6 Wealth Creation Tips From Top Billionaires
Posted by Pierre de la Fortune on November 21, 2015 @ 12:01 a.m.
Written by Evelyn Lim
While you may not be physically up close to a billionaire, you can still gleam their fine wisdom from their words.
Wealth building tip 1: Trust that gut of yours: it doesn’t lie
Donald Trump, Real Estate Mogul: “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.”
We all have that gut reaction when we just “know” that something is going to be a big hit, or a real disaster. Listen to it to your advantage to build your fortune. Everyone has topics that they easily have knowledge at their fingertips, perhaps like Mr. Trump, you’ve grown up in a family that has been successful with real estate. This gives you a great advantage over someone that knows little about the subject. Finally — and most importantly — be grateful when you don’t take a chance on some of those big fish. Sometimes they aren’t such a big break as you’d think they are.
Wealth building tip 2: Guard your reputation – it’s all you’ve got
Warren Buffet, Investor/Philanthropist: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Everyone has a reputation to protect in business and their personal life. Your reputation is truly worth its weight in gold. People will choose to do business with — or without you — based on your reputation. Build a rock-solid reputation that people will want on their team every time.
Wealth building tip 3: Life is a greater school than any university ever will be
Bill Gates, founder of Microsoft: “If you think your teacher is tough, wait until you get a boss. He doesn’t have tenure.”
Many students think that real life is going to be just like school. It isn’t in many respects. To build your wealth you need to be more proactive, aggressive and a true self-starter. Some bosses may seem difficult to you, but when they put pressure on you to perform it is because they are under that very same pressure from their bosses.
Wealth building tip 4: Keep going when the going gets tough – it makes the difference
Paul Allen, founded Microsoft with Bill Gates: “We’ve had some tough times, but we’ve hung in there.”
Some that hear about billionaires think that their lives are simply about making money hand over first. This very often is not the case. Even a billionaire has their hard times. To build your wealth, stick it out through the hard times. Be willing to do the necessary work to come out in the end and receive the fruits of your labors. Every business has its lean years and times when things just don’t look like they are working out. The smart business owner sticks them out, knowing they can build wealth with time and perseverance.
Wealth building tip 5: Follow your passions
Richard Branson, founder of Virgin Brand: “I wanted to be an editor or a journalist, I wasn’t really interested in being an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.”
Building wealth is about following your passion. When you are passionate and love what you do, you can’t help but succeed. Billionaires work long hours and many of them are known to work seven days a week. That’s intense passion for you! Find your passion to build your wealth. When your passion is at work your wealth will continue to build and build.
Wealth building tip 6: Expect gains and expect losses too
Steve Jobs, founder of Apple and CEO of Pixar Animation Studios: “I’m the only person I know that’s lost a quarter of a billion dollars in one year…. It’s very character-building.”
When building a large fortune, you need to be open to taking risks. Taking risks is the best way to building your fortune even more. But in taking risks there are times you do not succeed. The successful wealth builder accepts and welcomes this potential for risk, knowing that they can always make more money, but they need to pursue the opportunity while it is in front of them.
For more info please visit: http://www.wealthforteens.com/entrepreneurship/6-wealth-creation-tips-from-top-billionaires/
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