How to Get Rich- Advice From 3 Famous Billionaires
Learn some lessons from the very best and stop worrying about your finances!
Who hasn’t thought at least once about winning the lottery and getting rich overnight? Well, we hate to disappoint you, but there’s no easy recipe available on how to get rich. There is, however, a whole lot of useful advice from successful businessmen that you can use as inspiration. We have reunited 3 billionaires’ tips to help you!
1. Mark Cuban
The billionaire TV personality who also owns the Dallas Mavericks is, without a doubt, the one to ask for advice on how to get rich. Mark Cuban’s fortune is estimated at no less than 3 billion dollars and, fortunately, he likes to share some of his experience about how to get rich. Here are some of his lessons:
- “There are no shortcuts on the way to get rich”. This is one thing the billionaire makes very clear. There are a lot of people taking advantage of the unstable market who will try to fool you with some scheme. Be weary of them! There is no miracle way on how to get rich fast!
- “Save your money”. This is another thing that Mark emphasizes. If you want to invest in your dream business, you need to save as much money as possible. So if you really want to learn how to get rich, this would be the first step.
- “Take advantage of the changes in the market”. This is another useful tip on how to get rich. It is a matter of acting fast and taking advantage of the right opportunity. It won’t be easy, but if you are patient and keep an open mind, it will be a valuable lesson on how to get rich.
2. Russell Simmons
The famous entrepreneur who founded both Def Jam Recordings and a clothing empire teaches a more spiritual approach on how to get rich.
- “Believe in your business”. It may sound like generic advice on how to get rich, but Simmons knows what he’s talking about. If he’s not passionate about a business idea, he simply won’t invest in it. Therefore, the first step on the way to get rich is to find something you really believe in.
- “Don’t think about the results”. This may sound like crazy advice on how to get rich, but it works. Simmons says that if you worry too much about achieving results, you’ll lose the ability to focus on actually building something.
- “Give your products and services for free”, Simmons advises. This may also seem like controversial advice on how to get rich, but “if you are a good giver, you will be a great getter”, according to the businessman.
3. Warren Buffett
With an estimated fortune of 62 billion dollars, Warren Buffett is easily the world’s greatest investor. His advice on how to get rich is extremely practical. The legendary magnate urges us to leave behind our “how to get rich fast” fantasies and rather try to get rich the slow way.
- “Reinvest your profits”. This is the first tip he gives on how to get rich and also keep your wealth. When your business first starts to earn some profit, reinvest the money, rather than spend it. It will require a lot of discipline, especially for the overspenders, but it will be worth it!
- “Be different”. That is, be willing to stand out of the crowd. This is another valuable piece of advice on how to get rich. Buffett feels that you have to follow your own path and not the crowd’s. He made his fortune with undervalued investments and managed to succeed in spite of the odds.
- “Know when to quit”. This is probably the most neglected aspect in all the lessons on how to get rich. Knowing when to stop investing in a bad business is just as important as being persistent. Buffett advises on admitting defeat at the right time, before your investment is too big to regain.
According to all this valuable advice, it seems that both cautiousness and adventure are necessary in order to be rich. Try to apply what is right for you and start your entrepreneurial journey on the right foot.