Bill Rancic shares his top financial tips for the New Year (Exclusive)
Bill Rancic brings his years of entrepreneurial success to the boardroom Us Weekly studio by exchange his greatest lessons and best advice heading into the new year.
“I think the biggest financial mistake people make today is that they spend more than they can make and that’s it,” Rancic, 53, said. us while discussing his new podcast, Dollar Bill. “I always go back to what my father told me. “It’s not how much money you make, it’s how much money you save.” So you have to be a disciplined saver, even if it’s $10, $20, $50 a week—whatever it is, get into the habit. Never no do that and you’ll be shocked at what happens in 20-30 years.”
Rancic is best known as the original winner Student. After his reality TV success in 2004, Rancic launched a number of successful businesses, including the RPM restaurant chain with his wife Juliana Rancic. Bill’s latest venture is his podcast, Dollar Bill, which delves further into the world of finance.
In terms of saving tips, he gave us further explanations on how to keep assets safe and sound.
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“The money you save is really going to be up to you, and (you should) find a good financial advisor,” Bill said us. “(It should be) someone who can give you guidance on how you should invest, but it definitely has to work for you.”
Bill also explained why people should “never sell anything if (they) don’t have to.”
“It depends on what it will be,” he noted. “If it’s a depreciating asset, it should be sold. If it’s something like real estate, investment property (or) something that God doesn’t make anymore, you want to keep it and pass it down from generation to generation if you can.”
Bill Rancic
Us WeeklyIn fact, Bill believes that financial health is “just as important” as human health physical healthgoing on to add that he believes the two are actually related.
“When you’re under financial stress, it causes stress in your body, and if you look at the number one reason for divorce, it’s money,” he said. us “Money in many cases worries people a lot and causes them a lot of pain and suffering. So you have to have good financial health to have a healthy life, a healthy marriage (or) a healthy family.”
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Ex Juliana and Bill star also gave us her top three tips starting a new business.
“One is (adopting) a term called ‘hands-on’, which basically means stop talking, start doing – actions speak louder than words,” Bill said. “Secondly, you need to be nimble. You have to adapt, adapt, react, and if you’re not agile, you die. And thirdly, it’s about risk. It’s about understanding risk, respecting risk and turning risk into success.”
For more of Bill’s financial words, watch the video above.
With a report by Cristina Garibaldi
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