Tips to be Fruitful in Your Financial Life
 
I was having lunch with my son Stephen recently and we were discussing his new life. He had just graduated with a master's degree from the University of Massachusetts, and it was the first day of the rest of his life. Fresh out of college, and with plenty of debt, Stephen asked me about managing his finances and accumulating wealth. I told Stephen what the experts collectively told me:
 
Speed-read - Information is exploding, and in order to stay on the cutting edge, you need to know what's going on. Speed-reading allows you to stay ahead of the curve. And it's important to learn to speed-read outside of your field so you are knowledgeable on a variety of topics.

Learn foreign languages - With the emergence of technology, the world is shrinking by the day, market opportunities are developing around the world. In order to take advantage of these opportunities, you must speak the language. While there are more than 500 languages in the world, the most profitable place to start is by learning Spanish and Mandarin Chinese. The countries that speak these languages are rapidly taking over the marketplace. And if you want to get even further ahead, future emerging markets will include India and South Korea.

Communication - Know how to communicate with a wide range of people and become as proficient as possible in public speaking. Overcome your fears on the podium so people will find your messages memorable.

Taxes - So many people today don't even know what they are entitled to, tax-wise, let alone take advantage of different programs for which they are eligible. Learn about state and federal programs that will save you money. Even if it's a small amount of money saved, it will add up quickly thanks to …

The Miracle of Compounding - Whether it is in the form of a personal investment or a retirement plan, compounding is the fastest and most lucrative way to make your money work for you. Go to http://www.bygpub.com/finance/InterestCalc.htm to see exactly how powerful compound interest can be in your life.
 
While these strategies will prove to be fruitful in your financial life, they will not work if you don't. So start now. Buy a tax book for dummies; enroll in a Spanish class at your local community college; take a speed-reading course. Go for it!
 
By Pat Williams, senior vice president of the NBA’s Orlando Magic and one of America’s best-known sports executives. He drafted Charles Barkley and Shaquille O’Neal, and 12 of his former players have become NBA head coaches. He is the author of 40 books and a devoted father to 19 children. E-mail him at pwilliams@orlandomagic.com, or visit patwilliamsmotivate.com.