Elon Musk is a trailblazer and an inspiration for many today. He is a true representation of what we can accomplish as human beings. Having founded numerous companies and running simultaneously, he is living proof that human potential is limitless. This article will look at the secrets to Elon Musk’s net worth.
Facts about Elon musk
- He was born on June 28, 1971 (49 years old) in Pretoria, South Africa.
- By October 2020, Elon Musk’s net worth was a whopping 91.9 US dollars. This makes him the 5th richest person in the world.
- In 2018, he was ranked 25th in the Forbes’ list of the most powerful people in the world.
- He attended the University of Pretoria briefly before moving to Canada to attend Queen’s University. He later transferred to the University of Pennsylvania where he graduated with a degree in Economics and Physics.
- Musk began his Ph.D. in Applied Physics and Material Science at the University of Stanford but dropped 2 days after to pursue business interests.
- He co-founded Zip2, a software company, which was acquired by Compaq for 307 million in 1999.
- Elon then co-founded X.com, an online financial services, and email payment company with his business partners Peter Thiel and Max Levchin. It later merged with Confinity which had founded Paypal. eBay acquired Paypal in October 2002 for 1.5 billion dollars.
- He founded SpaceX in May 2002. SpaceX is a space exploration company.
- He joined Tesla, an electric cars manufacturer, in 2004 (An year after it was founded). Musk became its product architect and CEO in 2008. He is the longest-serving Automobile company CEO.
- In 2006, he helped create Solar City, a solar services company.
- Come 2015, he founded OpenAI to help promote the development of artificial intelligence.
- In July 2016, he founded NeuraLink. The company is focused on developing brain-computer interface.
- In December 2016, he founded The Boring Company, an infrastructural and tunnel construction company.
- He developed an interest in computing at age 10. He learned coding from a manual. At age 12, he developed a computer game called Blastar which was later sold for 500 dollars.
These facts will tell you that Elon Musk is no average human being.
Success lessons from Elon Musk
Elon Musk’s net worth is impressive. There are various success lessons we can learn from Elon Musk. This is because success is never accidental. Success is an art and a science.
As we pointed out in this article (Understanding the Iceberg Theory of Success), success is a product of years and years of hard work, sacrifice, determination, planning, execution, and perseverance. You cannot succeed if you are not ready to pay this cost.
Here are some of the success lessons:
1. Start early
Just like 90% of billionaires, starting early was a major success factor for Elon Musk. This is why Elon Musk’s net worth is in billions.
Having started coding at the age of 10 after buying himself a computer, he is in the unique league of Bill Gates, Warren Buffet, Mark Zuckerberg, and many others who started businesses before age 20. All these went ahead to become super successful at a young age.
When you start early, you fail early, learn early, and succeed early. This is the path to success. When you start late as many do, you fail late and give up. If you do not give up, you get late success which is not as sweet as an early success.
If you fail to start early, you mostly tend to follow the less risky path of getting a job and retiring at 65. This is because you cannot afford to fail when you have a family and bills to pay.
People who start early get the advantage of failing when parents are still supporting them. They can then experiment and learn. By the time the bills are coming in, they are already successful.
2. Solve major problems
Success comes to those who are seeking to provide unique solutions to the world’s major challenges.
Jeff Bezos made shopping easier. Mark Zuckerberg made social interaction easier. Larry Page and Sergey Brin brought information to our fingertips. Jack Ma helped take the internet to China and make shopping more convenient.
Elon Musk also understands this secret of the super successful. This is why his net worth is skyrocketing by the day.
Through Paypal, he made it easy to transact globally. Musk seeks to colonize Mars through SpaceX. Through Tesla, he is helping make the environment cleaner and safer by producing electric cars that do not have to rely on petroleum products.
All these are major solutions to major challenges affecting us as a people. If you get a major problem and solve it uniquely, you will be super successful.
3. Be ambitious
Ambition is the fuel for hard work. Entrepreneurs wake up early and stay up late because of their ambitions.
