Last time I checked, there were 503 billionaires in the world. That’s pretty insane, and it’s even crazier to think that most of these men and women built their own wealth. That’s right: rags to riches. It’s even plausible to recognize the fact that you could be number 504. Here’s some advice from the world’s leading financial wizards on what to do, and how to upkeep your empire.
The man who revolutionized the CIA with innovative databases is possibly the most aggressive when it comes to acquisitions. He’s the founder of Oracle, one of the most-used software pieces to date, and believes that when you go for a big acquisition, you need to have the cash-on-hand.
“We use our money for a variety of things. We buy back stock, we pay dividends. We haven’t made any large acquisitions for a while. You know? We’re kind of saving our nickels and dimes. We might do something interesting, one of these days.” – Larry Ellison
Long before running for mayor of New York City, Bloomberg was already a thriving businessman. His investments in his own company, after leaving Salomon Brothers in 1972, proves to be one of the most well-used implementations of knowledge gained from your initial career venture.
“I’ve never met a Nobel Prize winner who didn’t think they had an awful lot more to learn and wasn’t studying every single day. So, when a parent says, ‘How much does my kid have to learn before they can stop studying?’ I don’t know how to break this to you, lady or sir: there is no answer to that.” – Michael Bloomberg
The most legendary investor of all-time—Warren Buffet has been the authority on money and putting your chickens in the right basket, and with a net worth rising by millions of dollars per day, how can you deny that? He loves what he does, and balances the raw corporate side of things with his own beliefs in what will or will not work.
“Successful investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.” – Warren Buffet
In all of history, nobody has accumulated their own wealth as quickly and shaped the world as rapidly as Mark Zuckerberg. While Steve Jobs definitely competes, Mark made his billions before he could even spend a penny of it on alcohol, and continues to do so through his trademark design: “Think like a hacker.”
“In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg
Did you really expect anything less? Bill Gates is living testament to both believing in what you do, and making a fortune doing it. Businessmen who head out into the world and only care about making money—as in not believing how they make it—are destined to fail. Bill Gates has focused on the innovative side of things.
“You know, development sometimes is viewed as a project in which you give people things and nothing much happens, which is perfectly valid, but if you just focus on that, then you’d also have to say that venture capital is pretty stupid, too. Its hit rate is pathetic. But occasionally, you get successes, you fund a Google or something…” – Bill Gates
Information for this article has been provided in part by Business Insider.