Queen Latifah – worth an estimated $70 million – received this money-saving advice from her mother. Experts say many of us should follow it too: ‘The best part is that the more it scales, the more money you make.’

With a resume chock-full of studio albums, TV shows, movies and celebrity gigs, Queen Latifah has amassed an estimated net worth of $70 million by arrive Celebrity net worth. In the process, she certainly learned a lot of money lessons, but this may have been one of the earlier ones: In one Story in Good Housekeeping magazine, Queen Latifah said, “My mother has always been my champion. She is very intelligent and grounded. She said, ‘Save your money. Pay your taxes. Don’t put everything in one basket’, but she let me explore and create.

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Experts say it’s important to be responsible with your money — by saving and diversifying — and allowing yourself the freedom to find and follow your passions, even if they cost money. the silver. “The best part is that it scales, the more you earn, the more you can spend — just learn how to spend,” says Anthony Ferreira, certified financial planner with WealthPointe Wealth Management. Don’t spend more than you earn.”

Essentially, experts say it works like this: Once you’ve established your financial base, you’ll have more opportunities to “explore and create” without taking risks. with your financial future. There are three important parts to that financial foundation: 1) Building an emergency fund, 2) Saving for other goals like buying a home, and 3) Saving at least 10-15% of your income for vacation retire and invest those savings in a savings account. diversified portfolio of stocks and bonds. (Of course, if you’re in debt, you’ll also have to pay those debts.)

Emergency Funds: What you need to know

You need an emergency fund saved up that contains about 3-12 months for your essential expenses. This will help you if you lose your job or have a large unexpected expense. Exactly how much you need depends on a number of personal financial factors such as whether you are single, married, the sole breadwinner, if you have dependents and more. MarketWatch Picks highlights some important emergency fund savings tips here.

Saving for another goal: What you need to know

In addition to emergency savings, you may want to have some savings for short-term goals like buying a home or taking the family on a much-needed vacation. For those people, keep your money somewhere relatively accessible like a high yield savings account. MarketView options To share ways to accelerate your savings and how you should plan to save based on your age and long-term financial goals.

Diversify your retirement investments: What you need to know

Save at least 10-15% of your income for retirement and make sure you’re investing it wisely. “You reduce your risk by spreading your investments across a variety of sectors. If one investment fails, you’ll be protected by another that may perform better. It’s all about balance,” says certified financial planner Bill Nugent at Convey Wealth.

Essentially, instead of putting all your money in one bucket, experts recommend making sure your investments are well rounded. We asked the experts about the top 5 mistakes New investors make and how they can be avoided. Hint: One mistake is to go after hot stocks instead of assembling a diversified portfolio that includes a variety of stocks, bonds, and cash.