Marcus Hiles built a successful real estate development company in the Dallas area over many years that allowed him to pursue other passions in life, such as fine wine. Today, Hiles has an extensive wine collection and has helped design and develop many luxury homes throughout the state of Texas. His success in this industry came after he had developed excellent everyday financial habits that can be very useful for anyone with a bank account or a small family budget:
- Create and update a budget. Not only should the average household sit down and write out their expenses and incomes regularly, but you should also make sure that you are updating your budget with new information as much as possible. If you spent more than you thought, make sure you shift your budget accordingly so that you can still reach your goals.
- Create concrete financial goals. Whether you want to afford a house or a car or simply want more security for the future, create solid and achievable financial goals. This will help guide your financial decisions and focus your saving efforts.
- Don’t always cut costs. As a company leader, Marcus Hiles has often had to cut costs, such as wine, but this is not the only way to reach your financial goals. Sometimes the best answer is to find a way to make more money rather than tighten the belt further. Put effort into increasing revenue instead of always cutting costs.
Marcus Hiles Wine has found ways to fund both his company expansion and his wine collection with smart accounting and budgeting over the years.