With fortunes the size of some small countries, these three Hispanic billionaires know what it takes to get ahead. We’ve collected their expert advice on how to manage your money and business.
#1 Carlos Slim Hélu (Mexico)
With a net worth of $50 billion (US),1 Carlos Slim is the richest man in Latin America. He built his fortune in Mexican telecommunications.
“Mistakes are normal and human. Make them small, accept them, correct them, and forget them.” – Slim speaking at American University of Beirut, March 18, 2010
Success is a journey; There are bound to be a few bumps along the way. Unless you are psychic, life can be unpredictable. Keep your mistakes small by researching as thoroughly as possible so you can make informed decisions.
How to Invest
“We avoid the trendy and the fashionable and concentrate on clear attainable targets“
– Slim, Institutional Investor, June 1, 2003
“The one who sells and buys [stocks] all day is like a gambler.”
– Slim, Academy of Achievement, December 2, 2007
Carlos Slim became the richest man in Mexico by thinking about the bigger financial picture. The key to successful stock market investing is to diversify and invest long term. Learn more here: More Money & Lower Taxes: Newbie’s Investing 101.
#2 Amancio Ortega Gaona (Spain)
Have you ever shopped at Zara? Thank Amancio Ortega Gaona. He founded the clothing chain with his wife, Rosalía, in 1975. Today, Zara is part of Inditex, the world’s largest clothing company, making Ortega the richest man in Europe. With a net worth of $71 Billion (US),2 Ortega is currently the second wealthiest man alive.
How to Keep Growing
“We cannot limit ourselves to continuing on the path we have already opened…”
– Ortega, 1999 annual report for Inditex
Don’t “limit” your future by sticking with what you’ve already done. Explore other “paths” (options) available to you. It could make all the difference in your finances.
So you’re holding a steady job and paying down student debt? Excellent! But is that really enough? Could you also put money into a 401(k)? Might you apply for a job with better employer benefits?
Forbes.com Amacio Ortega profile
Is your business successful and profitable? Great! How can you expand?
#3) Jorge Paulo Lemann (Brazil)
Jorge Lemann is Brazil’s wealthiest man with an estimated net worth of $31 billion (US).3 In 1998, he sold the bank he founded, Banco Garantia, for $675 million (US).4 Today, Lemann invests in everything from burgers (Burger King) to beer (Budweiser).
How to Achieve Goals
“Create a big dream. Keep it simple, easily understood, and measured. Attract the right people who work well together. Measure results consistently. You can create, run, or improve anything with this formula.”
– Lemann, Commencement Speech at Harvard University
This is excellent advice for business owners and a useful principle for your personal finances. Don’t promise yourself you’re going to save for a new house. How much are you going to save? How often? Be specific. Write down an achievable savings goal and stick to it.
Looking to change careers? Commit to applying to at least three new jobs this month. As Lemann points out, goals work best when they are small, uncomplicated, and measurable.
You may not have these three billionaires’ know-how, business networks, or years of experience. But you can follow their simple advice and personally profit from them:
Accept mistakes, explore new avenues, and be sure to measure your progress along the way.
1 Fortune.com, “The Richest People In Latin America 2016” March 4, 2016
2 Forbes.com Amacio Ortega profile
3 Forbes.com Jores Paulo Lemann profile.