20 Financial Advice From 2019 Wealthiest To Heed To

Start 2020 well equipped with financial advice from the richest!

By Sophia R
20 Financial Advice From 2019 Wealthiest To Heed To

Who are the Top 5 Wealthiest?

1. Jeff Bezos

Jeff Bezos, with or without a divorce, is the 1st on the Forbes List of the richest in the world. Bezos made history in 2018 becoming the first person to overcome the 100,000 billion dollar barrier. The 54-year-old Amazon owner was also number 1 in the 2018's Forbes Richest List.  He also owns the Washington Post and Blue Origin. 
 

Currently, his fortune exceeds his 2018 numbers 131,000 billion is its assets according to the Forbes 2019 List.
 

Of course, this fortune is shared with his family ... Before the imminent divorce of Jeff Bezos and his wife Mackenzie, Forbes has decided to add "and family" behind the name of Jeff Bezos.

2. Bill Gates

https://es.wikipedia.org/wiki/Bill_Gates

Together with his wife Melinda, Bill Gates chairs the Bill & Melinda Gates Foundation, the world's largest private charitable foundation. They work to save lives and improve global health. He also works with Rotary International to eliminate polio.
 

As almost everyone will know, Gates gathered his fortune with Microsoft, but since then he has been selling or donating most of his shares, so he now only has more than 1% of them. He has invested in a mix of stocks and other assets but remains a member of the Microsoft board, which he founded with Paul Allen in 1975. To date, Gates has donated about $ 35.8 billion in Microsoft shares to the Foundation. Gates. 

Thanks to all of these incomes, he now has 96.5 billion in his power. 

3. Warren Buffet

https://www.estrategiaynegocios.net/empresasymanagement/1349533-330/warren-buffett-las-personas-exitosas-dicen-que-no-a-casi-todo

Known as the "Oracle of Omaha," Warren Buffett is one of the most successful investors of all time. He handles Berkshire Hathaway, which has more than 60 companies, including Geico, Duracell and the Dairy Queen restaurant chain.
 

Buffett has promised to donate 99% of his wealth before his death. In 2018, he donated 3.4 billion euros, most of which went to the foundation of his friends Bill and Melinda Gates. In 2010, he and Gates launched ‘Giving Pledge’, which asks billionaires to commit to donate half of their fortune to charitable causes.
 

As for today, Warren Buffet has 82.5 billion dolars.

4. Bernard Arnault and Family

https://www.entrepreneur.com/article/343067

Bernard Arnault, one of the main people in finding what is fashionable, controls an empire of 70 brands, including Louis Vuitton and Sephora. Its luxury goods group achieved a record of sales and profits in 2018, thanks in part to the increase in Chinese consumer expenses. The patron of the arts is the visionary behind the Louis Vuitton Foundation museum, designed by Frank Gehry, with a budget of $ 135 million that opened in 2014.
 

The fashion world has made his networth be 76 billion dollars. 

5. Carlos Slim Helu and Family

https://www.entrepreneur.com/article/343067

Fifth in the list and last in this top 5, Mexico's richest man, Carlos Slim Helu and his family control America Movil, Latin America's biggest mobile telecom firm.
 

He also owns stakes in Mexican construction, consumer goods, mining, and real estate companies and 17% of The New York Times. 

Thanks to all of this, he now has 64 billion dollars in his power.

20 Financial Advice from the 2019 Wealthiest

Good business advice is always welcome, and much more when they come from the richest men in the world. If someone knows how to run a business, it's them.
 

So take note of these 20 business tips given by the richest entrepreneurs in the world:

1. Turn saving into a habit - Warren Buffet

https://cincodias.elpais.com/cincodias/2019/12/24/companias/1577185630_497513.html

It may seem silly, but if you bought the typical piggy bank as a child and encouraged you to throw a couple of coins a week, you might become a regular saver. Like many great habits, saving is also taught as a child, as Warren Buffet, CEO of Berkshire Hathaway, defends. That is why it is also no-nonsense that the management of the economy is encouraged in the institutes.

