Steve Jobs

Habits of Wealthy People That You Should Adopt Today

April 28, 2016 By Amanda Blankenship 1 Comment

Success is measured differently by different people. No matter how different a person’s definition of the word, building wealth seems to be a common factor among the various denotations of success. What makes reaching this level of success hard is that people don’t become wealthy by accident. It takes a lot of hard work, saving and determination (for most people) to become wealthy.

The best people to take notes from are the people doing what you aspire to do. For instance, if you want to become wealthy, you should look towards people who are already wealthy for advice and take note of their habits. Here are a few habits of wealthy people:

Great Minds…

To become wealthy and find success, you must surround yourself with like-minded people. Steve Siebold, author of How Rich People Think, said that rich people surround themselves with like-minded people. If you hang around successful and hard-working people, you are more likely to be successful as well. On the same note, you should stay away from people who belittle your ambitions.

Setting Goals

People who set goals succeed in life. Mary Kay Ash, founder of Mary Kay Cosmetics, was a huge believer in setting goals. Setting goals for her own life and urging her representatives to also set goals led to her own success as well as the success of many other people.

Get Rid of Debt

Another great habit of wealthy people is getting rid of debt and staying out of debt. When members of the Forbes 400, the wealthiest 400 people in North America, were interviewed 75 percent of them said that they made sure to pay off debt and stay out of debt. This is a key to becoming (and staying) wealthy.

Track Yourself

Wealthy people track their own net worth. You should too! You can easily track your net worth using the Mint app or other finance-related apps and keep up-to-date on your income-to-debt ratio. Your net worth should increase every year if you aim to reach wealth at some point.

Drive a Modest Car

One of the biggest mistakes you can make when you meet wealth is buy things that are overly extravagant or things that you don’t need. You may think that wealthy people are out buying the newest and the best of everything. What you probably didn’t know is that 37 percent of millionaires buy used cars, not new. The average value of a millionaire’s car is $22,500. Wealthy people drive modest cars so, if you aim to be wealthy, you should drive a modest vehicle as well.

One of the most wealthy people in the world, Warren Buffett, reads in his spare time. People who are successful also enjoy reading. Renowned economist Barry Asmus has said that leaders are readers so, if you are looking to be successful and wealthy, pick up a book.

Finding the Best Deal

Even millionaires are still looking for the best deal. There are quite a few wealthy people that are still bargain hunters. Just because you have money doesn’t mean that you should spend it without thinking about it. The best and most common way to save a little when you shop is to clip coupons. Believe it or not, even Hilary Swank clips coupons!

Follow Your Passion

Steve Jobs, one of the most successful people in the world at one time, said that your work will fill a huge part of your life, so you should enjoy what you do. One of the most important factors when you’re looking to secure wealth is your own happiness. If you aren’t happy with what you are doing, you probably won’t be successful. Aside from making sure you’re on top of your finances and adopting good habits, happiness is the true key to success.

Finally if you are interested in learning more about how to implement rich habits in your life, consider picking up a copy of Tom Corley’s Rich Habits – The Daily Success Habits of Wealthy Individuals. It is a comprehensive study of 177 millionaires and the daily habits that drove their wealth. Definitely pick up copy and give it a thorough read.

Photo: Flickr: Thomas’s Pics

Steve Jobs Net Worth

February 24, 2016 By Amanda Blankenship 1 Comment

Steve Jobs, co-founder of Apple, was born on February 24, 1955. During his early years, he was focused on creating the personal computer. In fact, his hand in the invention of the Apple and Apple II computers made him one of the youngest people to have ever been on the Forbes list of the richest people in the United States. However, how much is Jobs worth now (after his death)?

In 2011, when Jobs died, he was worth roughly $10.2 billion. The self-made man had certainly come a long way from the machine-building in his garage so many years ago. He had been rich from the early days of Apple though and he died a wealthy man.

During his first year working on the Apple personal computer, Steve Jobs earned an estimated net worth of $1 million. That was in 1978 when $1 million was a lot of money. He was only 23 years old and already a millionaire. Within the next year, that number grew to $10 million. By the age of 25 (only two years later), his net worth had grown to somewhere around $250 million. He is truly a success story.

