The 41 Best Money Tips From Highly Successful People (2024)

Laura Oldanie, founder of Rich and Resilient Living, told Good Housekeeping that one of the best money tips is to first look at how you can creatively use what you own right now. “Often, if we're looking at our resources we already have at hand, not only are we saving money, but we're not going out and buying and using more.”

When it comes to budgeting, Oldanie recommends looking at the life you want and building your budget in pursuit of that life. “I advise people to figure out what would they like their life to look like [and think about] what a wealthy and a happy life looks like to them. And then track your spending for several months and see how your spending matches that vision,” she explains.

If you feel like you don’t know how to invest, and/or you want to be sure you’re investing in companies that actually do good, Oldanie says it's a great idea to start small in the beginning. “There are little ways to start investing that feel good. For example, one that I like is called American Homeowner Preservation. It's a fund where they're buying up distressed mortgages and helping homeowners stay in their homes.”

Another piece of money wisdom from Oldanie? Knowing that “we can live very rich lives without needing to spend lots of money to do it.” Something to keep in mind next time you’re eyeing that thing at the store that you don’t really need.

Kristine Beese, the founder at Untangle Money, explains to Good Housekeeping, “One of the biggest tips is try and reduce your fixed costs. The less money you spend on all the stuff that keeps you going, the more money you have to spend on things that you want to spend your money on.”

When it comes to investing, Beese has a few key pieces of advice. “First, know where you are and know where you're going,” she says. “A budget tells you where you are now, and a financial plan or a retirement plan tells you where you're going.”

Another money tip from Beese when it comes to investing and planning for retirement is all about timing. “Start today. The first thing you should do is check if you have an employee retirement benefit, and see if your company matches what you invest through their retirement plan. That is some of the biggest return on your investment that you're going to be able to get.”

If you’re not sure where to start when it comes to investing, Beese recommends checking out robo-advisors. “Robo-advisors are great for first time investors,” she says. “They have prebuilt portfolios so you're getting access to diversified investments that have different risk weightings. Some are more conservative than others, but the effort is really low and the cost is really low.” Apps like Wealthsimple, Ellevest and Betterment can help you get started.

If you’re not comfortable with a robo-advisor or just want a more personalized approach to investing, you can also consult with a financial advisor. “If you need a financial advisor to hold your feet to the fire, or you just need someone to talk to, or you're not going to invest without a financial advisor, by all means get a financial advisor,” Beese says. “It is way better to invest through an advisor than not to invest at all.”

You’ve likely heard of pro organizer Marie Kondo's KonMari method. But did you know that you can apply a similar mindset to your finances? Beese says you should find the things that you like spending on and build your financial plans around that. “Figure out what it is that you like spending money on, and then when you're not spending money on that thing, figure out if you can get whatever else you spend your money on cheaper. That way you'll have more money to spend on the things that you really get enjoyment out of,” she explains.

Beese recommends that folks consider taking chances with their investment portfolio in order to build wealth. “See if you can be comfortable with a little bit more risk in your portfolio. Could you put a little bit more of your money into equities? Can you put a little bit more of your money into investments? If we put more of that money to work for us, we'd be able to generate more wealth.”

We might have to thank Queen Latifah’s mom for this savvy advice. "My mom has always been my champion," the actress said in an interview with Good Housekeeping. "She was very smart and grounded. She said, 'Save your money. Pay your taxes. Don't put everything in one basket.' But she let me explore and be creative."

In her book, What I Know for Sure, Oprah Winfrey suggested that you should spend your money on the things that really matter to you. "I hope the way you spend your money is in line with the truth of who you are and what you care about," she wrote.

Another piece of wisdom from What I Know for Sure relates to those pesky impulse buys. Oprah wrote, “I still think twice before I buy anything. How will this fit into what I already have? Am I just caught up in the moment? Can it be of real use to me or is it just something beautiful to have?”

Carrie Underwood may be super successful, but that doesn’t mean she doesn’t look for ways to save, like clipping coupons before heading to the store. “Doing the weekly shopping, I stock up on stir-fry kits, Amy's meatless burgers and armloads of onions and garlic. I put onions and garlic in everything. Ack, as usual, I forgot my coupons. (Yes, I do clip them!),” she once wrote in a piece for Rachael Ray Magazine.

Rapper Nicki Minaj knows that people — especially women — need to ask for what they deserve when it comes to compensation. “One thing I learned along the way in business is the necessity for you to be unapologetic about asking for how much money you deserve,” she told Time.

One piece of advice That '70s Show actor Ashton Kutcher shared at a conference discussing venture capitalism was that if you have the means to do so, it’s important to give back. “If you're lucky enough to be doing well, it's incumbent upon you to help folks who are struggling to grab that first rung on the ladder to start their climb."

Another wise money tip from Ashton is this: Don’t be afraid to ask questions when it comes to managing and investing your money. “Oftentimes we get to the point in our careers where we're afraid of looking dumb. Every time you fear your own ignorance, you're limiting your potential to learn.”

Justin Timberlake knows the power of investing in items that last a long time. “I will just say that I am pretty frugal,” he told The Guardian. “I'll probably shop [for clothes] for myself once a year and that will last me for the rest of the year.”

Jay Leno said that he has always had two sources of income — one that he spends and one that he saves. “When I was a kid, I had two jobs. I worked at a Ford dealership and at a McDonald’s. I’d spend the money from one job and save the money from the other. That’s still the way I am now. I live on the money I make as a comedian, and I put all the TV money in the bank. I’ve never spent a dime of TV money — ever,” he told Parade Magazine in 2009.