2. Focus on making partnerships - Bill Gates

https://www.neoteo.com/bill-gates-ama-las-mejores-respuestas-de-bill-en-reddit/

The success of the richest man in the world is based largely on his ability to partner with large firms to grow his business. From the beginning, Bill Gates focused on partnering with large companies and had no problem assuming a secondary role at times.
 

Microsoft did not start with a leading role, but along the way they added experience. Today MITS and Digital Research do not exist, IBM no longer manufactures computers, while Microsoft continued to evolve and is now the most used operating system in the world.

3. Take advantage of your resources - Jeff Bezos

https://www.businessinsider.es/consejo-duplico-productividad-amazon-primer-mes-558467

Jeff Bezos has told many times that when he founded Amazon in 1994 he made desk tables with doors, and today awards prizes to those employees who come up with ideas like these, which save a lot of money. Less is more, take advantage of everything at your fingertips, be decisive and get out of the comfort zone. The method is to analyze your resources and squeeze them to the fullest, he tells us.

4. Learn how to invest - Bernard Arnault

https://es.wikipedia.org/wiki/Bernard_Arnault

Investing is a habit that many people refuse to incorporate into their financial customs because they believe it is too risky or that they will lose money. The key, then, to surround yourself with a trusted agent (or a circle of them) to advise you where to put the money to collect the fruits later. This is what Bernard Arnault defends from the luxury conglomerate LVMH. You can also invest in your own business, of course.

5. Worry about your customers - Amancio Ortega

Amancio Ortega, the creator of Zara, stars in a perfect story from poverty to wealth. Since launching Zara in 1975, he focused on getting customers what they wanted quickly. That strategy of always satisfying customers placed their store in the first place. 
 

In the many stores of Ortega new merchandise is added twice a week. Instead of concentrating on fashion shows, Zara follows its clients' fashion blogs to learn about what they want.
 

“Our customers are the most important, both in the creation of collections and in the design of our stores” - Amancio Ortega.

6. Lead a sober lifestyle - Jeff Bezos and Amancio Ortega

This is something that businessmen like Jeff Bezos, from Amazon, or Amancio Ortega, from Inditex has adviced other bussinessmen. We tend to think that being rich means throwing away money, and nothing is further from reality. They know it well. You have to know where to put your bucks: invest in a great trip if that makes you happy, but be aware of the benefit of cutting yourself into other things. If you sacrifice a weekly dinner outside, at the end of the year you will have saved a lot.

7. Invest in education - Bill Gates

https://cnet3.cbsistatic.com/img/nogNWEEo0O9zGZJbSwb_9Yi9720=/1200x675/2020/01/23/64201d2f-affb-436d-8596-9ef41ee58696/twitter-in-stream-wide-bill-gates-favorite-tweets.jpg

"What is your best financial advice for someone who wants to earn $ 100,000 a year?" "Let him invest in his education." These are the words of Bill Gates in a 2014 Reddit session. If this is said by the founder of Microsoft and once the richest man in the world, it has to be important, right? Gates is also an advocate of philanthropy and investing in the most disadvantaged so that future generations live better and succeed.

8. Trust your vision - Michael Bloomberg

https://i.insider.com/5de5476dfd9db2428b54c762?width=1100&format=jpeg&auto=webp

Some say that one of the keys to being rich is to visualize yourself as a young person as if you already were. It is not a recommendation for skeptics, but trust your own intuition and make your mistakes a new advantage. Michael Bloomberg says that if he had not fired him from Salomon Brothers he would never have founded IMS at 39. If you do not have a vision, you will be unable to fulfill it. Trust your ambition and set your goals.

9. Think about your managers - Warren Buffet

Warren Buffett, the third richest man in the world, is a fervent believer surrounding himself with wise people, and he himself has become a very inspiring person.
 

Buffett focuses its investments on promising companies with great future potential. When you acquire new companies, look for the best executives and managers. 
 

The philanthropist hires the most qualified employees for his companies, and gives them confidence to run the company.
 

“Choose associates that are better than you” - Warren Buffett.

