Managing your personal finances can be a challenging process to understand and excel at. Since it can be complicated, it would often be a good idea to take advice from people that have successfully built massive fortunes. There are a variety of pieces of financial advice provided by millionaires and billionaires, which could help anyone to achieve financial independence.

Start Investing Early
One piece of financial advice that is provided by many successful people, including Carlos Slim Helu, is to start investing as early as possible ( Investing in the stock market, and other investments, early will not only teach you how to be more disciplined, but will also help you take advantage of compounding interest over a longer period of time. While most financial experts assume that a great time to start saving would be as soon as someone enters the workforce after college, Helu has recommended starting even earlier. He reportedly opened his first savings and investment account at the age of 12.

Don’t Look for Tricks
One of the wealthiest people of all time is Warren Buffet, who made the majority of his fortune by investing in businesses and the stock market. Today, he has a net worth in excess of $50 billion. Buffet has routinely stated that building wealth is a long strategy, which requires focus and attention. He has stated that investors should not spend time focusing on ways to game the system, but instead should make reasonable investment decisions and focus on low-cost index funds.

Live Cheaply
Another tip that has been given is by billionaire Mark Cuban. Cuban, who is well known for being the owner of the Dallas Mavericks, has also started several successful businesses and eventually sold them for a huge profit. Cuban has routinely stated that it is important that young investors and business owners live as cheaply as possible ( Cuban believes that the more someone is focused on living a material lifestyle, and stressing over the bills that come with it, the less they will be able to focus on building their business.

Use Debt Wisely
While most people would agree that debt is bad to have, there are some situations when it can be wise to take out credit cards, title loans, and other types of debt. If you are in a situation where you need to take out a loan, it would be wise to immediately develop a plan to repay the balance. This can help to keep you focused and reduce the risk that you will permanently rely on debt to finance your life.

Multiple Income Sources
Another investment and wealth building tip that people have given is the tip to have multiple sources of income. Today, the majority of people in the country rely on their job to provide nearly, or all, of their income. This can end up being a big mistake given the continued potential for job loss. A better option would be to look for passive sources of income, which can include investing in dividend stocks, buying real estate, or buying into investment funds that provide a certain level of return. This will help to provide you with some cash flow during a job loss, which can offset the financial setback.