Elon Musk is super ambitious. He wants to colonize Mars and take some of us there by 2025. Is that not crazy? It seems so. However, that is what ambitious people do. They want to do something so bad despite the major challenges they are likely to face.
When you are driven by ambition, no obstacle can stand in your way. You get supercharged to move past any mountain standing between you and your dream.
4. Be innovative
Look at Elon Musk’s solutions to the problems he is solving, they are very innovative.
For example, he wants to eliminate traffic congestion on the roads for his electric cars by constructing underground tunnels. Who does that? This is why he founded the Boring Company in 2016. The idea is already being implemented.
Musk was listed first in the Forbes’ list of the most innovative people in the world in 2019. If you get innovative solutions to challenges facing people, they will reward you with massive success.
5. Take risk
Elon Musk is a risk-taker. His risks always bring him high returns. These big risks are one of the major reasons why he is super successful.
In 1999, Musk invested 10 million dollars from the sale of Zip2 in his new company X.com. For SpaceX, he invested 100 million of his own money. This was so risky because there was no business sense in his mission to colonize Mars. However, success is all about taking risks and Elon Musk understands that.
High-risk high returns is a common concept in business and economics classes. Therefore, if you keep taking calculated risks, you will end up making high returns.
6. Be futuristic
All successful people are futuristic; they think long term. This is what enables them to overcome today’s challenges. Futuristic individuals will build a business system patiently to make a fortune in the future.
SpaceX is one of the projects that shows the long-range thinking system of Elon Musk. SpaceX model is hard to make a profit in the short run. It will even continue making losses for the foreseeable future.
However, if Elon Musk succeeds in colonizing Mars, he will be the richest man on earth. He might even own the planet.
Average people only see what is in the present. This is why they find it hard to sacrifice present utility for future utility. They are not willing to invest today and get more in the future. This is the greatest impediment to wealth creation.
7. Work hard
Elon Musk is extremely hard working. He is said to work long hours. After all, he is actively involved in more than 3 companies. I know what it takes to run a company. It is only through hard work that Elon runs multiple companies.
All successful people understand the need to work hard. This is why super successful entrepreneurs work for over 14 hours. They work late at night and early mornings. These extra hours allows them to get massive success.
Stop wasting time on things that do not add any value to you or take you closer to your dreams. Be focused and productive.
Work every time you are at work and avoid getting distracted by irrelevant things. This way, you will get massively successful in all you do.
Elon Musk is a learner. He reads a lot of books. He has admitted to this fact time and again.
Musk taught himself how to code at age 10. He did this by reading manuals all by himself. He also read widely about space rockets before founding SpaceX. This is a field that he never attended any school to learn about.
All super successful people are avid readers. Think of Bill Gates who reads a book every week, Warren Buffet who reads 500 pages every day, Mark Cuban who reads for 3 hours daily, etc.
This is how they get the knowledge to run multibillion-dollar firms. If you do not learn, the world will outpace you. Your ideas will become outdated in this fast-changing world.
Purpose to read at least a book every month. This is the least any serious person can do.
9. Start businesses
The last but the most important secret to Elon Musk’s success is starting high growth businesses. If you want massive success, cultivate the entrepreneurial spirit and get the traits necessary to start and run a successful business.
All super successful people are business people. This is their common denominator. Quit relying on a monthly salary and start relying on risky profits. This is the only way you can get that high net worth.
Final words on Elon Musk’s success
These are the secrets to Elon Musk’s net worth. He is a great entrepreneur and business manager. He has scaled numerous companies and made a fortune for himself. With a net worth of 91.9 billion, Elon is one of the people we can learn from as ambitious young people.
Since he is still young, experts forecast that Elon will become the richest person in the world in the future. This is also supported by the high growth witnessed at Tesla and SpaceX.
What will be your story? Let us write about your success in the near future. Work hard and you will get there.
Founder/ C.E.O- Wealthy Wolves Consulting & Giimark Ltd/ Best-selling Author/ Speaker.