Elon Musk is often associated with the phrases, Disruptor, Innovator and Game-changer. How else would you address the man who created SpaceX, Tesla, and Paypal? Another “day at the office” for Elon Musk is either putting a Tesla Roadster into orbit or finishing his 50th SpaceX flight. Whether we want to be inventive business owners or employees, many of us may learn from this real-life Iron Man.
Who is Elon Musk?
Elon Reeve Musk was born and reared in Pretoria, South Africa, wherein he also briefly went to university. He was born into a considerably wealthy family and showed an early aptitude for technology and enterprise.
Since his mother was born in Canada, he was capable of obtaining a Canadian passport when he was 17 and migrating there. He did this because he realized it would be less complicated to enter the US from Canada after obtaining US citizenship in 2002.
Entrepreneurial brilliance Elon Musk sets no boundaries in his quest to transform the world in which he lives. Elon Musk has lofty goals for the planet and the universe. He will eventually arrive on Mars because he wants to.
Elon Musk developed an entrepreneurial and commercial mindset when he was 12 years old, and he has never stopped honing his skills. He had early successes and setbacks due to his early start, and he is not only a good student but also a rapid learner.
He has founded successful businesses across a variety of industries, including Tesla, The Boring Company, SpaceX, and Neuralink.
Musk established Zip2, a web software startup with his brother Kimbal, that they sold to Compaq for $307 million, 4 years later. He then co-founded the online bank X.com, which later merged with Confinity to become PayPal.
Tesla’s phenomenal success
Tesla’s extraordinary stock market performance allowed him to become the richest man in the globe in 2020. The Tech bubble which developed as a result of the Fed as well as other central banks’ policies aided him in this.
Tech Bubble Paradox
The fact that Elon Musk is the richest person in the world despite having nearly no money in his bank account creates a complete paradox. This is referred to as the “Tech Bubble Paradox.” His situation is still dangerous since, theoretically, while the tech bubble bursts, so would his money.
However, Elon Musk does not place high importance on money. He dedicates his entire life—as well as all of his time and resources—to transform the world in which he lives. It’s a very motivating thing.
How rich is Elon Musk?
Elon Musk is even more amazing considering that his wealth will increase from a little under $20 billion in 2019 to a whopping $251 billion in 2022. Elon Musk, who joined the elite club in 2012, shot to the top of the list nine years later. Elon Musk is the CEO of the electric vehicle company Tesla, which is the main source of his riches.
Musk has tested a variety of ideas throughout his career so far, involving artificial intelligence, online payment methods, and well above, underground, as well as interstellar transportation. His opinions can raise or lower the value of cryptocurrencies, other companies, and his own.
How did Elon Musk become wealthy?
- Invest in your education. (Degrees in economics and physics would be advantageous!)
- Get your parents to give you just sufficient money to rent a modest office (but not enough to live in) and to purchase ONE computer.
- Have a sibling who is equally skilled in programming as you are, while also being willing to alternately sleep on the office’s one worn-out sofa whilst the other brother works furiously on the one computer.
- Possess a strong concept for a niche market application (X.com).
- Sell it for a profit to a rival.
- Have a fresh product concept? (Online cash transfers)
- Sell that to a MUCH larger rival who then sells it to eBay for a sizable profit.
10 ways to get as wealthy as Elon Musk
1. You must find a solution to a multi-billion-dollar problem if you want to have billions of dollars
Your earnings are based on the value you bring to the table. There are countless opportunities to make daily life better for people. Just like Elon, who devotes 80 to 100 hours per week to projects at Tesla and SpaceX, takes a look around, chooses a problem, and resolves to solve it.
2. Read to lead
Self-education never has to cease, even if the school does. It’s not the same to read articles and postings on social media. Get lost in books which will broaden your perspective and provide you with fresh views and concepts. It should come as no surprise that the top incomes in society are also the best students.
3. Surround yourself with those who can assist you in reaching your goals
The environment is crucial. Humans have the propensity to adopt the routines of those around us. Instead of folks who play the victim and wait for someone else to come and solve their problems for them, surround yourself with outstanding thinkers and problem solvers.
Create a virtual world for yourself using social media, podcasts, and sometimes even books if the setting you are in doesn’t suit this mindset. Never forget that you are the average of the five individuals you invest most of the time with.
4. Avoid devoting all of your resources to advertising
Musk avoids wasting money on advertising. A high-caliber product will generate a lot of positive word of mouth. Prioritize that, as well as success will come. Create trends instead of following them. The most prosperous businesses concentrate on developing breakthroughs. They don’t attempt to outrun the opposition. Going viral isn’t something that just happens, so concentrate on what makes you different rather than trying to be like everyone else to stand out.