10. Focus on competition - Carlos Slim Helu

Carlos Slim Helú, the richest man in Mexico, has focused on the competition. Instead of wanting to disappear competitors, Slim has worked to be better than everyone.
 

Slim believes that competition keeps you fighting, it doesn't allow you to lower your guard or give up, and that makes you better.
 

“The competition makes you better, even when they beat you” - Carlos Slim.

11. Never stop learning - Bill Gates

Bill Gates has already said several times that he left his career at Harvard University; But the only reason he did it was because he saw a great opportunity to start his own software company.
 

In fact, Gates is passionate about learning new things, and many times he went to classes where he was not enrolled to educate himself in other subjects.

12. Reinvest your profit - Warren Buffet

When we earn money, the temptation arises to spend the profits. But don't do it! The best thing you can do is spend the profit earned on new investments. Buffett learned at the beginning of his career that the more money you invest, the greater your income potential.

13. Recognize others - Bill Gates

When asked in an interview what was the best decision he had made regarding his business, Gates replied: "my best business decisions have been those that had to do with choosing the people I have worked with."
 

Although he and the person with whom he founded Microsoft, Paul Allen, have sometimes had a complicated relationship, he has always recognized his partner's work and the importance of his help for the company.

 

14. Think differently - Warren Buffet

When Buffett began his investor career, many considered him strange. He worked in Omaha, not on Wall Street and also refused to inform the partners where he was investing his money.
 

Many investors agree that it is not worth following the crowd blindly. It is important to have your own opinion, which may differ from the majority opinion. If you are sure of your decision, then it is worth moving forward with it.

15. Think positively - Jack Ma

Have you ever bought something on Alibaba or AliExpress? The tycoon behind these e-commerce giants or internet sales companies is called Jack Ma, and he was the first Chinese businessman to be the cover of the international Forbes magazine.  According to him, the key to his success is being positive.If you get depressed frequently and complain about life, this becomes similar to alcoholism; The more you drink, the worse it becomes. On your way to success you will realize that successful people do not complain and do not cry.  

16. Avoid debt - Carlos Slim

 One of the big problems that a company has is that it begins to spend its profits when it sees the first profits. Managing a business is not easy, so it is advisable to avoid temptations and use the profits to invest. Carlos Slim advises us to avoid spending in order to not create debt for your business, as that will only make everything harder.  

17. Stop putting failure as the worst - Elon Musk

https://www.cnbc.com/2020/01/17/elon-musk-tells-jack-dorsey-how-he-would-run-twitter.html

Elon Musk, the renowned billionaire and founder of companies such as Tesla, Space X, Hyperloop and Solar City, is a visionary who is ahead of his time and works for the progress of humanity. One of his main advice is to stop thinking of failure as the worst: "Failure is an option. If you are not failing, you are not innovating enough"

18. Discuss agreements in detail - Warren Buffett

Even in his childhood, Buffett learned that it is very important to negotiate all the details of an agreement. That is because when he was a child, a relative asked him to clean the snow after a big snowstorm. After working with his friend in the cold to remove all the snow, the boys received only 90 cents. What happened taught Buffett a lesson for a lifetime.

19. Employment is important - Steve Jobs

https://www.fayerwayer.com/2011/10/steve-jobs-en-sus-propias-palabras/

Steve Jobs was a very controversial man but whose drive and vision gave life and catapulted to the heavens one of the most famous companies in the world today: Apple.
 

He always talked about how important employment and recruiting is for any company. He said that it makes no sense to hire smart people and then tell them what they should do. You should always hire smart people to tell you what you have to do.

20. Learn from your mistakes - Bill Gates

Gates has always said that one of the things he most appreciates about both his team and himself is knowing how to recognize their mistakes, admit them, and work hard to correct them.
 

When he launched Windows Vista, he quickly realized that it was not working, and that is why he and his colleagues worked hard to repair all the mistakes made.
 

You should also always remember that mistakes are not really failures, but opportunities to create something better.

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Summary

Now that you basically now the best advice and secrets that the richest people of the world have used in order to be some big nowadays, you have got no excuse to not pursue your business and financial dreams. Apply all these tips and see how you become more successful! After all, they were given by the best. 

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