8 lessons to learn from Powerful Billionaires
It is everyone’s dream to create wealth, as well as maintain it. The best way to do that is to follow the lead of those that have already made it. Before building a business or an empire, one needs to do the necessary research and get educated about money and how to successfully run a business and making the viable investments. In this article, we will learn some of the lessons taught by some of the most powerful billionaires in the world.
Never borrow a lot
Warren Buffet has never borrowed excessively, even when he was starting out in business. He says, “Nothing sedates rationality like large doses of effortless money.” He has always negotiated with creditors to pay what he can, and when he is debt-free, saved his money to invest. Living on handouts, loans and credit cards will not make you rich.
Never do it all yourself
Andrew Carnegie, whose net worth is $310 billion, says that no person will make a great business who wants to do it all himself or get all the credit. If you do not want to share success, you will end up failing. You need a great team of people around you to help you. It is important to appreciate and give credit to those that help you while you are on your journey.
The people around you define your success
Fred Mouawad, net worth estimated $1.1 billion says that it is mainly all about having the right people, in the right positions, and with the right motivation to fulfill the organization’s mission and goals. You will need a great team around you, to work with you in order to succeed.
Formal education isn’t so important
About 90 percent of the greatest billionaires in the world have a college degree, although it is usually not necessary for success. Some of the world’s super-rich today never even finished high school. Good examples are Steve Jobs and Bill Gates.
Don’t compare yourself to others
Warren Buffet, who has a net worth of $60 billion, says that you should not worry about what everyone else around you is doing. You must stop trying to compete with the people around you. You should never compare yourself to others and only do what you are best at. This is one sure way of getting your dreams and desires fulfilled.
Know when to stop
Warren Buffet is one of the numerous billionaires that have made mistakes but have learned from them and doesn’t repeat them. This is what he says: “I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. That’s part of the game.”
He quickly adds: “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
Do not be afraid to walk away
If you invest in a business and it fails, do not keep hanging onto it as doing so will waste a lot of your time and resources. Simply down your tools, walk away and start something new.
Don’t put all your eggs in one basket
One needs to have about three or four income sources at any given time. Billionaires the world over know how to put their money and resources to work for them and have at least two more sources of income—investments in different trade industries.