A way to keep yourself up: billionaires who came from nothing

Everyone must start from somewhere, more often than not from nothing.

Alan Gerry kickstarted a TV network that went on to become Cablevision.

Net worth: $1.4 billion

The son of Russian immigrants, Alan Gerry dropped out of high school in order to pursue a career in the Marines.

In 1956, Gerry made the decision to take the $1,500 he earned from his small business, and found a cable company. The company went on to become known as Cablevision, which sold to Time Warner for an estimated $2.7 billion in 1996.

Kenny Troutt, the founder of Excel Communications, paid his way through college by selling life insurance.

Net worth: $1.4 billion

Troutt grew up with a bartender dad and paid for his own tuition at Southern Illinois University by selling life insurance. He made most of his money from phone company Excel Communications, which he founded in 1988 and took public in 1996. Two years later, Troutt merged his company with Teleglobe in a $3.5 billion deal.

Montpellier rugby club president and Entrepreneur of the Year Mohed Altrad survived on one meal a day when he moved to France.

Net worth: $2.6 billion

Born into a nomadic tribe in the Syrian dessert to a poor mother who was raped by his father and died when he was young, Altrad was raised by his grandmother. She banned him from attending school in Raqqa, the city that is now capital of ISIS. Altrad attended school anyway, and when he moved to France to attend university, he knew no French and lived off of one meal a day.

Still, he earned a PhD in computer science, worked for some leading French companies, and eventually bought a failing scaffolding company, which he transformed into one of the world’s leading manufacturers of scaffolding and cement mixers, Altrad Group.

John Paul DeJoria, the man behind a hair-care empire and Patron Tequila, once lived in a foster home and his car.

Net worth: $3.2 billion

Before the age of 10, DeJoria, a first generation American, sold Christmas cards and newspapers to help support his family. He was eventually sent to live in a foster home and even spent some time in a gang before joining the military.

With a $700 dollar loan, DeJoria created John Paul Mitchell Systems and sold the shampoo door-to-door while living in his car. He later started Patron Tequila, and now invests in other industries.

Forever 21 founder Do Won Chang worked as a janitor, gas station attendant, and in a coffee shop when he first moved to America.

Net worth: $3.3 billion

The husband-and-wife team — Do Won Chang and Jin Sook — behind Forever 21 didn’t always have it so easy. After moving to America from Korea in 1981, Do Won had to work three jobs at the same time to make ends meet. They opened their first clothing store in 1984.

Forever 21 is now an international, 790-store empire.

At one time, businessman Shahid Khan washed dishes for $1.20 an hour.

Net worth: $7 billion

He’s now one of the richest people in the world, but when Khan came to the US from Pakistan, he worked as a dishwasher while attending the University of Illinois. Khan now owns Flex-N-Gate, one of the largest private companies in the US, the NFL’s Jacksonville Jaguars, and the soccer club Fulham.

WhatsApp founder Jan Koum emigrated to the US.

Net worth: $9.1 billion

Koum was born in Kyiv, Ukraine. At the age of 16, he accompanied his mother to California, where they secured an apartment through government assistance. In order to survive, he swept floors at a local store.

According to the Independent, Koum taught himself computer skills. In 2009, he cofounded the world’s largest mobile messaging service WhatsApp, which was purchased by Facebook for $22 billion in 2014.

Leonardo Del Vecchio grew up in an orphanage and later worked in a factory where he lost part of his finger.

Net worth: $23.5 billion

Del Vecchio was one of five children who was eventually sent to an orphanage because his widowed mother couldn’t care for him. He would later work in a factory making molds of auto parts and eyeglass frames.

At the age of 23, Del Vecchio opened his own molding shop, which expanded to become the world’s largest maker of sunglasses and prescription eyewear with brands like Ray-Ban and Oakley.

Luxury goods mogul Francois Pinault quit high school in 1974 after being bullied for being poor.

Net worth: $32.7 billion

Pinault is now the honorary chairman of fashion conglomerate Kering (formerly PPR), but at one time, he had to quit high school because he was teased so harshly for being poor.

As a businessman, Pinault is known for his “predator” tactic, which includes buying smaller firms for a fraction of the cost when the market crashes. He eventually started PPR, which owns high-end fashion houses including Gucci, Stella McCartney, Alexander McQueen, and Yves Saint Laurent.

Today, he owns Christie’s, the world’s top art business.

After his father died, business magnate Li Ka-shing had to quit school to help support his family.

Net worth: $33.1 billion

Ka-shing fled mainland China for Hong Kong in the 1940s, but his father died when he was 15, leaving Ka-shing responsible for supporting his family.

In 1950, he started his own company, Cheung Kong Industries, which manufactured plastics at first. The firm later expanded into the real estate business.

 

Reposted from https://www.businessinsider.com/billionaires-who-came-from-nothing-2013-12 as a reminder that everyone must start from somewhere, more often than not from nothing.

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About the author: Hoan Do is a certified leadership coach. Hoan have led multiple teams at Symantec Inc. across the globe delivering world-class solutions to protect consumers and businesses. Hoan is an expert in building highly performing teams. He believes that the best leader is the leader that could grow his followers to be leaders. Hoan has been organizing mastermind groups to share with other leaders about transformational leadership and coaching. He has trained many leaders via mastermind groups, workshops, and one-on-one coaching.

