4 Reasons You Should Look To Elon Musk for Money Advice
Written by
J. Arky
Edited by
Rebekah Evans
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There is one wealthy person who currently stands as the richest person in the world and that is Elon Musk, who, according to Forbes, is worth about $428.7 billion. Many of us might ask ourselves, how did Musk reach such great heights in terms of wealth accumulation. While there might be some skeptics who sneer at his projects, such as the Tesla Cyber Truck, others are turning an ear to listen to what Musk has to say.
GOBankingRates had some financial experts weigh in and give four reasons why you should look to Elon Musk for money advice.
Reminding You That No Work Means No Money
Sounds very simple: work hard to make money, but we often overlook the truth behind it, according to Jamie Wall, personal finance strategist at Gamblizard.
“In fact, 48% of people believe luck beats hard work when it comes to building wealth, according to a [December 2024] survey by Gamblizard,” Wall said. “But here’s the secret: financial luck isn’t random, it’s a skill you earn through hustle.”
“I’m really working at the absolute most amount that I can work, from morning ’til night, seven days a week,” Musk said at a B20 conference. As Wall described, during the Model 3 production crunch, Musk was known for sleeping on the factory floor to stay hands-on. “It’s simple math,” he famously said at a USC commencement ceremony. “If you work 100 hours a week and others work 50, you’ll accomplish twice as much as them.”
Helping You Take Proper Risks
“Elon Musk’s profession indicates to us that the best rewards come from taking extensive dangers,” explained Kraig Kleeman, founder and CEO of The New Workforce.
Wall agreed and said Musk views the future as “a branching stream of probabilities,” meaning you can never be 100% sure whether your new job, business project or investment will succeed.
“By making an investment [of] his PayPal income in SpaceX … he may [have been] ruined,” Kleeman explained. “But instead, it paid off, turning SpaceX into a prime participant in the aerospace industry. Elon Musk’s adventure indicates to us that with the proper sort of chance, the rewards are exponential.”
Encouraging Focus on Your Curiosity
Musk is a pioneer for finding new ways of living through technology, engineering and innovation. While there might be an entrepreneurial spirit behind what drives him, curiosity is ultimately the fuel propelling him forward.
“Align your decisions with your bigger goals,” Wall said in the context of Musk’s motivations. “Hard work keeps you moving, but curiosity is what powers you forward. Without it, you’ll miss opportunities others hesitate to explore in investments, business or learning. Curiosity helps you think differently and take bold steps toward financial growth.”
Aiding You in Looking Past Short Term Goals
“What sets Musk aside from many others is his capacity to suppose in phrases of decades, now no longer simply quarterly income,” Kleeman said.
Kleeman acknowledged that Tesla, SpaceX and his other organizations are all different, yet Musk has continually had a bold vision throughout his entire career.
“His organizations weren’t [just] making money, they have been … converting the world. They desired to remedy worldwide problems, like lowering carbon emissions or increasing area exploration,” added Kleeman.
For all people wanting to make money, Kleeman pointed to a key lesson to learn from Musk: “Don’t simply be conscious of instantaneous returns. Think about your legacy, your destiny and your lengthy-time period desires.”
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