. These days, Li reads books that are related to his life and businesses.
Be patient with your financial goals
There will be occasions where you will lose on the stock market, and you won’t always be in a position to contribute to your retirement fund. It’s easy to feel discouraged when you feel like your financial goals are completely out of reach, but it’s important to stay on track with them and avoid making impulsive decisions. One of the richest women in America, Oprah Winfrey, admitted to having had a nervous breakdown over her struggling cable network, OWN, back in 2011. But she persisted with her goal, and earlier this year saw a remarkable turnaround in ratings and ad revenue for her five-year-old business venture.
Take control of your spending
Financial discipline is underrated, according to author Alan Corey, who only goes to the ATM once a week and pays for everything with cash. “That way, I’m forced to stay on a budget without counting pennies and saving receipts,” says Corey, who wrote A Million Bucks by 30. “I can spend only what is in my wallet. I turn it into a game where each week, I reduce my ATM withdrawal amount by $20 to determine how low I can really go.”