This Man Spent 15 Years in the Finance Industry—Here's His Best Piece of Advice
There's no better way to learn about money than to spend time working in the financial industry. Take it from Zach Friedman, a finance industry veteran and founder of personal finance site Make Lemonade, who spent 15 years working at firms like Blackstone and Morgan Stanley. "I witnessed firsthand how companies can make (and lose) money," he writes on Business Insider. "The good news is that the financial lessons I learned are not just for the Wall Street elite."
When it comes to his best piece of financial advice, Friedman wants you to know that "your starting point means much less than your ending point." In other words, don't let a lack of family wealth or your income bracket stand in your way of becoming financially successful.
"When it comes to financial success, it doesn't really matter where you come from, where you went to school, or who you know. Yes, those things can help—but they don't prohibit you from attaining financial freedom," explains Friedman. "If you work hard, make sound investments, spend responsibly, and save for retirement, you'll be in good financial shape for the long haul."
Friedman also adds that you shouldn't let a poor savings track record keep you from pursuing your financial goals. "Ray Kroc didn't buy McDonald's until he was age 52. Vera Wang didn't become a designer until age 40. Samuel L. Jackson didn't score his first major hit until he was age 43," he points out. "Focus on where you're going, not where you started. Your future is what counts, not your past."
For more, pick up a copy of the best-selling book 7 Simple Steps to Financial Freedom, and share your thoughts on Friedman's advice in the comments below!