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Longhorns, rodeos, conservatives and Chuck Norris. Yeah, we’re talking about Texas.
This big state has some big stereotypes. But when it comes to money, Texas has it made: The economy is booming, the billionaires are making bank, and pro football players are coming out of the woodwork.
So what can the rest of us learn from the Lone Star state? Here are five surefire money lessons Texans know better than just about anyone else.
1. Texans Know How to Win at Business
Texans have a strong work ethic, and it shows. Maybe that’s why Forbes magazine ranked Texas one of the Best States for Business. The state also claims 52 corporate headquarters on the Fortune 500 list, with companies like Exxon Mobil, AT&T, Southwest Airlines and Whole Foods Market.
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The Lesson: Your income is your biggest wealth-building tool. It’s how you’ll get out of debt and invest in your future. So if you need more of it, do what the Texans do: Go out, kill something, and drag it home. Nothing will change your money situation faster than hard work.
2. Texans Know How to Make Billions.
With a state this size, it’s no surprise that more than 50 billionaires call Texas home. One of our personal favorites is Mark Cuban, the Dallas Mavericks owner and fixture on ABC’s hit series Shark Tank. Why? Because he knows debt and business don’t mix.
“If you take a loan, you are no longer the boss,” Mark said during a recent segment of The Dave Ramsey Show. “And your customers are no longer the bosses. Your banker is the boss.”
The Lesson: More borrowing equals less power. So be like Mark and stay out of debt and in control of your money. If it worked for him, it can definitely work for you.
3. Texans Know How to Graduate for Less
In an age where young people are saddled with an average $27,000–29,000 in student loan debt after college, Texas is proving you can do it for less. In fact, eight of its public universities made it on this year’s list of Most Affordable Large Public Colleges, according to Affordable Colleges Online.
The Lesson: Instead of going tens of thousands of dollars into debt, parents and students should look for in-state schools with budget-friendly tuitions. It’s not about where a student goes to school. It’s about what they learn while they’re there—and how they apply themselves afterward.
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4. Texans Know the Value of Teamwork
If you’ve ever watched the long-running TV show Friday Night Lights, you know a thing or two about Texas and its obsession with high school football. Not surprisingly, the state ranks third when it comes to producing pro football players, according to Best Tickets’ annual NFL Player Census.
The Lesson: If you want to win with money, you need the right team of people behind you, like your spouse, your financial planner and your insurance agent. Once everyone’s on board and working together, you’ll move that much closer to your financial end zone.
5. Texans Know How to Spot a Fake
Most Texans know the phrase “Big hat, no cattle.” In case you aren’t familiar, it means someone talks a big game but has nothing to back it up. And that ain’t good.
The Lesson: When you go into debt to keep up appearances, you’re only hurting yourself. No car or boat or house is worth drowning in interest payments and past-due bills. So forget about the pressure to look good and start focusing on your family’s future rather than your neighbor’s opinion.
The Big Takeaway
Don’t let their Texas twang fool you—these people know how to get things done. In fact, they’re leading the country with the second-largest economy after California.
So follow their stride when it comes to staying out of debt, working hard, and winning big. And don’t even think about messing with Texas. Chuck Norris will find you.
Dave and his team are coming to Texas with four live events. Get the details for each event now.