Financial advice from five self-made millionaires
SEE ALSO :How to build an emergency fundWith a net worth estimated at 85.3 billion US dollars (Sh8.69 trillion), Warren Buffet started working the paper route as an 11-year-old boy. He bought some farmland with the money he made from his paper route and by the time he was 15, he was worth about $6,000 (Sh611,538). He’s the third richest man in the world after Microsoft’s Bill Gates and Amazon’s Jeff Bezos. He’s the chairman and the largest shareholder of Berkshire Hathaway, a investment company which owns companies such as Geico, Clayton Homes and Dairy Queen. He also has stakes in Coca-Cola and American Express. Considered as one of the most successful investors of all time, the 88-year-old Buffet says that the best investment you can make is in yourself. “Nobody can take away what you’ve got in yourself, and everybody has potential they haven’t used yet,” he said in an interview with Forbes. 2. Mark Cuban: Live like a student when starting a business He is an investment titan and the billionaire owner of the Dallas Mavericks. Cuban started out as a bartender and salesperson before later setting up his own company, MicroSolutions – which he later sold for $6 million (Sh611m) in 1990. He made about $2 million (Sh203m) profit from that deal.
SEE ALSO :How to start a businessFive years later, he teamed up with a friend, Todd Wager to create an online streaming audio platform called broadcast.com. It was bought by Yahoo in 1999 for $5.7 billion (Sh580b) in stock. Mark Cuban is also famous as one of the “shark” investors on the TV show Shark Tank. Cuban advises young entrepreneurs to have frugal lives when starting out. “I did things like having five roommates and living off macaroni and cheese, and I was very, very frugal. I had the worst possible car- those types of things.” 3. Suze Orman: Don’t put yourself on sale Personal finance expert Suze Orman founded her company, The Suze Orman Group in 1987. Before then, she had worked as a waitress and opened a restaurant with money borrowed from friends and family. After losing money through a broker, she trained as an account executive for Merrill Lynch. She then became the vice president of investments at Prudential Bache Securities but left to start her own company. One of Orman’s best financial advices is to not devalue oneself. “When you devalue what you do, it becomes inevitable that you- and those around you- devalue who you are,” she cautions. This means that you shouldn’t settle for less than you rightfully deserve when it comes to remuneration for your time and service. Always negotiate salary offers and ask for salary raises.
SEE ALSO :How to raise capital for your start-up5. Oprah Winfrey: Shift your mind Oprah rose from a life of poverty and instability to become one of the most influential and richest women in the world. The media mogul who is CEO of the Oprah Winfrey Network, was sexually molested and got pregnant as a teenager -- the baby died shortly after birth. She later won a beauty pageant and became a news anchor at ABC News. Oprah believes that your mind defines your life. “The greatest discovery of all time is that a person can change his future by merely changing his attitude.”
Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.