Latest news with #KevinShahnazari
Yahoo
19-05-2025
- Business
- Yahoo
2 Ways Billionaires Budget Differently Than You — and What You Can Learn
Ever wonder how billionaires manage their money? Spoiler: it's not with coupon books or by skipping lattes. While most of us are focused on trimming expenses, the ultra-wealthy approach budgeting from a totally different angle — one that prioritizes growth, strategy and long-term vision. Trending Now: Explore More: 'While most people stress about saving $5 on coffee, billionaires are looking at ways to turn $1 million into $10 million,' said Andrew Lokenauth, money expert and owner of 'A billionaire client at a previous bank I worked at spends exactly $0 time tracking small expenses,' he noted. 'Instead, he's laser-focused on major wealth-building moves. And that's the first big difference I see — they're playing an entirely different game.' According to NPR, the U.S. has the most billionaires with 902, followed by China and Hong Kong at 516. But you don't need a private jet to borrow a few of their best habits. Here's what billionaires do differently with their budgets — and how you can apply those lessons to your own financial life. According to Kevin Shahnazari, founder and CEO of FinlyWealth, they focus on a long-term strategy with wealth accumulation and protection as their top priorities instead of covering immediate costs. Unlike most folks who focus on covering day-to-day expenses first, billionaires tend to think way ahead. Their budgets are all about growing their wealth over time. They pour money into things that gain value — like real estate, stocks and businesses — and aren't shy about hiring professionals to help them make the most of their money. Be Aware: One big thing that sets billionaire budgets apart? They zoom out and see the big picture. Instead of stressing over monthly bills, they focus on growing their wealth through smart moves like diversifying their investments and taking advantage of tax-friendly strategies. The takeaway for the rest of us? Budgeting isn't just about cutting costs — it's also about making intentional choices that support your long-term goals. That could mean putting money into things with higher returns, like the stock market or real estate, or even investing in yourself to boost your earning potential. Billionaires also lean on a whole team of money experts like financial planners, accountants and advisors to help them make solid decisions. While most of us don't have a squad on speed dial, working with a trusted advisor can be a great way to get tailored advice and plan smarter. The bottom line: When you adopt a long-term mindset and think like a wealth-builder, your money starts working for you — not the other way around. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money Andrew Lokenauth, BeFluentInFinance. NPR, 'More billionaires than ever ranked in Forbes' annual list. Here are the top 10' Kevin Shahnazari, FinlyWealth This article originally appeared on 2 Ways Billionaires Budget Differently Than You — and What You Can Learn
Yahoo
19-05-2025
- Business
- Yahoo
2 Ways Billionaires Budget Differently Than You — and What You Can Learn
Ever wonder how billionaires manage their money? Spoiler: it's not with coupon books or by skipping lattes. While most of us are focused on trimming expenses, the ultra-wealthy approach budgeting from a totally different angle — one that prioritizes growth, strategy and long-term vision. Trending Now: Explore More: 'While most people stress about saving $5 on coffee, billionaires are looking at ways to turn $1 million into $10 million,' said Andrew Lokenauth, money expert and owner of 'A billionaire client at a previous bank I worked at spends exactly $0 time tracking small expenses,' he noted. 'Instead, he's laser-focused on major wealth-building moves. And that's the first big difference I see — they're playing an entirely different game.' According to NPR, the U.S. has the most billionaires with 902, followed by China and Hong Kong at 516. But you don't need a private jet to borrow a few of their best habits. Here's what billionaires do differently with their budgets — and how you can apply those lessons to your own financial life. According to Kevin Shahnazari, founder and CEO of FinlyWealth, they focus on a long-term strategy with wealth accumulation and protection as their top priorities instead of covering immediate costs. Unlike most folks who focus on covering day-to-day expenses first, billionaires tend to think way ahead. Their budgets are all about growing their wealth over time. They pour money into things that gain value — like real estate, stocks and businesses — and aren't shy about hiring professionals to help them make the most of their money. Be Aware: One big thing that sets billionaire budgets apart? They zoom out and see the big picture. Instead of stressing over monthly bills, they focus