13 Oct Lessons From Jeff Bezos
Jeff Bezos, the founder of Amazon, is now worth $200 billion.
If you were to spend a dollar every second from the birth of Jesus Christ, you’ll only spend $60 billion.
What makes this even more remarkable that in 2019 he had to pay a reported $38 billion settlement payment to his ex-wife in the divorce.
And he is still worth $200 billion.
Did Bezos make his wealth by working hard? You bet he did!
Lesson 1: It’s How You Work
Bezos is one of the hardest working people on the planet. He founded Amazon in 1993 as an online bookstore with a 70% chance of going bankrupt but high hopes of diversifying into an online marketplace. In 2013, Amazon was recognised as the world’s largest online retailer.
His work ethic that helped him start Amazon is instilled in his company’s culture which is one of the reasons why Amazon is worth over $1 trillion.
However, there is more to it than that. After all, there are plenty of people who work hard but are not worth $200 billion!
I believe the key to Bezos’ success (and all wealthy people for that matter) is they don’t just work hard, but they work smart as well. If you were to take anything away from his work ethic, it is Bezos’ way of thinking. Bezos thinks for efficiency, creativity and the future. He has created more efficient teams with his two-pizza rule and used a regret-minimisation framework to personally leverage his vision.
But there is more to be learnt from Jeff Bezos.
Lesson 2: Leverage Your Income
Bezos (and other wealthy people) know how to leverage their income and assets. In particular, when it comes to planning a financial strategy.
While most people only have one source of income (their job), Bezos developed multiple sources of income through his business. Then he kept hiring people to do menial tasks which wasn’t worth his time, and hired experts who could do the job better than him. Once he leveraged his time once, he did it again but at a higher level, then again and again and again.
Do you think Jeff does his own tax returns, or cleans his house, or cooks his own dinner? I highly doubt it, so it begs the question why do you?
Lesson 3: Have a Love for Learning
Sadly, most people hate rich people rather than learn from the clues they leave behind.
I’m not saying you should automatically love rich people either. It wouldn’t surprise me if Jeff has done some things which many would consider unethical. The fact remains that some rich people are extremely nice and generous while some are just downright nasty and evil. But the same applies to poor people as well, it just that wealth magnifies your personality, it doesn’t automatically change it.
But regardless, look for the clues that successful people leave behind. They are invaluable bits of information that can help you through your own financial struggles.
The clues can be found in podcasts, videos and books, all of which are available on Amazon…
But if you want to use these lessons to develop a financial plan, get in touch with us at Master Your Money Now. We can provide you with financial advice and a financial strategy that can help you save time and money, while still doing the things you love.
If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30-minute strategy session.
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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.
Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523