Being a gentleman doesn’t have to equate to spending a vast amount of money, as good manners and chivalry come at no cost. Although a keen eye for business and a savvy approach to money management can only complement the pursuit of becoming the perfect gentleman. In this article we will be revealing 6 tips that a gentleman should live by to manage his wealth.
On Earnings – “Never depend on a single income, make investments to create a second source”.
If you are only relying on your primary source of income to fund your lifestyle, you are not capitalising on all the avenues you have open to you. Instead, you should have your savings generating income to accelerate your journey to wealth; this is achieved through investment.
On Spending – “If you buy things you do not need, soon you will have to sell things you need”.
Gluttony in purchasing is a sure fire way of losing hard earned money. Without proficient precautions in place there is a good chance you will reap the consequences in the near future. It is, indeed, important to have the correct attire to keep up the appearance of a gentleman by keeping your wardrobe updated but not at the expense of your future finances.
On Savings – “Don’t save what is left after spending, instead spend what is left after saving”.
Saving is fundamental to creating gentlemanly wealth. Having a good idea of the net amount of income you generate after bills and taxes is essential to create wealth. Once you have decided on an amount that you see suitable to save, you will establish what you have left to spend. We typically recommend a gentleman should save 20% of their net income each month.
On Taking Risk – “Never test the depth of a river with both feet”.
It is natural for a business savvy gentleman to want to explore new venues to create wealth, whether it be in a new business or investment. But take caution when investing large amounts of time or money into a new project. It is important to take it slow and test the waters with light footing so that you don’t end up sinking.
On Investment – “Do not put all your eggs in one basket”.
Creating different avenues to generate wealth is important, but you should keep these avenues extensive and varied as this will aid consistency with cash flow. A gentleman should be well educated in many fields, investment and money management should not be a subject that is neglected. Building a varied and diverse investment portfolio is key for a gentleman to generate vast sustained wealth, but this is only achieved if built on solid knowledge and understanding in the industry.
On Expectations – “Honesty is a very expensive gift; do not expect it from cheap people”.
In the art of business, you will have an abundance of people offering you a multitude of things. It is important to seek out trustworthy people and be courteous even in the face of deceit; people will respect and admire you for handling situations like a gentleman. An offer of something ‘too good to be true’ usually is, understanding the value of money is important and when it seems like you are getting far too much in return, there is probably a catch. A good business ethos is under promising and over delivering; this is a good way to handle your own business endeavours and will help raise people’s expectations of you, but not beyond your capabilities.
These 6 quotes are by one of our inspirations and one of the most famous Gentleman in the world. He is well known for consistently being one of the top 3 richest people in the world and with no bad press against his name. The gentleman’s name is Warren Buffet and with over two thirds of a century worth of investment experience, he is highly regarded as one of the industry’s best. To find out more about Warren Buffett and his business ethos ‘The Warren Buffett Way’ is a good place to start as the book is based on all the facts that has made him so successful.