Billionaires around the world have a lot of advice to give to young, ambitious workers. Luckily for us, they're also very willing to share that advice. Here's a collection of some of the best that they've offered, from some of the most successful, and most wealthy, people in the world.

Starting Early

One of the most common pieces of advice given by the wealthiest people in the world should also be one of the most obvious: start early. Carlos Slim Helú founded the business conglomerate Grupo Carso in 1990 and was the richest person in the world from 2010 to 2013. With a net worth of about $50 billion, he's a guy worth listening to. In a letter from 1994 that he sent to students, he wrote, "Work well done is not only a responsibility to yourselves and society; it is also an emotional need." Besides acknowledging the basic advantage of starting early, which he did by buying shares of a Mexican bank when he was twelve, he frequently talks about success in spiritual terms. "Success," he wrote, "is the harmony between the soul and your emotions."

Living with Discipline

Another seemingly obvious piece of advice but one that's incredibly difficult to follow is to discipline yourself. Especially in the early stages of wealth building, the keys are to spend less and save more. As much as possible. More than you think is possible. Mark Cuban, billionaire owner of the Dallas Mavericks NBA team, wrote, "Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald's, eat mac and cheese." Strict budgeting and unpleasant money-saving lifestyle choices are the difference between a money-conscious spender and a person passionate for success. Cuban also said, "Cut up your credit cards. If you use a credit card, you don't want to be rich."

Ouch. That's harsh, but even long-time billionaires maintain the need for financial discipline. Warren Buffett, for example, still lives in the same Omaha, Nebraska house he bought in 1957.

Work Hard

No-brainer, yes, but sometimes it helps to hear it from someone for whom it's actually worked spectacularly, rather than that high school teacher or college advisor. Elon Musk is one billionaire who, we can safely say, is genuinely interested in saving the world (in addition to building huge personal wealth). In a commencement speech in 2014, he said, "If someone else is working 50 hours and you're working 100, you'll get twice as much done." Not only does this prove unequivocally that he is good at math, but it puts simply the most obvious advice for success. Working harder will get you farther. Opportunities are an important part of many billionaires' success stories, but working hard is the soil from which their money trees grow.

Author Justine Musk gives us another, less talked about angle on the hard work principle: take care of yourself. She wrote, "It helps to have superhuman energy and stamina. …Make it a point to get into the best shape possible. There will be jet lag, mental fatigue, bouts of hard partying, loneliness, pointless meetings, major setbacks, family drama, issues with the Significant Other you rarely see, dark nights of the soul, people who bore and annoy you, little sleep, less sleep than that. Keep your body sharp to keep your mind sharp."

Passion and Creativity

These are aspects of business and financial success that are more difficult to pin down and, consequently, more interesting to explore. The adage goes something like, "Do what you love and you'll never work a day." Doing what you love is certainly important for achieving the drive and perseverance necessary for grand success, but no one's being truthful who says there's no "work" involved.

Jim Koch, founder of the Boston Beer Company (brewer of Samuel Adams Boston Lager), was the son of a brewer and one of the leaders of the craft beer craze. He loves what he does but holds no romantic ideas about never working a day. He said, "Pursue something you love, because a small business is going to be very demanding of your time, your energy — it just eats your life. And if you're doing something you love, then you will accept and even enjoy that." It eats your life—that's a graphic image. But his advice is more realistic: you'll enjoy the insane commitment and you'll accept the immense work involved because you love the process and you'll love the result. He continues, "If you're just doing it to get rich, you're gonna lose heart. I tell everyone, getting rich is life's biggest booby trap." The takeaway: "Do what makes you happy."

J. K. Rowling, author of the Harry Potter series, knows the value of this and its connection to creativity. "Imagination is not only . . . the fount of all invention and innovation," she said in a 2008 commencement address at Harvard University. "In its arguably most transformative and revelatory capacity, it is the power that enables us to empathize with humans whose experiences we have never shared." The once-billionaire author has demonstrated the enormous potential value of imagination in its purest form: fiction. But its value extends to entrepreneurship and wealth building, as well.

