By Gabrielle Olya
What’s the one piece of money advice you wish everyone would follow?
I wish people would pay more attention to the 80/20 rule. Instead of trying to save money on $4 Starbucks coffee, you’re better off focusing on the largest expenses like housing, transportation and food. Eighty percent of expenses come from 20% of purchases.
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What’s the most important thing to do to build wealth?
Networking. Your network is your net worth. Seek out the successful people in your neighborhood — many of them are willing to take you under their wing and help guide you.
What’s your best tip for fighting the impacts of inflation?
Stay well diversified. I have friends who tried to combat inflation by purchasing equities — they are down 40% year to date. I went pretty heavy into energy back in December, and that turned out to be a terrific inflation hedge.
What’s the biggest mistake people make when it comes to money?
I see so many people thinking that they need to bring on debt in order to make more money. I don’t like that. I really don’t use it. If I want something, I buy it in cash. This helps me sleep very well at night knowing that I’m never overleveraged.
Jaime Catmull contributed to the reporting for this article.
