Top 5 financial role models to look up to in 2023

SSkylar August 31, 2023 1:07 PM

Money management is a crucial skill in today's world, and there's no better way to learn than by observing those who've been successful at it. Let's dive into the top 5 financial role models you should be following in 2023.

1. Warren Buffet

Warren Buffet, hailed as the 'Oracle of Omaha', continues to inspire with his long-term investment strategies and sound financial advice. Buffet’s philosophy of 'value investing' – buying stocks when they are undervalued and holding onto them for a long time – has proven successful over decades.

Key Takeaways from Buffet:

  • Be patient: Investment is a long-term game.
  • Diversify your portfolio: Don’t put all your eggs in one basket.
  • Understand your investments: Never invest in a business you cannot understand.

2. Suze Orman

Suze Orman, a two-time Emmy Award-winning television host, author, and motivational speaker, has been a persistent advocate for financial independence and literacy, particularly for women. She emphasizes the importance of budgeting, saving, and investing.

Key Takeaways from Orman:

  • Prioritize saving: Even a small amount saved can grow over time.
  • Be prepared for emergencies: Always have an emergency fund.
  • Invest in yourself: Your financial well-being is connected to your personal well-being.

3. Dave Ramsey

Dave Ramsey is best known for his simple yet effective approach to debt management and budgeting. Ramsey's 'Seven Baby Steps' to financial freedom have helped thousands of people to live debt-free lives.

Key Takeaways from Ramsey:

  • Pay off your debt: It’s the first step to financial freedom.
  • Use the envelope system: This can help you control your spending.
  • Invest 15% of your income: Start building your retirement nest egg.

4. Robert Kiyosaki

Author of the best-selling book 'Rich Dad Poor Dad', Robert Kiyosaki, challenges conventional wisdom about money. He encourages people to become financially literate and to create passive income streams.

Key Takeaways from Kiyosaki:

  • Financial education is critical: Knowledge is the new money.
  • Create assets, not liabilities: Assets bring in money, liabilities take it out.
  • Work to learn, not to earn: The focus should be on acquiring skills and knowledge.

5. Mellody Hobson

Mellody Hobson, co-CEO of Ariel Investments, is a strong advocate for financial literacy and inclusion. She inspires many with her story of rising from a disadvantaged background to become a successful investor.

Key Takeaways from Hobson:

  • Start investing early: It’s never too soon to start.
  • Be consistent: Regularly contribute to your investments.
  • Advocate for financial literacy: It holds the key to reducing wealth inequality.

Learning from these financial role models in 2023 can help you to improve your personal finance management, budgeting techniques, and investment strategies. Remember, the journey towards financial freedom is a marathon, not a sprint. So, take it one step at a time, making steady progress towards your financial goals.

More articles

Also read

Here are some interesting articles on other sites from our network.