Get-Rich-Quick books are generally useless, as is most advice from the wealthy on how to get wealthy. Luck, timing and economic context play such a large role in wealth creation that tips like “work hard” and “stay focused” rarely explain a person’s millions.
Yet recently on 20/20, Barbara Walters spent time with four billionaires, who offer some useful advice no matter what you’re financial aspirations.
Her subjects include: John Paul DeJoria, the founder of Paul Mitchell hair products and owner of Patron Spirits; Patriarch Partners’ Lynn Tilton; Guy Laliberte, the founder of Cirque du Soleil; and Tony Hsieh, CEO of Zappos.
1. Figure out what you’re so passionate about that you’d be happy doing it for 10 years, even if you never made any money from it. That’s what you should be doing.
2. Figure out what your values are and live by them, in business and in life.
3. Rather than focus on work-life separation, focus on work-life integration.
4. Don’t network. Focus on building real relationships and friendships where the relationship itself is its own reward, instead of trying to get something out of the relationship to benefit your business or yourself.
5. Successful people do all the things unsuccessful people don’t want to do.