Money Lessons From Bill Gates

I just read an article where Bill Gates was giving his views on success and money. Due to his highly successful life and abundant wealth I thought it important to look at what he had to say on the subject. Let's break it down.

#1 Reward early failure - experimentation"

What does that mean? I think what Bill is saying is that if you are working your ass off on a problem you should still be rewarded by the company for thinking and experimenting with ideas outside the box.

#2 "I never took a day off in my twenties. Not one."

This is a great life lesson. Instead of enjoying all the partying and going out that most of us take part in, Bill just kept working hard on his business and ideas until he reached success. He sacrificed most of his life to get to where he is today. Most people would not attempt this.

#3 "Money has no utility to me beyond a certain point"

Bill has made enough money and no longer values it in the way people without it do. I would venture a guess and say that time has greater utility for him now. We all die rich and poor and time can not be bought with all the money in the world.

#4 " We've got to put a lot of money into changing behavior"

Instead of R&D investments Mr. Gates suggests investing more into people and changing the way they look at the world so we can change the world. He is doing this through his foundation and the causes he gives money to.

#5 "If you think your teacher is tough, wait till you get a boss."

We all complained in school and some of us dropped out and thought the grass was greener on the other side of the fence. It isn't. Working life is damn tough and a lot harder than school life. When you have to meet deadlines and someone is screaming at you, you'll soon wish you stayed in school.

#6 " Your most unhappy customers are your greatest source of learning"

When customers get pissed off they will tell you straight up what's wrong with your products and business. They are brutally honest and if you listen careful and act on their concerns you will be better off.

#7 "We all need people who will give us feedback. That's how we improve"

:Welcome the advice from others. Embrace it so your business and life will thrive. If you ignore feedback there is no growth in life or your company. Improving takes a lot of listening so do that.

#8 "If you are born poor it's not your mistake, but if you die poor it's your mistake."

We can only help ourselves moving forward. Get off your pity pot and go make something of your life. Work hard and you'll make money to improve our life. It's nobody's fault but yours if you don't make it.

#9 "Success is a lousy teacher. It seduces smart people into thinking they can't lose"

If everything comes easy to you and works out you will become smug and complacent. A real knowitall if you will. You need to fall flat on your face every once in awhile and then get back up.

#10 "I choose a lazy person to do a hard job. Because a lazy person will find an easy way to do it."

This is the same principle builders use before they put in sidewalks around a property. They wait to see a well worn path where everyone is walking first. This now tells them where the walkway should go. Look for those shortcuts to create efficiencies.

#11 "Only a few businesses will succeed by having the lowest price, so most will need a strategy that includes customer services."

People will only become a loyal customer up to a point. Price matters sure, but people want to feel respected for using your product or service. I can think of no better example than going to buy a new car. It's frustrating how shitty you can be treated. I'll pay more to be treated better. How about you?

My Final Take

I like to read stories and study what some of the great masters in investing history have done. Bill Gates is not a master investor but he is a wealthy entrepreneur who changed the world. It's always worthwhile to listen to some of his life lessons and what he has to say on how he got there and what it takes to stay on top.

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