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Making up the majority of the Forbes Billionaires list are self-made business tycoons and industry moguls, but what does it truly take to reach billionaire status? Five self-made billionaires shared their best tips and business advice for those looking to follow their footsteps and reach the Forbes list.
Chris Sacca – net worth: $1.1billion (£799million)
Mr Sacca is a venture capitalist and on the early backers of Twitter, Uber, Instagram and Kickstarter, all of which were risks that paid off greatly.
He advises that to be rich, one has to be stingy first: “Being a cheap bastard now means so much more freedom and choices later,” Sacca said in an interview with USA Today.
This is key advice as many people who suddenly find themselves with a large bank account end up in the same financial position they were in, or worse, before they received money.
Mr Sacca also advised: “There is no well-trodden route to where I am, no formula to replicate, but without exception, everyone I’ve ever met who is authentic, daring, empathic, tireless and willing to ask for help has gone on to be happy and fulfilled.”
It is estimated that billionaires have as much wealth as 60 percent of the global population (Image: GETTY)
Reid Hoffman – $2billion (£1.4billion)
Mr Hoffman, a capital investor and co-founder of LinkedIn, is an advocator for building a plan on the go, and having plenty of back-ups.
He has famously commented: “An entrepreneur is someone who jumps off a cliff and builds a plane on his way down.”
His career planning scheme, ABZ planning essentially involves a current plan, a flexible back-up plan and a lifeboat option.
This planning technique ensures that every entrepreneur has routes to go down when any door closes.
Warren Buffett – $105billion (£76billion)
One of the most looked-up-to business moguls of the era, Mr Buffett is worth an astonishing $105billion(£76billion), and lives in line with Mr Sacca’s advice as his frugal lifestyle leaves many rather surprised.
Mr Buffet still lives in the same house he bought in 1957 and is a fan of cheap McDonald’s breakfasts.
He has always noted that one of the best investments, where one should relentlessly spend money, is to invest in oneself.
He commented: “Nobody can take away what you’ve got in yourself, and everybody has potential they haven’t used yet. If you can increase your potential 10 percent, 20 percent or 30 percent by enhancing your talents, they can’t tax it away. Inflation can’t take it from you. You have it the rest of your life.”
Warren Buffet has been on the Forbes 400 richest Americans list since it’s very first edition (Image: GETTY)
John Paul DeJoria – $3billion (£2.1billion)
Mr DeJoria was born to an immigrant household in America and started working at the age of nine to support his family.
Having seen fantastic entrepreneurial success, he advises young entrepreneurs to ensure they have a ‘cash cushion’ before starting a business.
“Before investing or starting a company, make sure you have enough money saved for at least six months to pay bills or anything else that might come up financially,” Mr DeJoria said in an interview with Business Insider.
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Sara Blakely – $1.2billion (£872million)
Ms Blakely founded Spanx and became the youngest female self-made billionaire ever featured on Forbes list.
She was only 27 when she decided to put her entire savings into her business idea, and found herself in a lot of dead-ends trying to manufacture a prototype.
Thankfully, she was able to survive this turbulent time by keeping her day job and beginning her business as a side hustle, which she suggests every entrepreneur should do, as these types of mistakes and pitfalls are not only unavoidable; they should be embraced.
“It’s important to be willing to make mistakes. The worst thing that can happen is you become memorable,” she added.