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 has not been much in the public forum after his meeting with Twitter employees earlier this month. Elon Musk has become one of the fastest persons to take his wealth from zero to billions, earning himself several feathers on his crown. He probably owns the biggest fortune in the history of humanity, with a net worth of $234.50 billion as per the Forbes Real Time Billionaires List.
Being the richest person in the world has also made Elon Musk popular among the business ecosystem globally, and many investors who aspire to accumulate such wealth look up to him. Elon Musk has been vocal about investing, and has often given advice on what to do with money.
Here are the Key Investment Lessons to Learn From Elon Musk
Money is Not Everything
Musk in 2012 had stated that his focus was not on making money, and he wanted to make a difference for the world. “Going from PayPal, I thought, well, what are some of the other problems that are likely to most affect the future of humanity? Not from the perspective, ‘what’s the best way to make money,’ which is okay, but, it was really ‘what do I think is going to most affect the future of humanity,'” he told at an event. He focussed on making a difference by making the world a better place, and therefore he came up with Tesla. Thus, investors can learn in this scenario that if you focus on doing what you love and make a positive impact, you will get results.
Best Investment is Self-Investment
“Constantly think about how you could be doing things better, and questioning yourself,” is one advice that young investors should take up from Elon Musk. From an early age, the billionaire focussed on learning and investing in himself. When eBay bought PayPal in 2002, Musk used his cut of $180 million to reinvest into his other startups such as Tesla, SpaceX, and others. Even though Tesla and SpaceX had rough starts, Musk did not stop investing in his own ventures and in 20 years, he has grown his net worth by an unimaginable 1,500 times. And he has not stopped here, and continued to invest more, with his most recent achievement being the acquisition of his beloved platform Twitter.
Take Risks, Do Things Others are Afraid Of Doing
Elon Musk is not a believer of playing safe and building one’s 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 betting on long term, and Elon Musk’s investment is just a reflection of his beliefs. The billionaire also believes in doing something that others will not normally do, to get better returns compared to those who invest in common stocks.