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Best Pieces of Money Advice from Forbes Billionaires

Forbes top ten billionaires recommend taking risks, thinking outside the box and pursuing not for money, but for a dream.
be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

Forbes top ten billionaires recommend taking risks, thinking outside the box and pursuing not for money, but for a dream.

Jeff Bezos: Avoid the ‘as it should’ trap

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

Jeff Bezos planned to sell almost all the books on the Internet through Amazon. But none of the experts with whom the businessman consulted considered that this idea could be realized. Most of them advised focusing on popular genres and publications.

“Every reasonable person we asked told us not to do this. We got good advice, we ignored it, and that was a mistake. But this mistake turned out to be one of the best things that happened to the company.” Jeff Bezos

Due to the variety of positions, the Amazon website became popular among users at the start, and information about it began to spread through word of mouth. Probably, if the team had launched a more traditional project, it would not have received such fame.

Bill Gates: Surround yourself with people who pull you up

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

In 2017, Bill Gates gave some advice to high school graduates and pointed out the importance of the environment.

“It’s natural for a person to move in the same direction in which people close to him move. If your friends are used to being content with the small, it’s not surprising that your fervor has faded over time. And vice versa, successful people around make you believe that you can do more. Surround yourself with people that challenge you, teach you and motivate you to be the best.” Bill Gates

The billionaire considers his wife to be such a person. Melinda Gates is an entrepreneur and philanthropist. She has been married to the founder of Microsoft since 1994.

Warren Buffett: Invest in Yourself

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

A businessman offers to consider a career as  business, and himself as a main product. It makes no sense to produce goods that the consumer does not like. You will not ‘sell’ yourself and not get the dream job if you do not invest in your own growth.

“The best investment you can make is investing in your abilities. Everything you do to develop your own skills or business is likely to be effective.” Warren Buffett

Bernard Arnault: Money is not a goal, but a consequence of success

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

In finance, long-term planning is of great importance. You can pursue easy profits, get money, and eventually the business will collapse. Arno offers to think long-term and imagine what will happen to the brand in five, ten years, instead of evaluating the revenue of the next six months.

In his opinion, the key to success is to create something timeless and constantly add something trendy to it.

“Money is just a consequence. I always tell my team: don’t worry about profitability. If you do your job well, profit will come.” Bernard Arnault

Mark Zuckerberg: Do not be afraid to take risks

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

In an interview, the founder of the popular social network said that doubts impede progress toward success. The path to Facebook’s popularity took longer because of concerns that Google would make a similar product and the project might not take place.

“The biggest risk is not to take risks. In the world that is changing very quickly, the only strategy that is guaranteed to fail is not to take risks.” Mark Zuckerberg

Amancio Ortega: Do not believe in unconditional success

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

The Ortega’s story is a vivid illustration of how to get out of poverty and become one of the richest people in the world. At 13, he dropped out of school, as there was not enough money and he had to go to work. Starting as a messenger in a shirt shop, Ortega managed to create the Inditex empire, which specializes in ‘fast fashion’.

At 82, Ortega goes to the office almost every day, communicates with employees and listens to their ideas. And the business is fully focused on the customers’ wishes.

“The worst thing that can be done is to become complacent. Success is never guaranteed. I never allow myself to be content with what I have one, and I have always tried to instill it in everyone around me.” Amancio Ortega

Carlos Slim Elu: Do not be afraid of competition, study rivals

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

The businessman made his first million at the age of 17. This became possible due to the fact that he began to invest at 10 years old – not without the help of his father. Carlos Slim El has been following his advice so far, which he himself has repeatedly admitted.

According to him, “competition makes you always better, even if the competitor wins.” He advises competing at the highest level in order to understand how good you can be.

“Think of an athlete. He can be very good at home, but not as good as his neighbors. To understand this, you need to go outside the house.” Carlos Slim Elu

Charles Koch: Appreciate the Mistakes

be-in-the-loop - Best Pieces of Money Advice from Forbes Billionaires

According to Charles Koch, most of the innovations come through trial and error. Moreover, the latter also make sense, even if it harms the cause. You will not simply try anything new if you avoid failures.

“If you think you are experimenting and you never have setbacks, you are not really experimenting.” Charles Koch

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