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.