Believe it or not, if Bill Gates was a country, he would be the 63 richest on the planet. He aimed to be a millionaire at 30, but he became a billionaire at 31. However, his children will only inherit $10 million each, out of his $72 billion dollars. William Henry Gates was born on 28th October 1955. He is an American investor, business magnate, philanthropist, computer programmer, and inventor. He is the CEO and chairman of Microsoft, the largest personal computer software developing company across the globe. He co-founded Microsoft with Allen Paul. Bill Gates is a prominent feature in Forbes magazine of world’s richest individuals holding number 1 year after year. He has been ranked wealthiest overall from 1995 to 2009-excluding 2008 alone when he ranked 3rd. As of July 2014, Gates is still the richest man in the planet.
During his stay at Microsoft, he held the positions of Chief software architect and CEO, and he is still the largest shareholder with a 6.4 stake. He has authored a couple of books, and although he rarely talks about stocks, investment or money, Bill gates has given some pretty good advice over the years. Most of his advice applies to personal achievements, business venture, and money tips. Here are the 10 Bill Gates money tips everyone should follow
10. Set A Clear Goal
In his 2013 annual letter for the Bill and Melinda Foundation, Bill mentioned that we can all “achieve amazing progress if we set clear goals”. He said, “All financial decision that one makes should originate from a goal. For example, you can have a plan to save enough funds to pay off a loan or for a trip.” “Having a clear goal will allow you establish a clear path towards reaching that goal.”
9. Make The Most Of What You’re Given
Another piece of advice that Bill has given is to make the maximum out of what you have been given. He said, “At times things may look hard but you only need to make the most out of what you have, out of all situations. You may be faced with a lot of debts that you need to climb out from, but have in mind that your financial position could always have been worse. Or you could be sad that you cannot purchase a new vehicle and put a down payment on a home, but remember you could have been in a worse situation where none of these is feasible.
Bill has gone on record as saying that success does not happen in on day, and that no one can make millions overnight. No matter the severity of the financial hardships that are facing you, it is wise to remember to persevere always. “Saving for a huge ticket, paying off debts, or just setting and following a budget are all things that require strong willpower.” Bill says
7. Don’t Turn Away From Challenges
In most of his speeches and interviews, Bill has said that you cannot run away from a challenge if at all you wish to attain success. Your financial path may look challenging when you are getting low on funds and you have got a couple of bills to pay, but you should never let that freak you out. There are always other options available in the market such as getting a second job, figuring out where you can cut on expenditure, or selling some of your things.
6. Learn From Losses, Not Successes
Bill Gates says, “Success is a lousy teacher. It seduces even the most smart investors into thinking they cannot lose. This is something that everyone should have in mind no matter the situation. Most individuals have had their own share of financial difficulties and success, but it’s always important to remember to learn from losses and difficulties. It is easy to remember only the good paths that lead to success, but what is most important is to remember the difficulties and losses you have gone through. This will enable you to avoid them in future.
5. Follow You Passion
Another Advice Bill G. has given is to encourage individuals to follow their passion as that is the things that will lead them towards success down the road. He says, “Sometimes doing the things you love will not make you rich instantaneously, but it will inspire you to become ambitious until you are successful.” This might mean taking financial risks, and taking out a loan to support yourself and your family as you chase your passion.
4. Keep Things Simple
Talking about his own financial mentor, Warren Buffett, bill gates mentioned that a fundamental piece of advice he has been given is to keeps things cool. There is absolutely no need to unnecessarily complicate your finances or budgets. Having a simple, yet a sturdy plan that is easy to follow will save you stress of having to multitask or micromanage a myriad of tasks. For example, as opposed to striving to draw up a complicated saving plan or budget, opt to have a defined percentage of your weekly pay sent to a different bank account which you do not have direct access to. That way you will be saving money without having to put a lot of strain on your mind.
3. Listen to Good Advice
Bill G. has always advised people to listen to valuable advice regardless of the situation they are in. “Good advice will help you establish unique solutions to your problems. For example, someone you know may have experienced a hard financial position or a debt and he may be able to offer you invaluable insight in to your current financial position.” Bill says.
2. Gather, Manage, And Use Information To Your Advantage
As an important feature in the technology industry, it is not surprise that Bill G. considers collecting and using information to your merit an essential skill. “This is something you should always apply in your plans. Prior to buying a big ticket, take a little time to research what comparable brands are offering. Before your sign up for a credit card with a certain banker, make sure you know what else is available out there.” Bill advises.
1. Have A Strong Strategy
Lastly, Bill G. tells that the key to success is having and following a strong strategy. Whether you are trying to obtain a loan or save money to make a big purchase, you will definitely need a well thought out strategy to help you get to that level. Attacking a problem on intuition may work at time, but having a solid strategy is a bullet proof way to keep your financial situation stable and prosperous. Well, if you are thinking that financial success lies behind having a college degree, note that Walt Disney, Abraham Lincoln, Henry ford, Thomas Edison, Steve Job and Mark Zuckerberg have no college degrees. It’s all about having the right mind set just like Bill G says. Do you agree with this? Kindly put your comments below and let us know.