The money advice Richard Branson swears by

The money advice Richard Branson swears by

Budgeting, saving and investing your money can feel like a mountain you’re trying to climb, with every mistake pushing you further and further down. When you feel like you’re falling, or you’ve plateaued in your journey, it can help to inspire yourself with words from people who have already climbed the mountain you’re stuck on. 

Whether you’re a budding entrepreneur, an avid investor or just an everyday Aussie who’s looking for money advice, let these money experts inspire you. 

Here are 25 money quotes from money experts: 

  1. Beware of little expenses. A small leak will sink a great ship. – Benjamin Franklin

  2. Save one-third, live on one-third and give away one-third. – Angelina Jolie

  3. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett

  4. You can be young without money but you can’t be old without it. – Tennessee Williams

  5. How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case. – Robert G. Allen

  6. Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this. – Dave Ramsey

  7. Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends. – Warren Buffett

  8. Too many people spend money they earned to buy things they don’t want to impress people that they don’t like. – Will Rogers

  9. An investment in knowledge pays the best interest. – Benjamin Franklin

  10. Opportunity is missed by most people because it is dressed in overalls and looks like work. – Thomas Edison

  11. It’s not the employer who pays the wages. Employers only handle the money. It’s the customer who pays the wages. – Henry Ford

  12. Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. – Franklin D. Roosevelt

  13. Buy when everyone else is selling and hold until everyone else is buying. That’s not just a catchy slogan. It’s the very essence of successful investing. – J. Paul Getty

  14. If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks. – John Bogle

  15. Money is a terrible master but an excellent servant. – P.T. Barnum

  16. Try to save something while your salary is small; it’s impossible to save after you begin to earn more. – Jack Benny

  17. It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. – Robert Kiyosaki

  18. The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind. – T.T. Munger

  19. We make a living by what we get, but we make a life by what we give. – Winston Churchill

  20. A successful man is one who can lay a firm foundation with the bricks others have thrown at him. – David Brinkley

  21. People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily. – Zig Ziglar

  22. If you just view your full-time job as the way you’re going to get ahead, it’s just going to take a lot longer. – Grant Sabatier.

  23. I’m only rich because I know when I’m wrong. I basically have survived by recognizing my mistakes. – George Soros

  24. Persist – don’t take no for an answer. If you’re happy to sit at your desk and not take any risk, you’ll be sitting at your desk for the next 20 years. – David Rubenstein

  25. Screw it, let’s do it! – Richard Branson

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Learn more about savings accounts

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.

Can you set up a savings account online?

Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.

Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria