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turk_stock_photographer \/ iStock.com<\/p>\n
We\u2019ve all seen those flashy posts about what billionaires supposedly do with their money \u2014 and felt a mix of awe and \u201cyeah, right.\u201d<\/p>\n
According to Fortune<\/a>, the U.S. has over 900 billionaires. The truth is, the financial advice that works for someone with millions in the bank often doesn\u2019t translate to everyday life.\u00a0Most of us aren\u2019t juggling private investment deals or multi-million-dollar properties \u2014 we\u2019re managing bills, making budgets<\/a> and saving for the future.<\/p>\n Here\u2019s a breakdown of why billionaire money rules often miss the mark for the rest of us.<\/a><\/p>\n Why Billionaire Advice Often Misses the Mark for Real Life<\/p>\n \u201cI always smile when I see posts about billionaire money advice because it\u2019s completely out of touch with reality,\u201d said Kevin Marshall, certified public accountant (CPA) and lead contributor at Smithii Tools<\/a>.<\/p>\n He explained that financial rules that wealthy people<\/a> preach seldom align with the real-life needs of average households.\u00a0As a finance professional, most of his time at work involves helping people manage budgets, prepare taxes and improve cash flow.<\/p>\n \u201cThese worries have nothing to do with the financial struggles of ordinary people. Most people do not have resources to implement some of the strategies they propose,\u201d he said.<\/p>\n Check Out: If the Top 10 Billionaires\u2019 Wealth Was Distributed Equally in America, How Much Money Would Each Person Get?<\/a><\/p>\n Discover Next: 6 Subtly Genius Moves All Wealthy People Make With Their Money<\/a><\/p>\n \u2018Don\u2019t Spend\u2019 Advice Ignores Everyday Necessities<\/p>\n Marshall noted that those who have accumulated wealth often caution against spending money on things that lose value.<\/p>\n \u201cThe statement becomes easier to comprehend when you have multiple properties and a massive investment portfolio,\u201d he explained.<\/p>\n Ordinary people need cars, phones and furniture to work and live. For the wealthy, private investment deals are the only worthwhile investments<\/a>, Marshall added, which carries the fear of losing millions of dollars.<\/p>\n \u201cThe majority of people do not have this kind of financial freedom. People who want to succeed financially do not need this level of wealth,\u201d he said.<\/p>\n Financial Stability Changes the Rules of the Game<\/p>\n \u201cBillionaires have financial stability because they already have enough money<\/a>,\u201d Marshall said.<\/p>\n He explained that the way they spend money for day-to-day living is isolated from how money comes in.\u00a0Especially in terms of financial operations.<\/p>\n \u201cWhich are completely different for affluent families<\/a> than they are for those who need to earn an income and balance expenses with savings.\u201d<\/p>\n Extreme Frugality Isn\u2019t the Only Path to Financial Smarts<\/p>\n According to Marshall, some people admire those who practice extreme budgeting by driving old cars, wearing the same clothes every day and not having coffee<\/a> or lunch out.<\/p>\n \u201cRegular people should stay away from it,\u201d he said.<\/p>\n He noted that the smart approach to money management<\/a> enables you to enjoy life to the fullest while learning how to manage your financial resources.<\/p>\n \u201cNo special or secret knowledge is needed to improve your finances,\u201d Marshall explained.<\/p>\n He recommended expense tracking, automatic saving and debt control that will yield substantial benefits over time.<\/p>\n \u201cSmall steps have the ability to completely change one\u2019s life,\u201d he added.<\/p>\n Chasing Someone Else\u2019s Lifestyle Won\u2019t Grow Your Wealth<\/p>\n \u201cTrying to emulate successful people\u2019s lifestyles will only make you unhappy,\u201d Marshall said.<\/p>\n Instead, he said your financial growth and development will be determined by how you manage your finances and not by someone else\u2019s financial status<\/a>.<\/p>\n \u201cWhen you are aware of your current financial status rather than trying to fit into a lifestyle beyond your means,\u201d he added.<\/p>\n More From GOBankingRates<\/p>\n This article originally appeared on GOBankingRates.com<\/a>: \u2018Money Rules\u2019 Billionaires Swear by That Regular People Ignore<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"turk_stock_photographer \/ iStock.com We\u2019ve all seen those flashy posts about what billionaires supposedly do with their money \u2014…\n","protected":false},"author":2,"featured_media":400672,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,149446,147,530,203404],"class_list":["post-428007","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-kevin-marshall","tag-personal-finance","tag-personalfinance","tag-private-investment-deals"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/428007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=428007"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/428007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/400672"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=428007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=428007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=428007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}