After the executives at Apple fired Steve Jobs in 1985, Jobs began his own version of an imaginative venture. In 1986, he funded the departure of The Graphics Group from Lucasfilm and became the majority shareholder of the graphics company that would become Pixar. He helped found what is now a global leader in animation, bought by Disney for $7.4 billion in 2006. Jobs is even credited as an executive producer of Pixar's first film, Toy Story. And Apple, Inc. is no stranger to invoking imagination in its products and in its ads.

Start early. Work hard. Discipline yourself. Follow dreams. Do what you love. Exploit opportunities. Take risks. Be creative.

Without a for Dummies book on getting rich—well, there sort of is—the best we can do is listen to those who have already done it, understand their advice, and use it to forge our own paths up the treacherous climb to success.

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What do you do when financial hardship hits and you can't make your monthly mortgage payments? This is a question on many homeowner's minds as nearly 17.8 million Americans are reportedly unemployed during the coronavirus pandemic.

When homeowners face financial hardship, such as the loss of a job, they often look to obtain a forbearance agreement from their lender. A forbearance happens when your lender grants you a temporary pause or reduction in monthly payments on your mortgage. Forbearance is not the same as payment forgiveness, in that you still have to pay the entire amount back by an agreed-upon time.

Mortgage lending institutions differ on their mortgage relief policies and qualifications; however, the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed into law in late March of this year to protect government-backed mortgages.

Federally backed mortgages include:

  • Fannie Mae
  • Freddie Mac
  • The Federal Housing Administration (FHA)
  • The US Department of Veteran Affairs (VA)
  • The US Department of Agriculture (USDA)

Under the CARES Act, homeowners with a federally backed loan who either directly or indirectly suffer financial hardship due to coronavirus automatically qualify for mortgage forbearance.

Even if your mortgage is not secured by one of these agencies, you still can call and see if you qualify, as many lenders will still offer the option in order to avoid foreclosures.

Under the CARES act, homeowners can claim mortgage forbearance due to financial hardship from COVID-19 for up to 12 months without requiring any documentation or verification. During the forbearance period, mortgage lenders cannot charge late fees or penalties.

Additionally, as long as your mortgage is current at the time you claim forbearance, the lender is required to keep reporting your mortgage as paid current throughout the entire period.

At the end of the forbearance, the CARES act protects consumers from having to make a lump sum payment. Instead, you will be given a repayment plan from your provider. Since repayment options vary, it's important you ask your provider about all of your repayment options.

Possible Repayment Options:

You may be eligible for a loan modification at the end of your forbearance. With modification, the mortgage terms are changed in order to add payments that were missed during the forbearance onto the end of the loan, extending the term.

Another option that may work for some is a reduced payment option. This allows you to keep paying monthly payments at a reduced amount. The amount missed is usually added back into the monthly payments at the end of the forbearance.

For example:

Regular payment: $1000 per month

Reduced payment: $500 per month

Payment after forbearance period: $1500 (until caught up)

Balloon payments, or lump sum payments at the end of the forbearance, are prohibited under the CARES Act. However, mortgage lenders may require homeowners who are not protected under the CARES Act to make a balloon payment at the end, so again it is best to check first with your provider.

Mortgage forbearance should only be considered in true financial hardship. In other words, just because of the pandemic, you should not take a forbearance on your mortgage if you can still afford your payments. Likewise, if you are able to start making payments before the forbearance period is up, it's best to do so as soon as possible.

The Next Steps:

Before you get in touch with your mortgage servicer, save time by gathering as much documentation about the mortgage as you can. Also, be ready to list your income and monthly expenses. Due to an influx in calls, financial institutions are experiencing extremely long wait times right now, and having your information at the ready will help.

Have questions ready to ask. Here are some questions you should be asking:

  • What fees are associated with the forbearance?
  • What are all the repayment options available to you at the end of the forbearance?
  • Will you be charged interest during the forbearance period?

If your forbearance is approved, make sure to keep all documentation pertaining to it. Make sure to cancel any automatic payments to the mortgage during the forbearance period, and keep tabs on your credit report to make sure your lender doesn't report the loan as unpaid.


For more information on forbearance, contact your lender and discuss your options. If you need more assistance with understanding your options, you can contact a local agent for the housing counseling agency, or call their hotline at 1-800-569-4287.