To be rich and successful is an aspiration that many people have, but what really happens once they reach that stage of wealth.
According to Forbes, there are 2 668 billionaires in the world whose wealth ranges from just $1 billion (R17.35 billion) to more than $200 billion.
With so many billionaires living in this world, it is interesting to see how they sustain their wealth while still living luxurious lifestyles that many of us would envy.
Here is advice from five billionaires on how you can build your wealth:
Chris Reining
This billionaire became well known after he built a $1 million portfolio at 35 and then retired two years later.
According to Reining, his number one piece of advice is that the golden ticket to saving big is to start saving small.
Reining said that people should start making small changes in the spending like stopping morning coffee purchases and instead putting that money into savings which can make a huge difference.
Sara Blakely
Sara Blakely, the founder of Spanx, started her business with $5 000 of her savings. Blakely, who never quit her day job, saved every cent without taking on additional debt during the launch of her company.
According to “Entrepreneur” magazine, when Blakely made it to the Forbes World’s Billionaires list, she was of the youngest self-made billionaires included on the list.
Blakely owns 100% of her business and is debt-free.
Kara Goldin
Kara Goldin is the founder and former CEO of a flavoured water company called Hint that she founded in 2005.
In an interview with CNBC, Goldin said people should treat their money like it will go away tomorrow.
According to Goldin, people should not overspend their money and always remember how fortunate they are compared with others.
Kerry Washington
In “Essence” magazine, Washington said it was important for women to be financially literate. Some women choose to be involved in the conversation or ask questions about money.
Nomi Bodlani, head of strategic markets at Allan Gray, said: “It’s all about going back to basics, with financial literacy being the door that you can open to help you boost your investment outcomes, at any stage of your investing journey.”
Chris Sacca
Sacca is known as an early backer of major tech companies such as Uber, Twitter and Instagram.
He has made billions of dollars as a tech venture capitalist.
According to Sacca, young people who are looking to build their portfolios should save every cent that they can and avoid spending their money by saving.
Young people should make sure that their priorities are in order so they can have more choices later on in life.
Another piece of advice is that people should avoid letting debt pile up because they are spending too much money on things just to satisfy their desires.
IOL Business