 

 

Making 6 figures? How to avoid being one of 69% of Americans who have less than $1000 in the bank.

Are you making a 6-figure ($100,000) or higher income? How much do you have in saving?  How much do you save per year?

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In the latest survey (September 2016 by GoBankingRates) on 7000 American adults, 69% said they have less than $1000 in the bank. Close to half of participants who earn between $100,000 and $149,999 have less than $1000. One-third of participants with incomes of $150,000 and above said that they had less than $1000 in the saving. 6% of those high income earners had nothing in the bank. Where did their money go? What will they do in case they need more than $1000? What will they do in case of emergency? Taking a loan? Using credit cards?

If you are not of those who have difficulty with saving money, you can skip the rest of this article. My primary goal is to show those who have troubles with saving money how they can save even just small amount and possibly retire being a millionaire if they do it right. Saving in my definition is the money you put away without touching it for expenses.

The following steps work for a man who makes one cent as well as the man who makes millions or billions. If you only make 5 figures, it works for you as well.

A warning before you proceed. The method I am about to give you is simple but requires your persistence to apply. You will be rich if you follow it consistently.

First
, save one-tenth of what you earn and dont touch it. Bob Proctor and Earl Nightingale put it in another way: pay yourself everything you earn from 8am to 12pm on Monday. If you earn $1000 per month, put aside $100 for your saving. Use only $900 to pay for your expenses. The hardest part is to have discipline not to touch the $100 you save. The most important thing to remind yourself of if you are tempted to use your saving is that you will spend your future without return.
Second, for every dollar you save, make it work for you. Make your savings your slaves. Make their children your slaves also. Let’s say that you put $100 into a bank that would pay you back 5% in interest annually. At the end of a year, you would have $105. The second year you would earn additional 5% on your $105 and end up with $110.25… in other words, your money is compounded at 5%. The first $100 is your slave. Its first 5% is its child which is also your slave. Each additional year you would get more slaves that work for you to earn your wealth.
If you start with $100 and continue to put in $100 each month, with 5% interest, by 10th year you will end up with $15,662.10.
Third, control your expenditure so that you never have to tap into your saving. Better yet, slash your expense so that you may have some extra dollars to put into your saving. Remember #2, your saving will work for you along with its children, grandchildren, …

Fourth, guard your capital. Remember that getting rich is not a quick venture. You must be patient and not jump into any venture that causes you to lose your saving.

Fifth, be disciplined and remember step #4. Warren Buffett follows this principle by saying “the first rule of investing is to not lose money. The second rule is to never forget rule #1”.

If you start with $100 and continue to put in $100 each month, with 5% interest, by 10th year you will end up with $15,662.10. With this amount, you are better than 60% of those who earn more than $150,000 per year. Right after your first year, you will be far better than 69% of American adults who have less than $1000 in the bank.

As I warned you earlier, you must be disciplined to religiously put $100 into saving every month without fail. You must find a way to invest your saving so that it can compound at 5% over 10 years. This is a compound interest of 5%. Buffett recommended index fund, which is historically very safe to earn above 5% return.
Another discipline you must develop is to listen only to people with credibility and expertise. In your endeavor to invest your saving, listen only to people you can fully trust and they really know what they tell you as well as they have track records to prove.

Watch out for advices from your friends, relatives, co-workers, or even strangers. Advice is too cheap. You will lose money if you do not know what you are doing.

Now, go and make a plan for your saving. Pay yourself at least 10% of what you earn, make your saving work for you, be consistent, and listen only to people with credibility. You are on your way to become rich and enjoy your life in comfort.

 

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PS: if you are looking for banks that pay over 5%, look over at the interest rates around the world. Please factor in the inflation rate when considering to make an investment.
A much safer investment is a low-cost index fund. The average return of the S&P; 500 stock index for the 10 years ending Dec. 31, 2012 was 7.10 percent. The S&P; 500 index mutual funds from Fidelity and Vanguard produced returns of 7.03 and 6.99 percent annually, respectively. Looking at bond index funds, the Vanguard Total Bond Market Index Fund produced a 10-year average annual return of 5.07 percent, compared to 5.20 percent for the Barclay’s bond market index that the fund tracks. (Source: Zach.com)

About the author: Hoan Do is a certified leadership coach with John Maxwell Team. Hoan have led multiple teams at Symantec Inc. across the globe delivering world-class solutions to protect consumers and businesses. Hoan is an expert in building highly performing teams. He believes that the best leader is the leader that could grow his followers to be leaders. Hoan has been organizing mastermind groups at work to share with other leaders about transformational leadership and coaching. He has trained many leaders both inside and outside Symantec via mastermind groups, workshops, and one-on-one coaching. Hoan perfected his own method “think and lead rich” to start leaders with the right mindset before equipping them with a complete leadership development solution.
If you are curious about the above method and how you can apply it to your life successfully, open your email and send me an inquiry at coach@hoanmdo.com