Not only is Beyoncé a global superstar and icon, but she is also a savvy businesswoman, driven by an intelligent approach to personal financial management. Here are 5 simple money rules that we can all learn from Beyoncé.
Ready to start making your own financial lemonade?
1. Take control
Beyoncé has a tight grip on everything she does, from recording her albums to managing her business interests and making her money work for her. And she learnt to take control from a young age.
“When I was writing the Destiny’s Child songs, it was a big thing to be that young and taking control. The label gave us all control, and I got used to it. It is my goal in life to be that example.” – Beyoncé
How can you gain greater control over your own finances?
2. Get financially educated
You would think that the rich and famous don’t have to think about their financial future, right? But of course they do. Beyoncé is thoughtful when it comes to her money.
“I have a lot of property. I’ve invested my money and I don’t have to make any more.” – Beyoncé
This savvy investment approach comes from a solid knowledge of financial literacy. Beyoncé believes in its importance so much that she has even lent her name to financial literacy education campaigns, partnering with the UK’s Prince’s Trust, Goodwill Industries and through pushing the #Beygood campaign.
Get to understand basic financial concepts such as your credit score, good budget practice and savings tips (understanding compound interest for instance), which will make the world of difference to your money management.
3. Grow your financial independence
On “Independent Women,” Beyoncé sings about the immense satisfaction felt by creating your own wealth. To become financially independent, what did she do?
She certainly didn’t marry Jay-Z because she needed the financial security. She trod her own path and ultimately made her own financial decisions. Beyoncé diversified her money-spinning skill set – she’s a singer, dancer, actor and investor, not to mention entrepreneur with her own fashion lines and endorsements – and she manages her income like a pro.
How can you use your skills or experience to create more income streams and grow your financial independence?
4. Speak to yourself positively
Beyoncé has spoken about taking control over her own destiny. She strives to be an example to people around the world, as much regarding personal financial management as anything else. She is clearly confident in her ability to manage her money well, which comes from positive inner communication. How do you see yourself with money?
“I’m terrible with money.”
“I just don’t know where my money goes.”
Sound familiar? A lot of people say this type of thing to themselves, and truth be told, it’s self-fulfilling. If you say something to yourself so often, it’s going to stick, so why not make it something positive? Start today by telling yourself that you’re good with money!
5. Make lemonade
The old adage, “When life gives you lemons, make lemonade” is exactly what Beyoncé did with her ultra successful album, Lemonade.
Financial difficulties happen to everyone. Surprise bills or emergencies can come out of nowhere. Economic downturns happen. Sometimes your salary might not cover the bills.
How can you create opportunity in such times? As a start, preparing against such rainy day eventualities can urge you into taking control of your personal finances and help you to create better money habits now.
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