What the world’s richest people can teach us about money

THE world’s richest people grow their wealth by the billion, so it’s a good idea to hear what they say and perhaps learn something about money and success.

BEING rich is something that many of us dream about, although our views about what rich means can be very different.

Perhaps it’s having enough money so working is optional, or having money to share around with friends and family, or being surrounded by loved ones instead of piles of cash.

The clearest example of being rich is having more money than anyone else on the planet.

While it’s difficult to relate to billionaires, it can be worthwhile thinking about what makes them tick, and perhaps soaking up some wisdom.

So get your wisdom sponge out, because here’s some valuable advice from the world’s five richest people.

1. JEFF BEZOS (net worth $173 billion)

The bloke who started online retailer Amazon took top spot last year on the Forbes.com rich list from Microsoft founder Bill Gates, who had been number one for most of the past 25 years.

Mr Bezos has said: “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”

For normal people, this can mean even if your financial endeavours fail, at least you’ve had a crack.

Amazon’s Jeff Bezos, pictured with wife MacKenzie, is the world’s richest person.

2. BILL GATES ($123 billion)

Now widely known as the world’s most generous philanthropist, Mr Gates once said being born poor was nobody’s mistake but dying poor was. He also said: “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”

Everyone is going to have financial wins and losses during life. Try to give good luck the credit it is due when you have a win.

MENTAL FIST-PUMPS: How a to-do list can help make you rich

3. BERNARD ARNAULT ($115 billion)

France’s richest man runs an empire of luxury brands including Louis Vuitton and Christian Dior, and preaches patience: “Maybe I’m not very patient myself. But I think that I’ve learned the most is to be able to wait for something and get it when it’s the right time.”

Avoid the herd mentality common among investors, but try to understand the difference between being patient and being frozen into inaction by fear of getting it wrong.

Warren Buffett with Bill Gates, right. Both have pledged billions to charity.

4. WARREN BUFFETT ($113 billion)

The world’s richest investor has millions of loyal fans and has provided many powerful quotes, perhaps the most famous one saying how he is simply fearful when others are greedy and greedy when others are fearful.

One of my favourites is: “Only buy something that you would be perfectly happy to hold if the market shut down for 10 years”. That really puts the nature of long-term investing into focus, and also stops anyone dreaming about get rich quick schemes.

5. MARK ZUCKERBERG ($97 billion)

Despite the uproar over his company’s poor privacy practices, the Facebook founder has still increased his wealth more than $15 billion since the scandal surfaced in March. He likes figuring out the next big trends, which is what all investors should try to do.

He says: “The biggest risk is not taking any risk ... In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

@keanemoney