Tips from Evil Millionaires

Even though you may consider some of the following millionairesevil, you can still learn a thing or two from them about how to amass afortune.  Here are five personal financetips to learn from observing five “evil” millionaires:

1. It’s asimportant to BE something as it is to DO something.  Donald Trump has continually stressed thatgetting rich and being successful go hand-in-hand.  Some say that even if you haven’t yet amasseda fortune, you’ll still need to pretend to be successful.  Once you’re well-known and respected, you canamass your fortune much easier.
2. Put yourmoney in index funds.  BernieMadoff may be in prison, but he has offered this solid investment advice.  “The best chance for the average investor isto put money in an index fund.  There arelower commission rates and more professional management with these types offirms.  It’s the safest and least likelyplace to get scammed.”
3. Sign aprenuptial agreement.  RupertMurdoch has been through three marriages and knows how prenuptial agreementscan make the awful experience of handling money in a divorce much easier.
4. Postponefinancial decisions when possible.  Describedas a villain by the New Yorker, Blackstone Group CEO Stephen Schwarzman’sadvice is to take time to consider financial decisions in every way.  This will allow you to overcome dumb biasesthat lead to poor decisions.
5. Don’t belazy.  Even with the countlessscandals, former Italian Prime Minister Silvio Berlusconi remains as one of therichest people in the world.  His adviceis to not sit around and wait to increase your wealth, but work for it nomatter what it takes. 

See ThorinKlosowski, The Best Personal Finance Tipsfrom Evil Millionaires, Life Hacker, Oct. 31, 2013.