Wealthy moguls recommend 5 investment tips to make you rich

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Warren Buffett, Barbara Corcoran, and a host of other enormously wealthy business moguls have something in common: they all reached their wealth status by making smart decisions along the way and investing wisely.

Now, they are paying it forward and educating the masses on the 5 smart investments that can set you on the path to success and financial wealth.

Invest in what you know – When venturing into the stock market, investment guru Warren Buffett says to “never invest in a business you cannot understand.” He advises staying away from investing in companies you are unfamiliar with because it comes with too much risk if you don’t understand what you are getting into.

Look the part – Shark Tank’s Barbara Corcoran told reporters that even though she was making peanuts starting out as a real estate agent in New York City back in 1973, she took great pride in her image and often spent her measly, hard-earned commission checks on designer duds. She said it was the “smartest thing I could have done,” and added, “I collected that check from Mr. Giffuni, I cashed it at Citibank and I ran right over to Bergdorf Goodman and I blew it on a new coat.” In doing so, it allowed her to dress the part and to project confidence to clients during her real estate dealings. When you look like a million bucks, you feel like a million bucks.

Become a homeowner – Personal finance expert David Bach advocates being a homeowner is an escalator to wealth. He claimed that “if millennials don’t buy a home, their chances of actually having any wealth in this country are little to none,” and that “the average homeowner to this day is 38 times wealthier than a renter.”

The self-made millionaire is quick to say that the smartest investments he’s ever made have been the three homes he’s purchased. He tells CNBC: “I first bought a home in San Francisco. It skyrocketed in price. I moved to New York and bought another home. It skyrocketed in price. My net worth has gone up millions and millions of dollars, simply because I’ve lived.”

Take care of yourself first –  International sales expert Grant Cardone spoke about the impact investing in himself had on his success, saying it was how he was able to climb out of a mountain of debt and go on to develop five multi-million dollar companies. His main advice is to invest in watching sales training videos, enroll in courses that help you grow professionally, or listen to self-improvement tapes, but it could be anything that helps you grow as a person and deepen your skill set.

“The best business advice I’ve ever been given was from my mother, who was never actually in business,” Cardone told CNBC. “She said, ‘The best investment you will ever make is in yourself. It’s a-no lose deal. It will always give you a return. Nobody can take it from you. It’s yours.'”

Relationships are your greatest assets – Football genius and New England Patriots coach Bill Belichick said relationships make the best investments and are affordable for anyone. At the end of the day, he said it’s about getting to know people at a deeper level, especially teammates and coworkers, and harnessing the power of those relationships.

“There are a lot of things that affect what happens on the field that occurs off the field,” he says. Players “have wives and girlfriends. And they have babies. And they have personal situations. They have parents that are sick. All of it runs in together.”

H/T: CNBC

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