Happy Birthday Elon Musk: The world’s richest person, Elon Musk, turns 51 on Tuesday, June 28. Wishes are pouring in for the Tesla CEO on his birthday, even though he hasn’t been on the public forum much after meeting Twitter employees earlier this month. Elon Musk has become one of the fastest individuals to take his wealth from zero to billions, earning several feathers on his crown. He probably owns the largest fortune in the history of mankind, with a net worth of $234.50 billion according to the Forbes Real Time Billionaires List.
Being the richest person in the world, Elon Musk has also become popular in the business ecosystem worldwide, and many investors who aspire to amass such wealth look up to him. Elon Musk has spoken out about investing and has often offered advice on what to do with money.
These are the top investing lessons you can learn from Elon Musk
Money is not everything
Musk had stated in 2012 that his focus was not on making money, and that he wanted to make a difference to the world. “From PayPal, I thought, what are some of the other issues that are likely to affect the future of humanity the most? Not from a ‘what’s the best way to make money’ perspective, which is okay, but it was real “What do I think will affect the future of humanity the most,” he told an event. He focused on making a difference by making the world a better place, which is why he came up with Tesla. Thus, in this scenario, investors can learn that if you focus on doing what you love and have a positive impact, you will get results.
The best investment is self-investment
“Constantly think about how you could do things better, and question yourself,” is advice young investors from Elon Musk should follow. From an early age, the billionaire focused on learning and investing in himself. When eBay bought PayPal in 2002, Musk used his $180 million discount to reinvest in his other startups like Tesla, SpaceX, and others. Although Tesla and SpaceX had a rough start, Musk did not stop investing in his own ventures and in 20 years he has increased his wealth by an unimaginable 1,500 times. And he didn’t stop here and continued to invest more, with the most recent achievement being the acquisition of his beloved platform Twitter.
Taking risks, doing things that others fear
Elon Musk does not believe in playing it safe and building your fortune slowly over several decades. According to the Tesla boss, investors should use their reasoning skills and pick winning stocks to invest in and then build the portfolio. One should also consider long-term betting, and Elon Musk’s investment is just a reflection of his beliefs. The billionaire also believes in doing something that others normally don’t, in order to get better returns compared to those who invest in common stocks.
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