Apple is one of the most admired, wealthy, valuable and powerful companies in the world. They are absolutely at the top of their game – their products have created entirely new industries and changed the way business is done in personal computers, movies, music, and mobile phone service. Apple has put computers in people’s pockets (with the iPhone) and brought Star Trek-like technology to life (with the iPad).

When you look at such a big, influential company like Apple, it can be hard to imagine how this company’s success might impact your life and your finances. But if you look closer, there are many lessons that we can learn from Apple as we try to improve our own financial condition.

• Build up your savings: Apple is one of the wealthiest companies in the world in terms of the total cash they have on hand. Despite its reputation for pushing the limits and challenging the status quo, Apple is conservative with its cash. In fact, in July 2011 Apple made headlines for having more cash on hand ($76 billion) than the U.S. government ($73.8 billion). Of course, Apple is wildly profitable and is raking in money hand over fist, so you might say that it’s easy for Apple to have a lot of cash on hand. But the decision to keep cash on hand still represents a specific strategic decision by the leadership of the company. Having lots of cash (instead of giving the cash away to shareholders in the form of dividend payments) gives Apple maximum flexibility to invest in new technologies or acquire other companies. Bill Gates, former CEO of Microsoft, was often quoted as saying that he wanted to always have enough money in the bank to pay his employees for a year. (And Microsoft does this still today.) As you look at your own personal finances, ask yourself, if your job went away tomorrow, do you have enough money to pay yourself for a year? Having a year’s worth of savings gives you the freedom to try new things, start a business, pursue new interests, and not have to constantly worry about losing your job.
• Pay attention to succession planning: What would happen to your family if you died tomorrow? It’s not a pretty thought, but it’s important to plan for the unfortunate possibility, by buying life insurance and planning a will. Apple is an ideal example of how planning for the death of the CEO (in this case, Steve Jobs) needs to be part of every company’s strategic plans. Even though Steve Jobs died young and was often ill during his last years of life, Apple was able to keep going strong because they had a solid succession plan in place. Tim Cook, the new CEO of Apple, has continued to guide the company on its profitable path. He got a lot of practice from serving as Interim CEO during Steve Jobs’ medical leaves of absence. Apple knew that even as special as Steve Jobs was, they needed to prepare for the day when he would no longer be CEO. Every family “CEO” (i.e., every mother or father) needs to do “succession planning” of their own by buying life insurance and writing a will. Give your family the guidance they will need (and prepare them with the financial resources they will need) to keep going and keep thriving even if you’re no longer with them.
• The best things are worth waiting (and saving) for: It’s no secret that Apple’s laptops, desktops, phones, and every other product they offer are generally more expensive than competitors’ products (some would argue unfairly over-priced). Regardless of your view on this, these products are often worth saving money for. We can use the steep price tag as a way to have a savings goal; plan to save for an Apple product and to avoid buying numerous cheap devices that lack the same quality of an Apple device. Apples manages to pour the utmost quality into each new iteration of their various product lines, and they often end up being ahead of the technology game in more ways than one. Their sleek design, beautiful and intuitive user interface, plethora of delightful features, and lovingly crafted packaging create the “wow” experience. There’s a reason Apple’s on top; consumers fall in love with their products. In that regard, spend your money wisely; save up to buy that Apple product that you’ll love and that will last you a long time, vs. buying bargain gadgets that end up being frustrating to use, and lacking in longevity.
• Want to find a job or make more money? Market to your biggest fans first: It’s hard to believe this now that Apple is a corporate colossus, but back in 1997 when Steve Jobs returned as Interim CEO, Apple was almost bankrupt. People thought it would always be a distant #2 to Microsoft. Apple fans were known as “true believers.” Steve Jobs recognized, earlier than anyone else, that in the new world of marketing, you need to market your products to your biggest fans first. These people will then serve as “evangelists” to spread the word on your behalf. Apple became the world’s biggest “cult brand” because of how Apple marketed itself, starting with its inner circle of biggest fans and loyalists. What does this mean to you? Next time you need to find a new job, start by networking with your closest circle of friends and former colleagues. If you want a raise, talk to people who know you well and ask for their advice. If you want to start a business, do some preliminary market research with people who love you and will love what you have to offer. This doesn’t mean you should only talk to people who tell you what you want to hear – but you need to ask people who love you the best to help spread the word about what you want to do with your career.

We can’t all invent the iPhone or design something as awesome as an iPad, but Apple still offers many lessons to anyone who’s trying to put themselves and their families in better financial shape.