Who Is The Worlds Richest Man Currently?
At the moment the worlds richest man is a Mexican named Carlos Slim Helu. Like many of the other rich men and women throughout the world he has had his share of disappointments and failures. Mr Slims’ father died when he was 13 years old. He worked casual jobs and part time jobs to help with money and schooling. Like most self made billionaires he has sacrificed as well as enjoyed his wealth. By studying his life, choices and habits that helped make him a success you can use those in your everyday life to propel your life to success.
Save And Be Wise With Your Money
Carlos Slim and his family lived well below their means during the early stages of his business growth. The earnings he made were mostly reinvested back into the business. He did not splurge on super cars or fancy mansions or yachts. Because he reinvested and the earnings compounded he can now afford these luxuries without denting his wealth
Learn Fast and Use What You Have Learnt
Carlos’s father Julian, taught his children early how to manage finances. He made taught them all how to record their income and expenses from a young age and how they interact with each other. He also taught them about investing and building wealth. Carlos Slim bought his first shares in the Bank Of Mexico at the young age of 12. He has passed these lessons on to his own children who have each taken over a part of the family company
Intuition and Contrarian Investing
It can often be a bit of luck, or intuition when knowing when to get into or out of a business successfully. Carlos has done this many times through his life. This has been where he has made a lot of his fortune. For example when the economic collapse hit Mexico in the early 1980s Carlos bought up big, while a lot of his compatriots were taking their money overseas. As the economy recovered Carlos Slims fortune soared. Another example of this is his stake in the New York Times which he took during the 2008/2009 Global Financial Crisis. He also lent the NYT $250,000,000. This was paid back in full at an interest rate of 14%. A nice earner.
Not only are his 3 sons helping with his company, he also has dinner with his whole family every monday night. This gives them the chance to bond, keep the relationships strong and support each other.
Creativity in Business
Did you know that Mr Slim pioneered the idea of a prepaid mobile phone. When he first bought the company Telefonas De Mexico with French and American partners he had the idea of building up the base of customers in the struggling Mexican economy by selling a Mobile Handset with a months prepaid credit on it. Then when customers needed to purchase more credit or minutes they could. That program in Mexico was such a success that the amount of customers grew by 66% every year for the following 15 years. It is now the largest wireless supplier in all of Latin America.
There you have it. Be disciplined and model leaders and visionaries like Carlos Slim Helu and you too can have great success in your life. I know I want that.