Things you should do with your money –Bill Gates
Microsoft co-founder Bill Gates is the one of the richest men in the
world — and with good reason. He helped revolutionize the world by
putting a computer on every desk.
Gates is worth $81.5 billion today, according to Forbes. Here’s what he has to say about money.
Invest in your education
Wait, didn’t Gates drop out of Harvard? Yes, he did. But in a 2014
Reddit “Ask Me Anything” session, someone asked, “What is your best
personal financial advice for people who make under $100,000 a
year?” His answer: “Invest in your education.”
People 25 and older with a bachelor’s degree earn an estimated 59.6
percent more than those with only a high school diploma, according to
the Bureau of Labor Statistics. But you could get more than higher wages
with a college education.
At a Harvard commencement speech in 2007, Gates reflected on his stint
at the school: “What I remember above all about Harvard was being in the
midst of so much energy and intelligence. It could be exhilarating,
intimidating, sometimes even discouraging, but always challenging. It
was an amazing privilege — and though I left early, I was transformed by
my years at Harvard, the friendships I made, and the ideas I worked
Embrace your critics
In his 1999 book, “Business @ the Speed of Thought,” Gates wrote
about the importance of negative feedback. He says it is important to
embrace criticism to not only learn but find solutions for emerging
“Listen to your customers and take their bad news as an opportunity
to turn your failures into the concrete improvements they want,” he
wrote, adding that, “You should examine customer complaints more often
than company financials.”
A willingness to meet consumer needs has helped Microsoft thrive in
the fast-paced sector of technology. Over the years, the company has
strove to stay ahead — or at least on top of — trends. That has allowed
Microsoft to invest in technologies like its HoloLens, become a
dominating force in gaming and break into the cell phone industry.
Learn to say ‘no’
No matter how ambitious you are, there are still only 24 hours in a
day. And often, the difference between the successful and unsuccessful
is how those hours are invested.
No one knows that better than the richest man in the world, who, at a
sit-down with Harvard students, repeated the words his friend Warren
Buffet said to him: “You have to be good at saying no.”
Gates said that was among the best pieces of advice he had ever
received. He explained that saying no allows you to concentrate on the
things that really make a difference. That way of thinking overlaps with
Dr. Stephen Covey’s concept of “big rocks,” which is a time management
strategy that helps you identity and prioritize the most important parts
of your day.
“Optimism is often dismissed as false hope,” Gates said at a 2014
commencement address at Stanford University. “But there is also false
hopelessness,” he said. Although he and his wife, Melinda, who shared
the stage with him, were speaking about poverty and disease, it can be
applied to your life, too. In that speech, Bill spoke at length about
his faith in optimism and the important role it plays in solving
problems. Optimism — and by extension, happiness — can have a positive
impact in your workplace.
A 2014 study from the University of Warwick found that happiness can
make people about 12 percent more productive. And Shawn Achor, a leading
expert on happiness and success, said at a Ted Talk that happiness
inspires people to be more productive. So rather than let work stresses
weigh on you, invest in things that make you happy — it could make life
Think Critically About Your Success
In his 1995 book “The Road Ahead,” Gates wrote that failure often
teaches you more about succeeding than success. Moreover, success can be
dangerous, if you let it get to your head.
“Success is a lousy teacher. It seduces smart people into thinking they can’t lose,” he wrote.
He added, “What seems the perfect business plan or latest technology
today can soon be as out-of-date as the 8-track tape player, the vacuum
tube television or the mainframe computer. I’ve watched it happen.” So,
take chances to innovate, gamble on less-than-guaranteed investments and
Measure your progress
In his 2013 annual letter for the Bill and Melinda Gates Foundation,
Gates wrote about a book he was reading, “The Most Powerful Idea in the
World.” It was about the invention of the steam engine, but Gates drew
an important lesson from it.
He wrote, “… in the past year I have been struck again and again by how
important measurement is to improving the human condition. You can
achieve amazing progress if you set a clear goal and find a measure that
will drive progress toward that goal …”
It might sound like basic advice, but he said he was amazed at how
seldom it was followed and how hard it was to get right. If you own a
business or just want to want to improve yourself, look to programs that
help you set and track goals. Even a simple list on paper can help you
get started toward reaching goals.
Source: TRW Stockbrokers Ltd, May 22, 2018