Multi-billionaires like Warren Buffett, Bill Gates and Elon Musk adhered to different money rules, investing methods and life hacks. Tesla CEO Musk, Microsoft co-founder Gates and Berkshire Hathaway CEO Buffett currently feature on the list of Forbes’ top 10 richest people in the world. One can learn from them various essential hacks on ‘how to become rich’ and skills required to build a successful business.
Buffett followed a disciplined value investing approach, prioritising long-term investments in undervalued companies. Another trait of his was remaining patient through market fluctuations.
Microsoft founder Gates earned a lot of wealth and fame through his hard work, continuous learning and innovation. By following some basic mantras of Gates, one can follow to achieve great success.
Musk is known for his risk-taking abilities, founding companies like SpaceX and Tesla that pushed the boundaries of aerospace and electric vehicles.
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When observing carefully the lives and approaches of such successful individuals like Buffett, Gates and Musk, one could find many common traits. Christopher Grove in his book, “The Philosophy of Success,” delves into key teachings one can get from these three personalities. Here are some of the key takeaways from his book:
1. Setting long-term goals:
Warren Buffett: The world’s greatest investor, Warren Buffett, approached investing by taking a long, hard look at where a company will be five to ten years from today.
Bill Gates: Very early in his life, Gates set his goal to take computers to every home, revolutionising the technology industry. It was Gates’ vision which helped his company Microsoft to dominate the software industry for decades.
Elon Musk: The Tesla CEO has always been audacious in the pursuit of his goals. Unconventionally, Musk’s vision extended beyond Earth, with companies like SpaceX aiming for Mars colonisation.
2. Taking calculated risks:
Warren Buffett: He was wary of businesses that were in the habit of making major changes again and again. “We don’t have any formula that evaluates risk, but we certainly make our own calculation of risk versus reward in every transaction we do,” said Buffett once when asked about how he manages risk.
Bill Gates: According to Gates, if you want to do something big in your life then it is necessary to take risk. Gates in his career always found easy ways to get difficult work done quickly and easily.
Elon Musk: Musk has been known for taking calculated risks in his entrepreneurial journey. His bet on disruptive technologies has proved a game-changer.
3. Learning from failures:
Warren Buffett: Buffett has over the years been sharing his initial mistakes in his annual letters to shareholders. He often writes how he bought companies at the wrong price and mistook revenue growth for business success.
Bill Gates: Gates famously said, “It’s fine to celebrate success but it is more important to heed the lessons of failure.” Before setting up Microsoft, Gates along with his partner Paul Allen started a company Traf-O-Data, which didn’t taste much success.
Elon Musk: Despite many SpaceX rocket failures and Tesla’s early struggles, Musk’s persistence led to major successes.
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4. Patience and resilience:
Warren Buffett: Buffett is known for his patience in investing. His strategy often involves holding investments for many years, patiently waiting for them to grow and pay off.
Bill Gates: Gates faced many challenges in the early days of Microsoft, but his resilience helped the company dominate the software market.
Elon Musk: Musk believed in the fact that big dreams prepare an ordinary person for an extraordinary journey in life. Despite numerous failures in the early part of his life, Musk never gave up on his dreams and his persistence paid off ultimately, leading to groundbreaking successes through SpaceX and Tesla.
5. Continuous learning:
Warren Buffett: Buffett’s success is also defined by his commitment to continuous learning. Throughout his career, he spent a significant time reading and expanding his knowledge, which helped in his investment decisions.
Bill Gates: Gates is well known for his extensive reading habits, frequently sharing book recommendations and insights from his learning. His passion for reading has been a key factor in his continuous growth and success.
Elon Musk: Like the above two, Musk, an avid reader and learner, continuously educates himself on various subjects, ranging from rocket science to artificial intelligence.