Editor’s note: This article was first published in June 2018. The data are from 2018, including Bezos being described as Amazon CEO (he stepped down in 2021) and Sara Blakely as the youngest self-made female billionaire in the US (Forbes, 2012). Sean Combs, presented here as an example, has since faced federal criminal charges (2024–2025).
What better way to learn than from the advice of the world’s most successful people on money and success? They have had both successes and failures. So this time, thanks to a compilation of tips by Business Insider, we can see what people as successful as Bill Gates, Mark Cuban and many others have to tell us about money.
Richard Branson loves making lists for everything (he makes lists of ideas for articles, a list of people he has to call, and so on, and he advises writing everything down, any idea you have, however small). For Warren Buffett, the advice is very clear: be passionate about what you do. For Buffett, there is no real success if you are earning a lot of money from something that makes you miserable.
See also: 10 money and finance tips to follow before you turn 30
10 money and career tips
1. It is not all luck or talent
That is the lesson from hip-hop star Sean Combs. It is easy to put someone’s success down to being in the right place at the right time, but no real achievement happens without hard work behind it. At the age of 12, he learned that if you give your customers your best and serve them differently, whether with music, clothing or vodka, you will get a return on your efforts.
2. A lesson on success and money: don’t get carried away
Bill Gates puts it in other words, but that is the gist. Don’t let success go to your head. “Success is a lousy teacher,” says the Microsoft founder. “It seduces smart people into thinking they can’t lose.” Keep pushing. Keep learning. Past success does not guarantee future success. Even the smartest, best-connected and most talented people can lose.
See also: Bill Gates: 3 things I learned from Warren Buffett
3. Be disciplined
This applies to every area of life. There is no success without discipline, in anything. Mark Cuban sets a test: “Can you cut up and throw away your credit cards? If you use credit cards, it’s because you don’t want to achieve financial freedom.” The first step to getting rich takes discipline.
If you really want to be rich, you need to find the discipline. The first step to wealth is being a smart shopper. You have to give things up, and not everyone is able to do that. Whatever you can save, save it. As much as you can. Then invest it.
4. Know that it will not be easy
Amazon CEO Jeff Bezos once hired a coach. In the first lesson, the coach gave him some good advice. Most people think that if they work hard, they could learn something or master a particular skill in a couple of weeks. They believe their effort will turn into results within a few weeks.
The reality is that if you expect that, you will get frustrated and end up giving up. Always be prepared for things to be harder than we would like. If something were easy, everyone would do it. Success is not easy. That is why success goes to those who know it will not be easy and still persist until they get there.
5. You don’t need money to make more money
Daymond John says that almost every time he achieved some level of success, money was never part of it. Entrepreneurs do not just go from success to success. They succeed, they fail, they succeed again, and so on.
Sometimes people believe they need a lot of money to start a great company, but the history of entrepreneurs tells us that if they have rebuilt empires after a heavy failure, even when in debt, anyone can start a business without money by following a few simple steps. When you have no financial resources, you have to make way for creativity. And creativity is one of the most valuable resources there is. In fact, without creativity, not even all the money in the world will bring you success in business.
6. Be realistic about the facts and figures
Don’t ignore reality, says entrepreneur Jeff Bussgang. Make sure you always know how much you have and how much you owe. You need to be data-driven and know where you stand. That way, even knowing the risk may be low, at least we can put the necessary measures in place before the risk becomes high.
7. Be comfortable with failure
Spanx founder Sara Blakely says that embracing failure and staying confident is what helped her become the youngest self-made female billionaire in the United States. When you start something, you should always know that the possibility of failure is there, so you cannot ignore that statistic. You just need to be clear that if failure comes, it must not sink you, because failure is part of the journey. And the truth is that there is life after failure, as long as that failure teaches you lessons instead of sinking you.
8. When you are young, focus on learning, not earning
Tim Ferriss advises thinking long term when you are young. In your twenties, work directly under good mentors and negotiators. Acquire those skills. Learn everything you can. That is the best investment you can make in yourself.
See also: What are the best financial tips we could give anyone?
And the truth is that you might have quick success or make a lot of money, but you could also lose it all. What nobody can take away from you is everything you have learned and the skills you have acquired. Those are the things that will allow you to succeed again and again.
9. Manage risk
Neil Blumenthal, founder of Warby Parker, gives us one of the most important business lessons here.
With big risks there can be big rewards, but that does not mean you should put everything on the line to make money, especially if you want to achieve financial freedom at an early age.
“From the start, our approach to entrepreneurship departed from the norm. Instead of taking giant leaps that can lead to catastrophic failures, we focused on having a bold vision, but moved towards it in small, calculated steps as a way to minimise risk.”
10. Don’t leave money matters to chance
Learn to understand money; learn everything you need to know about financial literacy: how to manage money and make a budget. And whether you have a lot of capital or a little, make a plan.
“Not having a financial plan is like having a plan. But it’s a terrible plan that guarantees failure,” says LearnVest founder Alexa von Tobel. Don’t leave money matters to chance, and start saving and investing whatever you can, even if it is only a little. Remember the 4 pillars of financial literacy: it all starts with saving, investing and the interest your investment earns.
If you are wondering what you can invest small amounts of money in, take a look at our article on investing directly in an index through low-cost funds.
See also: 9 books for achieving financial freedom
Featured image: David Shankbone, CC BY 3.0, via Wikimedia Commons.
