If there was a formula to get the fortune of some of the richest people on the planet, we would all follow it. For better or for worse, there isn’t. but several of them have left throughout various interviews and interventions how they see their relationship with money.
To this is added the work of authors such as Tom Corley, a financial analyst and author of, among others, seems to have spoken with more millionaires than any other.
Corley is the author of a book entitled ‘Rich Habits: The Daily Success Habits of Wealthy Individuals’, an essay that is almost a detailed study, as Corley spent several years of his life collecting information and interviewing with successful businessmen and millionaires to write it.
But what do billionaires like Bill Gates, Elon Musk, Warren Buffet, Jeff Bezos or Mark Zuckerberg have in common? We are going to explore the practices that have helped these personalities to accumulate their fortune.
They pay their bills on time
Avoiding commissions is one of the principles these billionaires follow. They have stated on multiple occasions that they prefer to pay their bills on time rather than incur unnecessary fees. In simpler terms, you can opt for automatic payments to avoid late fees.
They know their wealth
These financial tycoons know exactly how much they are worth. They understand how a bank would value them if they had to apply for a loan. Elon Musk, for example, pooled all of his assets when he was planning an offer to buy Twitter, even though it didn’t turn out too well for him.
They are frugal in areas of their lives where they could splurge
Despite their immense wealth, these tycoons lead a relatively modest lifestyle. For example, Elon Musk has stated that he does not own real estate and that his only luxury is his private jet, which he justifies as a tool to buy time. Bill Gates, on the other hand, wears a $10 watch on a daily basis.
They make long-term investments
These personalities understand that short-term investments do not create wealth. Former Google CEO Eric Schmidt Says Short-Term Trades “Won’t Make You Rich”. Instead, he recommends thinking long term and never trying to outperform the market in a short period of time.
Diversify your sources of income
Tycoons are not satisfied with a single source of income. While being a millionaire makes it easy to diversify, it’s a strategy that can be applied on any scale.
fashions are fleeting
These billionaires don’t spend on status items to demonstrate their wealth. It is said that Warren Buffet did not have an iPhone until it was given to him.
Education, your continued commitment
The richest people in the world understand the value of education and investing in yourself. Bill Gates is known to be a voracious reader and Mark Zuckerberg has also shared his love of reading.
Surround yourself with smart people
Billionaires know they can’t do it all by themselves. Therefore, they surround themselves with a team of experts who can help them make informed decisions.
In the end, these financial habits of the ultra-rich teach us that wealth is not the result of a fluke, but discipline, consistency, and an understanding of finances.
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This is the financial habits of the ultra-rich: Gates, Zuckerberg, Bezos, Musk or Buffet