Learn 8 Money Lessons From Billionaires
It sure would be nice to be a Billionaire, wouldn’t it? While I can’t promise that you’ll start earning millions of dollars or win the lottery, I can share with you 8 money lessons that some Billionaires believe in and follow on a daily basis.
Following these money lessons won’t make you rich, but they are valuable everyday lessons that will help you improve your finances, manage your money properly, and set goals for the future! All of these things will help you to improve your life and your current financial situation.
Lesson # 1 – Quit talking and begin doing:
Walt Disney is a self-made Billionaire who never graduated high school. Walt has been credited with saying “The way to get started is to quit talking and begin doing.” This is a very important money lesson, as well as a life lesson. Everyone likes to talk about their problems, but seldom like to set about fixing them because that requires hard work.
We see it all too often, people that have ignored their lingering debt far too long and they just keep “sticking their head in the sand” hoping it will disappear. I’m here to tell you that it doesn’t work like that. You can’t keep ignoring your debt problems or money problems. They will only get worse if you don’t take immediate and swift action to fix them.
Lesson #2 – Motivation is so important:
Some people might say that a millionaire or a billionaire is more motivated than the average person, but I don’t think that’s true. Motivation doesn’t appear when your bank account is gets larger. Anyone can become motivated, and anyone can do great things! You have to dig deep sometimes, but you already have wonderful motivation within you. Believe that you can move mountains and you will!
Andrew Carnegie has said “People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.” You see, it doesn’t matter how skilled or naturally talented you are at something; if you lack the motivation to use that talent or skill then nothing else matters.
Lesson #3 – One step at a time:
Success doesn’t happen overnight. I’m sure you’ve heard that saying many times, but it’s 100% true! Apart from the talent and all the persistent efforts you make, what matters the most is patience. You need to have patience to achieve success in any endeavor you embark on.
No one is an overnight success; you’ve got to take baby steps towards your end goal. Always take small and sustained steps toward your goals and aim for efficiency by knocking each obstacle down that pops up in your path.
Lesson #4 – Think highly of yourself and others will too:
Warren Buffett has once said “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Value your own self-worth and your own reputation the most. As Mr. Buffett said, it may take plenty of time to build a reputation but only a single deed to lose it all. Build up your good reputation and never do anything that could compromise it!
Lesson #5 – Don’t dwell on mistakes:
Everyone makes mistakes, and that’s a proven fact. The difference between a Billionaire making a mistake and you or me making a mistake is that the Billionaire doesn’t dwell on it. He or she doesn’t even give it a second thought. They view mistakes or problems as learning opportunities. “I don’t remember any mistakes,” the late pharmaceutical billionaire James Sorenson told Forbes, “only the opportunity to overcome problems.”
Lesson #6 – Use your money wisely:
There is a famous proverb that goes something like this: “A fool and his money will soon part ways.” Now, this doesn’t mean that Billionaires aren’t fools from time to time or that they don’t make mistakes (we covered that in the last lesson), but it means that the more you know about finances and money management the less likely you are to use that money unwisely or irresponsibly.
David Howard Murdock, a self-made billionaire, and high school dropout is a prime example of how to use your money and knowledge wisely. He had a chance encounter with a Good Samaritan one day, and he got a $1,200 loan to buy a closing diner. He then “flipped” the diner 10 months later for a small profit. After that, he moved to Arizona and began working in housing and then commercial real estate. When the real estate market collapsed, he moved to Los Angeles where he continued developing real estate opportunities. In 1978, he acquired control of International Mining. Mr. Murdock came up from literally nothing and didn’t even finish high school, but with hard work, grit, determination, motivation, and smart financial decisions he now has over $4.2 billion.
Lesson #7 – You have to work hard:
Top performers work hard, and they often work long hours. That means that successful people do the things that most people don’t want to do. They will work very long hours, usually more hours than any of their employees even. Take Donald Trump for an example. Mr. Trump has said “I am no stranger to working hard. I have done it all my life. As a result, I have become accustomed to expecting success in everything I do. Some people call me lucky, but I know better.”
In the United States, almost 86% of males and a little over 65% of females work more than 40 hours per week. I’m not saying you have to work over 40 hours per week to be financially set, but that part-time job is not going to get you there. If you are content with just working part-time and you don’t want to put in anymore effort or look for a full-time job or take on another part-time job, then I hope you realize that minimum effort yields minimum results.
Lesson #8 – Never ever give up:
This last lesson may be a “no-brainer”, or it might be easier said than done, but it’s the one thing that all of these Billionaires agree on. It’s the one thing that they ALL have in common. They NEVER give up! Even after failures and mistakes, they refuse to ever give up! The temptation to give up is a common one, and nobody is free from that lure. However, if you speak to a billionaire about giving up they will say this: “No matter how hard it gets or how tired you are, never ever give up!” Perseverance is one of the most underrated human emotions. If someone has tons of perseverance then look out, because there’s not much that will stop them! It’s full steam ahead, and that’s how a Billionaire views the world!
Becoming a billionaire is no easy feat, and these people have other employees or even entire companies that handle their money. We don’t have that luxury, and we must handle our money on our own. The best we can do is create a budget, live within our means, make smart money choices, and practice all of these things day in and day out. We also need to reach out for help if we’re struggling with debt. Contact a Non-Profit credit counseling agency for a free credit counseling session!