What amazed people even more about Jobs’ story was that he was able to make it onto the Forbes list with absolutely no inherited money. He made every cent that he had with his ideas and his products. By the early 2000s, his company had grown into something that he’d never imagined it would be.

Jobs could have also been much, much richer. During the early years of the company, he only held 26 percent stake in the company. Over the years, he sold much of his share (dwindling his shares to only 11 percent). Then, in 1985, he sold all of his shares of the company for about $130 million. If he’d kept to 26 percent of the company, those shares would be worth $162 billion today. That would make him worth more than Bill Gates and Carlos Slim combined.

Even though he sold all but one of his shares in 1985, Jobs was still very much involved. In 1997, he sold his NeXT software to Apple to receive 1.5 million shares of the company. He then became interim CEO of Apple and then CEO once again.

At the time of his death in 2011, Jobs had 5.5 million shares of the company. In fact, during that year, Apple surpassed Exxon Mobil as the largest company in the U.S. His shares on the day he died equated to $2.1 billion and the company he’d helped found was making about $355 billion every year. However, the majority of his net worth when he died didn’t come from his own company.

The majority of Jobs’ net worth at his time of death came from Walt Disney. Jobs had actually bought Lucasfilm’s computer graphics company which he later named Pixar. Disney bought Pixar in 2006 and Jobs was the company’s biggest shareholder at the time, owning $4.3 billion of Disney stock. His Disney stock was transferred to a trust which his wife now oversees. It has grown to about $19 billion since his death.

Photo: Flickr: Nick Webb

Financial Lessons We Can Learn From Steve Jobs

February 24, 2016 By Amanda Blankenship 1 Comment

Steve Jobs was a pretty smart guy and set some great examples financially. Jobs, co-founder of Apple, is definitely someone to take notes from and not only if you are starting your own small business. Actually, everyone can take notes from Steve Jobs and the way he lived his life in entirety. Obviously, Jobs had a great mind. He completely changed the way the world looked at personal computers. Technology was his game, but he oftentimes had a lot to say that had a substantial financial advice tone to it as well.

Quality Over Quantity

Apple makes some quality products, there is no doubt about that. However, Jobs’ “quality over quantity” approach may also be able to help you in your financial life. If you buy a higher quality item you may spend more money at first, however, you won’t be spending it continually down the road because you’ll still have that first great product that you bought.

Keep It Up

Another lesson everyone can take from Jobs it to keep at it. He hit a lot of bumps in the road, as people often do. If you hit a financial bump in the road, take it in stride. It is not likely the end of the road. Pick up where you left off and keep plowing forward. Whether you are paying down your student loan debt, credit card debt, saving for something, you can do it. Just keep moving forward.

Minimize Distractions

Of course, no matter what your financial goals are, there will be distractions. Jobs was always great at getting rid of whatever distractions were in his way. Let’s say you are saving for a new car but your friends want to go away on a road trip. It is okay to let your friends know that you are saving for a new car. This will help both them and yourself minimize any temptation or distractions from your financial goal.

Do What You Love

This seems to be a continuing theme across the board when it comes to financial advice. Successful people do what they love to do. Of course, this doesn’t always work for everyone. Sometimes you have to take the job because it is a job that will pay your bills and not necessarily the job you love to do. Jobs made it clear that he never did what he did for the money (although, at the time of his death he was worth hundreds of millions). He did what he did because he loved it and he just so happened to make a living at it.

You Can Fail

Failing in life is a given sometimes. You don’t always have everything just right and it can be rough, but prepare yourself to just get back up and try again if it happens. This is the same for finances. When it comes to your bank account and personal finances, things can happen. However, Jobs pointed out that instead of lingering on your mistakes, you should take the lesson and move on. You will be able to fix it in time.

Hold Yourself Accountable

When it comes down to it, Jobs always held himself accountable. When you are trying to reach a specific financial goal, you need to hold yourself accountable. Set small goals and when you reach them, set another goal. If you hold yourself accountable, you will be in better control of your finances.

