5 Money Lessons You Should Learn from Successful Entrepreneurs

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As the World grapples with labor shortages, inflation and the fear of recession, one thing that’s is not in short supply is money advice. The internet is flooded with people peddling advise on how you can make a quick buck doing this or the other.

The advice sounds good except that it is mostly regurgitated, and the people spewing it don’t have a dime to their name.

Now I have been writing a series titled crack the money code, and I don’t want to sound like another internet fad, so here is money advise from five successful Entrepreneurs you should use as a benchmark when scouring the internet.

1. Robert Kiyosaki — Focus on growing your income

Robert Kiyosaki is the father of the well-known money making financial formula, — the Cash flow quadrant, and also known for his popular book Rich Dad, Poor Dad.

He is an investor, and a serial entrepreneur to boot, his advice: –

“It’s more important to grow your income than cut your expenses. It’s more important to grow your spirit than cut your dreams.”

He puts emphasis on growing your money as opposed to saving it. His advice is evidence based, he points out that wealthy people focus on investing and letting their money ‘work’ for them. They look for income-generating channels and not high interest saving tools.

According to Kiyosaki its ‘poor’ people who choose to remain comfortable and save. Follow his advice and you won’t go wrong, he lives by his mantra and is a multi-millionaire many times over. His advice works, he has a net worth of over $80 Million.

2. Bill Gates: Save like a pessimist but invest like an optimist

Our second financial guru needs no introduction; Bill Gates founder of Microsoft was the world’s youngest billionaire at just 31 years of age, and in 1995 became the world’s richest man, a title he held onto for several years.

Bill has probably the most powerful money lesson for Entrepreneurs. His advice pegged on his beliefs is that — you can be optimistic in the long run if you’re pessimistic enough to survive the short run.

He suggests saving like a pessimist, being skeptical, saving heavily knowing you could incur losses or your business could fold, — in other words prepare for any eventuality.

He further explains that good investing boils down to surviving short-term obstacles to enjoy long-term rewards that come from the odds working in your favour in the long run.

3. Oprah Winfrey — Forget The Blame Game

We all love Oprah, and she has the most practical advice for everyone struggling to keep their business alive.

As the world’s most famous, and one of the richest women, and a philanthropist, who crawled from down below, she has advice for entrepreneurs fighting to break through tough times.

Here is how to look at the world through Oprah’s lenses:

“I don’t think of myself as a poor deprived ghetto girl who made good. I think of myself as somebody who from an early age knew I was responsible for myself, and I had to make good.”

Take charge of everything happening to you, forget the blame game and work towards your success, what happened or didn’t happen doesn’t matter. Who you are and who you should have been is not important, what’s important is that you own your tomorrow, make something of it, choose to make a difference.

4. Mark Zuckerberg — Be Proactive About Your Finances

Mark Zuckerberg the CEO of Facebook, has concise and precise advice, he advises that you should make immediate priority to pay your debts, save for retirement, and to invest. Why? because according to him that’s how you reap future benefits.

He further adds that you shouldn’t wait until you are almost retiring to start saving or wait until you start receiving calls from debt collectors before you start paying your debts, that’s a recipe for disaster. He is right.

5. Elon Musk: Sweat for your Millions

Our final business sage, Elon Musk, with tons of hot advice, because he still occupies the coveted title of the world’s richest man, has ‘hot from the press’ advice, and it’s about getting your hands dirty, rolling your sleeves and sweating it out.

Doesn’t sound practical if all you are interested in, is becoming an instant millionaire, but it works. Here is what he says,

“You’ve got to do all sorts of jobs and tasks that you might not wish to do, that are not intrinsically interesting to you, — You’ve got to be prepared to do whatever it takes, work whatever hours. No task is too menial. I think that’s the right attitude for the CEO of a startup.”

He isn’t making that up, the guy has a grueling 7-day work ethic. During the first four years of building Tesla, he slept on the office couch, showered at a nearby YMCA, and didn’t complain. The office was tiny, nothing glamourous or comfortable, but he had to share code every night to keep his website up and running.

Are you still waiting for some magical formula for making money? Look into the lives of these Entrepreneurs, — their entire path to success is magical, hard life lessons anyone can emulate, and you should too if you want to build a sustainable empire.

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