Start with nothing and grow up
Lots of wildly successful people started with nothing and fought hard every day of their lives to make it. Starbucks founder and CEO Howard Schultz and Goldman Sachs CEO Lloyd Blankfein grew up not far from where I did in Brooklyn. Competition and adversity breed great leaders.
Do what you love … and pray there’s a market for it.
Steve Jobs said, “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” He was absolutely right. If you follow your passion – and so do customers – the money will follow.
Follow the yellow brick road … to Silicon Valley.
The high-tech industry has created enormous wealth for millions of people, and not just top executives, either. Microsoft alone accounts for an estimated 12,000 millionaires among former or current employees. The reason? Technology startups are the land of equity and opportunity.
Own your own business and live like a monk. Two thirds of America’s millionaires are self-employed. The vast majority are small business owners who live on budgets well below their means, invest their money, and never received any kind of inheritance, according to the book “The Millionaire Next Door.” Do you really need that new car or iPad? Nope.
Take risks, make mistakes and trust your gut.
Most people are either ridiculously risk averse or take dumb risks they know they shouldn’t take. Take smart risks, the ones that make sense to you. Trust your gut. You’ll be wrong more often than not but that’s okay. Nobody ever got ahead by playing it safe.
Work your living tail off and make lots of sacrifices.
Yahoo CEO Marissa Mayer is a serious workaholic who works 90 hours a week. So does Elon Musk, who runs two companies and is not much of a delegator. The same was true of Steve Jobs when he ran Apple and Pixar. You get out of life what you put in.
Manufacture your own luck.
It’s said that luck is when opportunity meets preparedness. While it’s true that I’ve been very, very lucky, it’s also true that I never stopped searching for opportunities and never hesitated to go for it when I found even a glimmer of a possibility. My advice: quit tweeting and linking and get out and network with real people in the real world.
I’ve seen it over and over again: one of the most common killers of wealth is the good old “divide by two.” Think about it. Each time you get divorced, that’s another divide by two. Divorce is a geometric progression – to the poor house. That’s why only the poor and very rich can afford it. If you’re in the middle, forget it.
Diversify, diversify, diversify.
That age-old axiom is so true it isn’t funny. I have an old friend – a former senior executive like me – whose investment strategy has always been to put his money in as many different places as possible. It takes time and effort but the payoff is huge. Save your money, invest it wisely and diversify.
Article written BY STEVE TOBAK via Entrepeneur