Bill Rancic brings his years of entrepreneurial success into the boardroom Us Weekly studio sharing his greatest lessons learned and best advice entering the new year.
“I think that today the biggest financial mistake that people make is that they spend more than they can make, and that’s it,” Rančić (53) said exclusively. Our 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, but 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 not do that and you’ll be shocked at what happens in 20 or 30 years.”
Rančić is best known as the original winner Trainee. After his success on reality television in 2004, Rancic launched a number of successful companies, including the restaurant chain RPM with his wife, Giuliana Rančić. Bill’s latest venture is his podcast “Dollar Bill,” which delves further into the world of finance.
As for his savings advice, he gave us further clarifications on how to keep assets safe and secure.
Bill Rancic can’t get over how great Justin Bieber is with wife Giuliana Rancic’s 11-year-old son Duke. “(He’s) the best guy ever. The nicest guy. So good with Duke. I love that kid. He’s not a kid anymore, but (I) love him,” the 53-year-old businessman exclusively told Us Weekly about Bieber, 30, on (…)
“The money you save is up to you and (you should) find a good financial advisor,” Bill said Our. “(It should be) someone who can give you guidance on how you should invest it, but it should definitely work for you.”
Bill also explained why individuals “should never sell anything unless (they) have to.”
“It depends on what it is,” he noted. “If it’s a depreciable asset, you should sell it. If it’s something like real estate, investment property (or) something that God no longer creates, you want to keep it and pass it down from generation to generation if you can.”
Bill Rancic
Us WeeklyIn fact, Bill believes that financial health is “just as important” as a person’s health physical healthadding that he believes the two are actually related.
“When you’re under financial stress, it causes stress in your body, and if you look at the number one reason for divorce, it’s money,” he told Our. “Money is in many cases very problematic 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.”
Getty Images (2); DENNIS KWAN For Us Weekly’s first advice issue, on stands now, the stars share their hard-earned wisdom on raising children, overcoming obstacles and achieving your dreams. Check out their words of wisdom below. Lindsay Hubbard on Heartbreak Recovery “Take it one day at a time until you can add more to your plate. (…)
Former Giuliana and Bill star also gave us her top three tips for starting a new business.
“One is (to embrace) a term called ‘hands-on performance,’ which basically means stop talking, start doing — actions speak louder than words,” Bill said. “Secondly, you have to be agile. You have to adapt, adjust, react, and if you are not agile, you die out. And thirdly, it’s about risk. It’s about understanding risk, respecting risk and turning risk into success.”
For more of Bill’s financial words, watch the video above.
Christina Garibaldi reports