on growing their wealth through smart moves like diversifying their investments and taking advantage of tax-friendly strategies. The takeaway for the rest of us? Budgeting isn't just about cutting costs — it's also about making intentional choices that support your long-term goals. That could mean putting money into things with higher returns, like the stock market or real estate, or even investing in yourself to boost your earning potential. Billionaires also lean on a whole team of money experts like financial planners, accountants and advisors to help them make solid decisions. While most of us don't have a squad on speed dial, working with a trusted advisor can be a great way to get tailored advice and plan smarter. The bottom line: When you adopt a long-term mindset and think like a wealth-builder, your money starts working for you — not the other way around. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It 10 Genius Things Warren Buffett Says To Do With Your Money Andrew Lokenauth, BeFluentInFinance. NPR, 'More billionaires than ever ranked in Forbes' annual list. Here are the top 10' Kevin Shahnazari, FinlyWealth This article originally appeared on 2 Ways Billionaires Budget Differently Than You — and What You Can Learn
Yahoo
15-04-2025
- Business
- Yahoo
I'm a Financial Expert: 5 Ways You Should Use Your Child Tax Credit
Knowing how to make the most of the Child Tax Credit can sometimes be tricky. Whether you're looking to use the credit for immediate needs or planning for the future, there are several smart ways to put that extra money to good use. GOBankingRates spoke with Kevin Shahnazari, founder and CEO of FinlyWealth, to discuss the best ways to go about it. 'Managing money effectively isn't just about what you earn; it's about how you maximize every dollar. The Child Tax Credit presents a rare opportunity for families to strengthen their financial future if used wisely,' he said. Find Out: Learn More: Here's some of his best advice for managing your Child Tax Credit. One of the smartest ways to use this money, according to Shahnazari, is by building an emergency fund. Many families are one unexpected expense away from financial hardship, and having three to six months' worth of savings set aside can be the difference between stability and crisis. Instead of letting the money disappear into everyday expenses, setting it aside in a high-yield savings account ensures it's there when it's truly needed. Be Aware: Shahnazari noted that credit card debt can drain wealth faster than almost any other financial obligation due to skyrocketing interest rates. Using the Child Tax Credit to eliminate or reduce this debt provides immediate relief and frees up more cash flow for future financial goals. Every dollar used to pay off debt is a guaranteed return on investment because it stops interest from piling up. Investing for long-term growth is an opportunity many parents overlook when it comes to managing their child's financial future. It's easy to focus on short-term needs and immediate expenses, but making strategic investments early can have a lasting impact on your child's financial security. According to Shahnazari, contributing to a 529 college savings plan ensures that money works toward your child's future education rather than burdening them with student loans later. If college savings are already in place, he said parents can also consider a custodial Roth IRA, where even small contributions today can turn into substantial financial security for their child's future. Using the tax credit to boost retirement savings is another move Shahnazari said comes with lasting impact. 'Many parents prioritize their kids' immediate needs but neglect their financial security,' he said. Allocating part of this money to a Roth IRA or a 401(k) ensures you're not only taking care of your family today but also securing their independence in the future. 'A well-funded retirement means children won't have to financially support their parents later in life,' he said. For those looking to increase their earnings potential, using this credit to invest in new skills or side income opportunities can be life-changing. It's tempting to spend the extra money on immediate wants or needs, but Shahnazari emphasized that this is an ideal opportunity to invest in yourself. Whether it's a certification, an online course or seed money for a small business, investing in personal growth can generate financial rewards far greater than the tax credit itself. 'The key is to turn a temporary financial boost into lasting financial strength,' he said. More From GoBankingRates6 Reasons Your Tax Refund Will Be Higher in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 5 Types of Vehicles Retirees Should Stay Away From Buying This article originally appeared on I'm a Financial Expert: 5 Ways You Should Use Your Child Tax Credit Sign in to access your portfolio
