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Oprah’s 3 Best Pieces of Financial Wisdom

How did Oprah become so rich?

 

Oprah Winfrey is one of the world’s most successful women. Her net worth is estimated to be over $3 billion. That’s billion, with a capital B. She’s an actress, director/producer, entrepreneur, TV personality, and philanthropist.

 

However, she was not always rich. In fact, she came from a very poor background. How did she amass such a fortune?
These are 3 of Oprah’s best financial ‘pearls of wisdom’.
1. Change Behaviors Holding You Back
“The greatest discovery of all time is that a person can change his future by merely changing his attitude,” advises Oprah.
At some point in our lives we become stopped by our self-imposed limits. We have essentially achieved the goals we set for ourselves when we were younger. Now that we met those goals, does that hold us back from moving even further ahead?
Maybe our goal was to be worth $500,000 when we reached the age of 45. Now what? Maybe we have to change the way we got to that first $500,000 in order to get to $1 million. Working, paying off the mortgage and saving may not cut it anymore. Maybe we have to learn how to invest wisely and aggressively.
In short, our behaviors have to change to go to the next level.

 

2. Spend Money Wisely
In her book What I Know for Sure, Oprah advises, “I hope the way you spend your money is in line with the truth of who you are and what you care about.”
I’m sure you’ve heard the phrase, or even used it to justify you spending, that you’ve got champagne tastes on a beer budget.
Oprah’s advice is to live on a beer budget if that is where you are at right now. You don’t need a Ferrari to drive to work and back, in fact you probably don’t even need that SUV.
If your credit card is constantly maxed out and you are only paying the minimum off each month, then you are probably living beyond your means.
Perhaps you could limit eating out to once a week, instead of every night, and eat at home the rest of the time. Your nutrition would benefit by eating homemade meals too.

 

3. Tackle Goals With Patience
No matter how far you reach, at some point you will fail, again.
You are pushing yourself into new endeavors and constantly raising the bar. Just as you experienced failures and learned from them when you were starting out, you will continue to experience failure as you raise the bar. It’s the law of averages. People will be hard on you for failing.
Don’t be discouraged.
The price of stocks goes up and goes down, but overall gets higher with time. You just have to stick with it.
As Oprah suggests, “You CAN have it all. You just can’t have it all at once.” Be patient and continue to work towards your financial goals.

 

 

To see the full article by Damion Davila go to: http://www.wisebread.com/the-3-best-pieces-of-financial-wisdom-from-oprah-winfrey

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