9 quotes from self-made billionaires that will change how you think about money and success
“When I look back on whatever my past has been and the successes, my greatest rewards have been the people and the relationships that I’ve had. The money has been an accident. I mean, it’s a good accident, but I happened to be playing a game that I love.”
This is a professional note extracted from an online article.
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“Number one: Sales cures all. There has never been a company in the history of companies that has ever succeeded without sales. Anybody who has ever told you, ‘Don’t worry about sales, you can grow it and worry about sales later,’ they are lying to you. They will fail, you will fail. You have to be able to sell and do you know who the biggest salesperson in your company has to be? You.”
“I thought back on my running career at Oregon. I’d competed with, and against, men far better, faster, more physically gifted. Many were future Olympians. And yet I’d trained myself to forget this unhappy fact. People reflexively assume that competition is always a good thing, that it always brings out the best in people, but that’s only true of people who can forget the competition. The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.”
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A defining characteristic of many millionaires are their willingness to work hard and stick it out in high-paying careers until they are financially independent.
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Most of your behavior is habitual. You can change your habits and the earlier you start, the better.
Saving is a habit. Learn the habits of saving properly early. Pay attention to your money habits. Strengthen those habits that help your finances, and break the habits that hurt your finances.
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When we notice the relationship between money and time, we realise that wealth isn't necessarily an abundance of money, but an abundance of time. When you gather a lot of money, you collect a large store of time which you can use as you want.
Financial independence is then geared to having saved enough, so you're no longer required to work for money. Yet, many people spend so much time gathering stuff but don't set aside anything for the future.
An irony of modern society is that many people work more to have more money to buy more stuff, but because they have so much stuff, they need more money, which means they have to work more, which means they have less time. To escape this vicious cycle:
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Billionaires are often highly disciplined and set extraordinarily high standards for themselves and the people around them. Of course, they have lazy and unmotivated days but they don’t allow thems...
Routines and rituals are sets of habits that, when practiced consistently, lead to profound, long-term results. Most billionaire routines start early in the day and include exercising, reading and contemplating.
It doesn’t matter when you do your routine activities. What counts is that you commit to doing them — even when you don’t feel like it.
Billionaires love setting aside alone time. .. To think. They might do this by meditating or some other relaxing activity they enjoy.
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Elon Musk uses decision trees to make big decisions (a tool that uses a tree-like graph or model of decisions and their possible consequences, outcomes, and resources). They are particularly useful for avoiding stupid risks and big bets that aren’t likely to succeed.
Most became a billionaire by making unlikely big bets, as their expected return statistically was much higher than safer bets.
One of the best ways to get information is not from just being better at searching Google, it’s from learning how to build a network and get the information you need through that network.
This network should include people’s lessons learned and hacks, topics that are too sensitive to talk about because they make someone look bad, and tacit knowledge (knowledge that people have but aren’t able to articulate).
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“If something is important enough, even if the odds are stacked against you, you should still do it.”
Elon Musk (Founder Of Spacex, Tesla Motors And Contributor To Paypal): Musk, at 12 years old, taught himself to code and sold a game he made for $500. When he moved to Canada, he worked odd jobs including tending vegetables, shoveling out grain bins, and cleaning out gunk from a boiler room in a lumber mill.
In university, Elon sold computer parts to make extra cash and turned his 10 bedroom fraternity home into a nightclub on the weekends and charged a cover. Since then, he’s built several companies, including SpaceX, Tesla Motors, PayPal, and zip2.
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When choosing your side hustle, pick something you want to do, be or achieve, and actively work toward it. Not only will you enjoy the sense of accomplishment that comes with progress...
Spend some time planning. Then spend a lot more time doing. If you're unsure, do something -- and then react appropriately.
It's easy to think and plan and evaluate yourself out of ever starting a side hustle. See starting a side business as the grand experiment it is. Never forget that the fun is in the doing -- not the thinking.
You may need to spend some time on admin and infrastructure. But you don't need fancy spreadsheets, comprehensive reports, a catchy brand or a mission statement.
Successful side-hustlers focus on selling and working. Anything else is time taken away from generating revenue.
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We always think about the risks involved in making a big chance in life. We consider the risks and then decide not to do it. But, the risks shouldn't scare us into inaction.
You can't achieve anything if you lock yourself up in your home. To live life to the fullest, you need to make bold moves. And this doesn't necessarily imply risk-taking.
Try to limit your potential losses. Protect the downside.
“It is only by being bold that you get anywhere. If you are a risk-taker, then the art is to protect the downside.”
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It's when you let your fears or worries dictate your actions (or, in most cases, your lack of action).
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Don’t pick goals where the stakes are low. Failing in a safe zone is just a clever way of holding yourself back.
If you fail inside your comfort zone, it's not really a failure, it's just maintaining the status quo. If you never feel uncomfortable, then you're never trying anything new.
Maybe you'll succeed. Maybe you'll fail. For the most part, nobody cares one way or the other.
The world is big and you are small, and that means you can chase your dreams with little worry about what people think.
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“Be a student, not a follower. Don’t just go do what someone says. Take interest in what someone says, then debat..."
For most people, self-discipline is hard labor. It’s something to despise. But if you approach self-discipline with that attitude, it’s pretty hard to develop it.
Self-discipline is not hard at all. The lack of self-discipline is hard.
When you are not disciplined, you know only one part of the equation: immediate gratification (our desire to experience pleasure or fulfillment without delay).
But delayed gratification (resistance to the temptation of an immediate reward in preference for a later reward) is so much better in the long turn.
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