Everyone’s got advice to give, but not everyone has a bank account with a few billion to back up their quick tongue. In this article, we have pulled together the words of wisdom of legendary billionaire investors and super wealthy business magnates to offer up some of their finest advice.
So, if you’re going to take recommendations on planning your business, or simply living life, make sure you’re getting it from quality sources. That being said, here are some solid tips from a few very wealthy people that can be applied to your life regardless of your financial situation.
Bill Gates Best Financial Secret
Bill Gates is one of the wealthiest people on the planet, and while he doesn’t often speak about finance, or investments there is still a whole lot that we can learn from him. Much of his advice applies to personal achievement, business ventures or money tips. For the sake of keeping things brief, we will cover only a few.
Gates preaches that you should learn from your losses and not from your successes. To quote the man himself, “success is a lousy teacher. It seduces smart people into thinking they can’t lose.” This is a great point, and everyone should keep this in mind regardless of the situation. It’s easy to get greedy after a few good trades, and it’s even easier to lose your grip and spiral out of control when you’ve been on the up for some time. While it may be hard, it will be of great benefit to separate yourself from the moment and take a second to reflect.
Warren Buffett’s Best Financial Secret
Warren Buffett is a name synonymous with business, and for good reason. The Oracle of Omaha was the most successful investor of the 20th century. Buffet summaries his investment philosophy quite nicely with this one liner – “whether socks or stocks, I like buying quality merchandise when it is marked down.”
The Oracle of Omaha strongly believed that you weren’t buying stocks, but you were buying businesses. And sometimes, the market is willing to sell these businesses for less than their true worth – and this is the signal to buy. Seems simple enough, right? It was for Buffett – some of his largest hits are American Express, Disney and Coca-Cola, all of which he got at a great discount.
Warren Buffett adhered to this value-investing principle since the ‘50s, and I think it’s fair to say that he is doing alright for himself.
Marc Cuban’s Best Financial Secret
This super entrepreneur is living the life – besides his many successful business ventures, his beloved Mavericks and his modest gig on Shark Tank, the busy man has also recently written a book on business, where he tries to spread his simple message of success. Much like what his father told him, and what your father might have told you, too – “hard work pays rewards, there are no shortcuts.”
Cuban is a strong believer of staying debt free, especially when it comes to starting a business. “If you take a loan, you are no longer the boss,” Mark says. “And your customers are no longer the bosses. Your banker is the boss. And if you hit any adversity, like every startup does, the priority becomes taking care of your banker . . . You’re no longer in a position to do whatever it takes to survive.” Saying, “don’t be a slave to the bank” is easy, but in reality starting a business without a loan is impossible, right? Wrong. According to Cuban, the vast majority of today’s companies can be started without any capital. You just need to work hard, “there are no shortcuts.”
Oprah Winfrey’s Best Financial Secret
Oprah Winfrey is a household name, most likely known for her syndicated talk show. Her success in the building of her own business empire is well known, and she’s not shy to talk about her financial successes and failures. Many of us have setbacks, failures, or financial dreams that we think are out of reach, but according to Oprah we can all get where we want to go if we apply ourselves to our fullest potential.
Oprah is a strong believer in the power of the mind, stating that, “you become what you believe. You are where you are today in your life based on everything you have believed.” Her words are sure to motivate, and push people to change. Very few things in life come easily, and this quote is a reminder that a person can change his future by merely changing his attitude. There are many paths to financial independence, and it might take you a while to find yours, but if you work hard enough, it’s inevitable.
Donald Trump’s Best Financial Secret
Donald Trump is one of the most famous entrepreneurs in the world. The real estate mogul has been active in the business world for over 40 years. And when he is not too busy making TV appearances, writing books or considering running for president, he shares his career wisdom with the world. The reach of his advice is wide spread, and his tips can apply to your life regardless of who or where you are.
While there are many tidbits of advice that Trump has offered during his business presence, we will just focus on what’s most important. And according to Trump, it’s passion. Trump says that “you have to love what you’re doing,” and if you’re invested in your job, you will stand out. When you love what you do, the quality of your work can only improve. While intelligence will play a huge role in your success, you should also take some time to learn from others. Trump says that it’s important to keep up with your competition, and observe. You can see what works and what doesn’t, simply by watching your competition. You don’t have to make mistakes to improve when you learn from others.
What to Take with You:
While the very successful, uber-wealthy, and highly influential people outlined above all have a different approach; there is still a few things they have in common. Each and every one of them points out that success doesn’t happen by chance. On the contrary, it takes hard work, dedication, and often times a large dose of good luck to succeed. That being said, you can surely give yourself an advantage by learning from the success of the five billionaires listed above. Take their advice, and apply their tips to your own business, or lifestyle and you’ll take your first step to making your own riches. And who knows, maybe one day someone will write about your best tips and advice.
|RECOMMENDED STORIES:||Promoted Links|