Marcus Lemonis of The Profit says that the best piece of financial advice he gives everyone is to invest in yourself. Pay attention to what you need and what you don’t need. Identify when something is what you want and whether or not it will actually bring anything to your quality of life. And with the money that you save, invest in an idea you have or an idea your kid has. You don’t need to go very far to find something to invest in.
Lemonis admits that his biggest financial mistake was celebrating his early successes. He spent a lot of money on things that he didn’t really need, like expensive cars, expensive clothes and real estate. When the financial recession hit in 2008 and 2009, he realized just how much money he had spent on things he didn’t need when he had to fire people in order to stay afloat. This mistake showed him that he needed to be a better leader and that he needed to think about the people he employed, not just himself.