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 tonight on 20/20, Barbara Walters spends 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.
On the 20/20 web site, they have a list of the 20 “Billionaire’s 20 Keys to Success.” Here are 10:
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. Always be true to yourself.
3. Figure out what your values are and live by them, in business and in life.
4. Rather than focus on work-life separation, focus on work-life integration.
5. 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.
6. Remember to maximize for happiness, not money or status.
7. Get ready for rejection.
8. Success unshared is failure. Give back — share your wealth.
10. Successful people do all the things unsuccessful people don’t want to do.
What would you add to the “Billionaire’s Secrets” List?