Famous Financial Advice
Many of the economic elite and billionaires we know today have not always been in the position they are. There are countless stories and narratives of rough beginnings, ideas, failures, and endurance that pushed some of these figures to success. Many of these successful economic figures have provided their personal advice based on their own experiences that can be valuable to our own endeavors as teens.
Known investor and CEO of Berkshire Hathaway, Buffett has had his own share of struggles and successes. At an astounding net worth of $86.5 billion, Buffett is certainly a story of success in business.
A piece of advice that he has shared with the world is, “Successful investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.” The metaphor he includes at the end of the quote essentially shows the significance of quality over quantity. This is a wise piece of advice to consider as a teen. At a young age, we are often eager and ambitious with our economic endeavors, and immediately seek success to come right away. However, this is not often the case. It is important that you take things slow in order to obtain the best outcome. For example, let's consider stocks. It would not be the smartest to invest all your money in a seemingly profitable company. You need to do your research on companies, diversify your investments, and obtain returns over time. All that matters is that you stay consistent with smart economic choices, and play the long game with investments; the changes are bound to come long-term.
Bezos is known for his role as founder of Amazon, and is currently the wealthiest man in the world for the third year in a row with a net worth of $184.4 billion. He is the definition of a successful startup business in hindsight.
Bezos shared thought-provoking words in an interview with Fortune. “I strongly believe that missionaries make better products," he said. "They care more. For a missionary, it’s not just about the business. There has to be a business, and the business has to make sense, but that’s not why you do it. You do it because you have something meaningful that motivates you." This advice can especially be applied to teenagers. Bezos is saying that people in business often dial in on the financial and profitable aspect of business, and push away all other meaning in the process. While it is certainly important to carefully consider the financial aspect of your economic actions, it can be beneficial to have a truly meaningful motivation as well. For instance, if you aspire to start a business, working for a cause that holds a special purpose for you would be a way for you to truly get things done and achieve success, rather than some shallow cause for a profit.
Zuckerberg is famous as a media mogul, co-founding Facebook and entrepreneurship has brought him great success over the years. He is currently sitting at a net worth of $104.8 billion.
In 2012, Zuckerberg sent out a letter to potential Facebook investors. He states that “The Hacker Way is an approach to building that involves continuous improvement and iteration. Hackers believe that something can always be better, and that nothing is ever complete.” Zuckerberg seemingly credits some of his success to this “Hacker Way.” By never being content, and actively looking for improvement, success is certainly in grasp. This is certainly something to keep in mind as a teen. Even though something is going great for you economically, that may not always be the case. Thinking of the future is critical in long-term success. For example, you don’t always want to work a low wage job. You might want to think of ways to be promoted in order to gain an improved wage. This mindset can be applied to many other economical situations, even investing. You could look for ways to obtain better investments, and build off your profits. Many young investors, businesspeople, etc. often find themselves discouraged when failure occurs. It is important that you keep your head up, and always look to improve as Zuckerberg says, and keep following your goals.
Written by Brian Caballo