Bill Rancic is bringing his years of entrepreneurial success into the boardroom at Us Weekly studio sharing his biggest lessons and best advice for the new year.
“I think, today, the biggest financial mistake people make is that they spend more than they can afford, and that’s it,” Rancic, 53, said exclusively. us while discussing his new podcast “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. Don’t ever NO do it and you’ll be shocked at what happens 20 or 30 years from now.”
Rancic is best known as the original winner of the learner. Following his reality television breakthrough in 2004, Rancic went on to open a number of successful businesses, including the RPM restaurant chain with his wife. Juliana Ranciq. 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 further clarification on how to keep assets safe and secure.
“The money you save is going to be up to you and (you need to) find a good financial advisor,” Bill said. us. “(It has to be) someone who can give you guidance on how you should invest it, but it definitely has to work for you.”
Bill also explained why individuals should “never sell anything unless (they) have to sell it.”
“It depends on what it is,” he noted. “If it’s a depreciating asset, you have to sell it. If it’s something like real estate, investment property (or) something that God is no longer making, you want to preserve it and pass it down through the generations if you can.”
Bill Rancic
Us WeeklyIn fact, Bill believes that financial health is “just as important” as a person’s physical health, adding that he believes the two are actually connected.
“When you’re financially stressed, it puts stress on your body, and if you look at the number one cause of divorce, it’s money,” he said. To us. “Money, in many cases, is very troublesome 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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ex Giuliana and Bill star also gave us his top three tips for starting a new business.
“One is (to) embrace a term called ‘hands-on execution,’ which basically means stop talking, start doing — actions speak louder than words,” Bill said. “Secondly, you have to be resourceful. You have to adapt, adapt, react and if you are not agile, you will disappear. And thirdly, it’s about risk. It’s about understanding risk, respecting risk and turning risk into success.”
For more of Bill’s wise financial words, watch the video above.
With reporting by Christina Garibaldi