5. Consider the clients you are helping
Prioritize them. You may be sure that your business wouldn’t succeed when your main goal is to make money. Individuals who believe that the wealthy solely think about money may be surprised to learn that this isn’t true the majority of the time.
Yes, some misrepresent themselves to increase their profits, but the reality is that if you didn’t think their product or service is valuable, you wouldn’t even consider buying from them and they’ll fail financially. Therefore, always your priority is the customer.
6. Before life gets in the way, take risks
Being an entrepreneur while you’re young is ideal. As you age, your responsibilities grow. Musk exhorts you to take chances now, to do something audacious, and not look back. Risk-taking affects your family and kids as you become older.
Not to add, you won’t have as much free time. Take chances now, whilst you do not have these other responsibilities or time constraints, instead. Become financially literate. It’s an issue when you’re poor with finances or if you don’t know how to invest or enjoy the money. Read and ask experts for guidance.
7. Create a plan and follow it
Some of Elon’s best qualities include clarity, attention, and commitment. And you must improve these qualities to succeed at any level.
8. Create Solution Rather Than Complain
The majority of people lament the traffic. Unlike Elon Musk. Musk looked for a solution rather than whine about the issue. This led to the creation of The Boring Company, which aims to relieve traffic congestion by building a network of tunnels.
The greatest method to get the results you desire is to create a future for yourself. This lesson aided Mike Kogan of Wolfie in the growth of his business. According to him, complaints are a warning that an issue has to be fixed, and listening to complaints is a terrific method to come up with creative solutions that people truly want.
9. Make a plan, but be ready to fail
There isn’t a success crystal ball. Even Musk was unable to foresee the future of Tesla Motors. He affirms that even though failure is likely, you should attempt it if it is significant enough.
You should make every attempt to pursue your dreams when you care about them. Be prepared in case this doesn’t turn out at the same moment. If you have a backup plan in place, it is simpler to bounce back from a setback.
10. Have A Feedback Loop
There’s constantly room for development. According to Musk, it’s crucial to have a feedback loop in which you’re continually considering what you’ve done as well as how to improve.
The best advice, in my opinion, is to always consider how you may be doing things much better and to challenge yourself. Negative feedback shouldn’t be feared because it frequently reveals important truths that you’d never learn on your own.
How to get into the top league
After completing all of this, you’re a multi-millionaire, but not quite in the elite group of CEOs of computer giants even with sufficient funds then:
- You can participate in missions like “Save the Human Species!
- Get involved into self-evaluation techniques and what you can do to get some positive change to the world.
- Take a position with a small startup that is working in the field you are interested in. fixing issues like global warming like Toyota Motors
- Give that company 50% of your net worth if they are eager for investment in the hopes that they would name you CEO and provide you with a sizable portion of the stock.
- Invest the other 50% of the net worth whilst beginning the highly risky task of creating an orbit-capable space launch vehicle.
- Take the last dollar you have, wherever in the world, and borrow money from friends to pay your rent after 3 successive launch failures. as well as launch a 4th spacecraft that was put together out of leftover components.
What can we learn from Elon musk?
We learn that:
- When you notice a problem, you try to find a solution rather than complain about it.
- You don’t only have big dreams; you get up every day and work hard (very hard) to make them come true.
- You care about issues that influence human nature as well as the future rather than merely thinking about yourself.
- You carry out your obligations, not what is convenient or expected of you.
- Whenever you fail, you do not really give up; instead, you investigate what went wrong, take the lessons you learned to heart, and try again the next time.
- Whenever things don’t go your way, you do not lose confidence, as well as when you’re at the top of your game, you don’t lose your humility.
- You discover that you can educate yourself on rocket science.
- Remember, you are always cool.
Getting rich like Elon Musk is not an overnight deal
Elon Musk has spent more than 25 years making significant progress toward achieving his lofty objectives. He has given everything up to impact as many individuals’ lives as possible. He is increasing value for as many individuals as he can using Tesla’s electric vehicles.
With SpaceX, he is transforming the aeronautical industry. Of these factors, Elon Musk has become wealthy. He has certainly positioned himself in a position to gain from the extraordinary acceleration in his virtual wealth growth brought on by the enhanced monetary inflation one has been witnessing since March 2020.
You must adopt Elon Musk’s strategy when you want to be wealthy. Engage in initiatives that seek to impact as many people’s lives as possible. then make an effort to see them through to the end. All the millionaires you admire became wealthy in this manner.
Developing Elon Musk’s routines and mindset can help you achieve any life goals you may have. Your extra effort today would make a significant difference tomorrow. Adopt these three, find an issue worth tackling, and learn some money management, and you’re unstoppable. All people who have experienced great success in life possess these qualities, which are among the most valuable qualities a person can acquire.