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Millionair Advice: What They Say (and What They Aren’t Saying)

Millionair Advice: What They Say (and What They Aren’t Saying)

Yes, there are billionaires on this list, but technically, they are millionaires too, so they are on the list. In addition, self-made billionaires have just as much to teach as self-made millionaires.

Bill Gates

Here is a guy that is frequently the most wealthy person in the world. In 2015, he was worth $87.4 billion, and if he didn’t keep giving his money away, then he would probably be worth more.

It’s fine to celebrate success but it is more important to heed the lessons of failure.”

Good – Failure is a good teacher as we all know, and the idea of celebrating a success that arrived through hard work seems to make sense.

Bad – It should really say that people should learn from their successes too. If more people analyzed their successes, they may have more luck when trying to recreate their success.

Success is a lousy teacher. It seduces smart people into thinking they can’t lose.

Good – Too much success can lead to a certain amount of arrogance that may become a weakness.

Bad – Success is not a lousy teacher, it is simply seductive. You can learn a great deal from success, even other people’s success as this article demonstrates.

Your most unhappy customers are your greatest source of learning.

Good – This is especially true if you turn their negative comments and criticism into positives and show how their bad experience has helped you change your company for the better.

Bad – If you are a blogger reading this, doesn’t this quote just piss you off? If you acquiesced to the criticism of all your commenters and trolls, then your blog would become a circus. The fact is that if you want to make some people like your product or service, then you have to make some people hate it. For example, you cannot create a product that thrills young girls, teenage boys, hardcore rockers and women in their 90s. Some will love the product and some will hate it.

Andrew Carnegie

This is the guy that expanded the US steel industry to a massive degree in the late 19th century. He is also featured quite heavily in the best selling books by Napoleon Hill.

People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.

Good – Common sense does suggest that people being content with mediocrity is a common occurrence. In addition, we often meet people and wonder why they are wasting their talents.

Bad – This quote seems to assume that motivation is like a light switch that people are too lazy to turn on, but it is often not the case. A great many talented people are unmotivated because they have nowhere to direct their efforts.

Richard Branson

This is a British man that has made millions by simply seeing opportunities and taking them. He has struggled to get where he is, but at the start of all his successes seems to be his ability to spot an opportunity and then go with it.

You don’t learn to walk by following rules. You learn by doing and falling over.

Good – It seems to make a lot of sense. For example, if you watched 50 hours of tennis training videos without ever playing it, then you would probably still be a lousy player.

Bad – A great many people never have the resources or opportunity to try the things they want to do. This is not a direct criticism of the quote, but if you were to follow the advice, you may discover just how little you are able to do with your resources and time restraints at hand. You may want to fly a jumbo jet, but you may never be able to afford the lessons.

Ingvar Kamprad

He is the Swedish founder of IKEA and a very clever man. He has spent most of his life selling things, from matchboxes as a child to selling shares in his global business.

You can do so much in 10 minutes time. Ten minutes, once gone, are gone for good. Divide your life into 10-minute units and sacrifice as few of them as possible in meaningless activity.

Good – This is burningly good advice and it is highly advisable that any person reading this gives it a try. It is not multi-tasking, you simply do one activity with 100% focus for 10 minutes before moving on to the next.

Bad – There are simply some tasks that cannot be successfully completed with this method. An extreme example is heart surgery or airline piloting.

Oprah Winfrey

Here is an incredibly rich woman that did it through being a celebrity. Many people become millionaires through fame, but few people turn their millions into billions.

The big secret in life is that there is no big secret. Whatever your goal, you can get there if you’re willing to work.

Good – People searching for the secrets to riches and wealth will always be disappointed because there is no big secret.

Bad – There are millions of little secrets to success, and hard work is only one of them. How many hard-working road sweepers do you know that own Lamborghinis?

Coco Chanel

This it the French lady fashion designer that started that Chanel brand. Many people also consider her to be the best fashion designer that ever lived, and that she changed the way women dressed forever.

Success is often achieved by those who don’t know that failure is inevitable.

Good – If the human race was genuinely smart enough to know what would and what wouldn’t work, then nothing would ever be achieved.

Bad – It brings to mind the millions of women that go to Hollywood to be stars and end up as waitresses. Still, the quote is difficult to criticize.

Sam Walton

This is the guy that founded Wal-Mart, which is the most successful supermarket chain in the world, and is still the world’s largest corporation.

You can learn from everybody.

Good – If you do not have a learning goal, then learning from everybody is quite possible.

Bad – It takes a very intelligent and undiscriminating mind to truly be able to learn something “valuable” from every person. To learn that a person is simply wrong or dumb is the same as learning nothing at all.

Henry Ford

The world famous and game-changing car manufacturer that still has a strong car brand despite the fact he died in 1947.

Whether you think you can or you think you can’t, you’re right.”

Good – Common sense and experience will tell you that your state of mind and your attitude are vitally important to your success of failure.

Bad – The advice is correct but meaningless. It is like telling a nervous teen boy that he should be more confident when trying to attract women. It is true advice, but it won’t help the teen unless you show him what he should be confident about and how to act confidently. The advice Ford gives is accurate, but completely unusable.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. ' He spent several years reading as many financial advice books and blogs as he could. And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created to help others do likewise!

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