Millennials have been at the forefront of technological innovation, social change, and economic shifts. Many have accumulated substantial wealth through entrepreneurship, investments, and forward-thinking initiatives. Here is the best money advice from some of the world’s richest millennials who have redefined financial success.
- Estimated Net Worth: $106.2 Billion
- Advice: Aim to solve a problem
As the founder of Facebook, Mark Zuckerberg attributes his success to a relentless pursuit of innovation and learning. He advises young entrepreneurs to focus on solving problems instead of just focusing on the end goal of starting a company.
“I always think that you should start with the problem that you’re trying to solve in the world and not start with deciding you want to build a company,” said Zuckerberg during an interview with Sam Altman.
“The best companies that get built are things that are trying to drive some kind of social change, even if it’s just local in one place.” Zuckerberg continued. “More than starting out because you want to make a bunch of money or have a lot of people working for you.”
- Estimated Net Worth: $16.8 Billion
- Advice: Diversify investments
A co-founder of Facebook and now a venture capitalist, Eduardo Saverin emphasizes the importance of diversifying investments. He encourages millennials to explore different sectors, industries, and geographical locations, spreading risk, and increasing the chances of higher returns.
- Estimated Net Worth: $680 Million
- Advice: Leverage your personal brand
Kylie Jenner utilized her personal brand to build her cosmetic empire. She demonstrates the power of personal branding and social media in building and scaling a business.
- Estimated Net Worth: $11.9 Billion
- Advice: Live modestly
Another co-founder of Facebook, Dustin Moskovitz advocates for a modest lifestyle, regardless of income. He encourages millennials to avoid lifestyle inflation, focusing instead on long-term financial goals and contributing to meaningful causes.
According to Forbes, Moskovitz follows his own advice by flying in economy class and staying away from extravagant purchases. In 2010, the billionaire signed the Giving Pledge. This is a philanthropic initiative launched that year by Bill and Melinda Gates and Warren Buffett, where they invite billionaires to pledge to donate most of their wealth to address societal issues during their lifetimes or in their wills.
- Estimated Net Worth: $9.1 Billion
- Advice: Solve real problems
As the co-founder and CEO of Airbnb, Chesky’s wealth originates from solving a real-world problem. He advises aspiring entrepreneurs to focus on identifying and addressing real, everyday issues, as solutions to these problems have the potential for significant financial gain.
- Estimated Net Worth: $2.5 Billion
- Advice: Believe in your vision
Snapchat CEO Evan Spiegel became one of the youngest billionaires by believing in his vision and not settling for less. He encourages millennials to trust their ideas, be persistent, and not be swayed by naysayers.
- Estimated Net Worth: $5.5 Billion
- Advice: Continuous learning and adaptation
Stripe co-founder John Collison emphasizes the importance of continuous learning and adaptation. In a rapidly changing world, staying informed, acquiring new skills, and adapting to change are crucial for financial success.
- Estimated Net Worth: $2.8 Billion
- Advice: Have passion and patience
Spotify’s CEO, Daniel Ek, preaches the value of passion and patience. His advice to millennials is to be passionate about their ventures and patient for the results, as success doesn’t happen overnight.
Reaching Your Financial Goals
By following the money advice from these successful millennials, the next generation of entrepreneurs and investors can gain insights into building wealth and making impactful financial decisions. Their diverse approaches and philosophies provide a multifaceted perspective on achieving financial success.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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