Photo: Flickr: tenz1225

11 Steve Jobs Money Tips Everyone Should Follow

August 12, 2013 By Danielle Warchol 4 Comments

Steve Jobs is often associated with ingenuity and the man himself has often been called a genius. While most people recognize Steve Jobs for his contribution to the technological field, much of his advice can also be taken into consideration when it comes to financial matters, just as Bill Gates and Warren Buffet. Jobs gave plenty of advice on starting your own business and what to watch out for when it comes to investments and loans, and here are a few pieces of advice you should consider when it comes to your own finances:

Losing Money Can Be a Learning Experience

It’s well-known that Jobs has, at one time or another, lost money because some of his products didn’t take off. But Jobs was not only ambitious, but pragmatic, and believed that losing money was a learning experience. No one enjoys losing money, but when it happens, you should figure out how to avoid falling into a similar situation. Use the situation as a learning experience to try to avoid such problems in the future.

Never Lose Money You Borrow

Jobs suggested that it’s never a good idea to lose money that you borrow from a friend or investor. Losing the money you borrow from someone not only puts you in a worse financial situation, but it means that people are less likely to loan you money in the future. While sometimes this situation is unavoidable, you should always do your best to borrow money only when you know you’ll be able to eventually pay it back.

Learn From Others

Learning from others and their experiences is another great tip to keep in mind. You never know which of your acquaintances may have had the same money troubles you’re currently suffering from. They may have advice to give you to ease your struggle. On the other hand, someone else may have a strong financial background and can point you in the right direction as you work to get out of debt or make a big investment.

Focus is Important

Jobs also often stated that having focus is important no matter what goal you’re trying to achieve. If you want to save money, you need focus. You can’t just decide to save on a whim, putting money into the bank one day and then forgetting to do so for the next couple weeks. Trying to achieve any monetary goal, whether it’s climbing out of debt or putting money aside for an emergency fund requires a strong, focused plan.

Persistence is Also Important

Additionally, persistence is also important. It can be hard to save money or climb out of debt, but you need to force yourself to follow whatever financial plan you’ve outlined. Persistence will not only help you reach your end goal, but it will make you feel better about yourself in the long run.

Push Yourself Toward Your Goals

Job has also commented that it’s important to push yourself towards your goals. He never would have created so many Apple products if he had not pushed himself to find the best computer design. If you have a certain financial goal in mind, push yourself towards achieving it. It may take hard work and sacrifice, but the final outcome will be more than worth it.

Look at the Positive

You also always need to look at the positive side of things. For instance, you might need to start cutting expenses in order to stay within your budget or start paying off debt. But instead of focusing on the negative aspects, instead focus on the positive aspects. Your financial situation could always be worse, and cutting out those daily trips to the coffee shop might not be the worst thing you have to endure.

Less Is More

Jobs was always a proponent of “less is more”. His Apple products are sleek and minimalistic and hew often stated that it was better to focus on one thing and ignore the 1,000 other requests being thrown at him. When it comes to making financial decisions, sometimes less is more. For instance, instead of trying to set aside money in ten different accounts, pool your money into one big savings. Instead of trying to create a complicated savings plan or a complicated plan to get out of debt, chip away at one area first before moving onto another.

Own Your Mistakes

Owning your mistakes is another tip Jobs has often given to people seeking advice. Failure is not always something to be ashamed about. Sometimes you need to own up to your mistakes so you can learn from them. For instance, if you’ve made poor spending decisions or have spent your entire savings account, don’t blame anyone else for this fact. Take ownership of your mistake and find a solution to fix the problem.

Make Tough Decisions

Lastly, Jobs has always advocated for making tough decisions. Success doesn’t come overnight and sometimes tough decisions are the only ones that matter in the end. Most financial decisions are tough decisions, but they’re usually necessary decisions. Don’t be afraid to make them.

Time is More Valuable than Money

It may seem somewhat ironic coming from someone who helped produce gadgets that everyone thought that they must have, but Jobs was clear that what is most important doesn’t cost anything. As he said, “My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time.” In this sense, money is nothing more than a resource toward other means. If you think that money in itself will make you happy, you have the equation all wrong.