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Bill Rancic brings his years of entrepreneurial success to the boardroom My Weekly studio by sharing his best lessons and best advice go into the new year.
“I think the biggest financial mistake people make today is they spend more than they can make and that’s it,” Rancic, 53, said exclusively. Our while discussing his new podcast, “The 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 that habit. Never No do that and you’ll be shocked at what happens in 20 or 30 years.
Rancic is best known as the original winner Apprentice. Following his reality TV success in 2004, Rancic launched a number of successful ventures, including the RPM restaurant chain with his wife Giuliana Rancic. Bill’s latest venture is his “Dollar Bill” podcast, which delves further into the world of finance.
As for his savings tips, he gave us another explanation on how to keep assets safe.
Bill Rancic can’t get over how great Justin Bieber is with his and wife Giuliana Rancic’s 11-year-old son, Duke. “(He’s) the best guy ever. The nicest guy. So good with Duke. I love the kid. He’s not a kid anymore, but (I) love him,” the 53-year-old businessman told Us Weekly magazine exclusively about Bieber, 30 (…)
“The money you save is really up to you and (you should) find a good financial advisor,” Bill said Our. “(It should be) someone who can give you guidance on how you should invest it, but it should definitely work for you.”
Bill also explained why individuals should “never sell anything unless (they) have to.
“It depends on what it is,” he noted. “If it’s a depreciating asset, you should sell it. If it’s something like real estate, investment property (or) something that God doesn’t make anything out of, you want to keep it and pass it down from generation to generation if you can.”
Bill Rancic
My WeeklyIn fact, Bill believes that financial health is “just as important” as one’s health physical healthhe goes on to add that he believes the two are indeed connected.
“When you’re under financial stress, it causes stress in your body, and if you look at the number one cause of divorce, it’s money,” he said. Our. “Money is in many cases very problematic for people 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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Former Giuliana and Bill star also gave us his top three picks for starting a new business.
“One is to embrace a term called ‘hands-on’, which basically means stop talking, start doing – actions speak louder than words,” Bill said. “Second, you have to be agile. You have to adapt, adjust, react, and if you’re not nimble, you’re going to die. And thirdly, it’s about risk. It’s about understanding risk, respecting risk and turning risk into success.”
For more of Bill’s words of financial wisdom, watch the video above.
With reporting by Christina Garibaldi
