Good CEOs increase earnings, expand operations, reduce expenses, and ensure shareholder satisfaction. Inspiring their colleagues, investors, customers, and anybody else who may be listening with smart counsel, the most effective chief executives go above and beyond the job definition of a corporate CEO.
For titans such as Warren Buffett and Mary Barra, their words are as crucial to their legacies as their innovations and bottom-line-boosting accomplishments. The walls of small-business break rooms and the dry-erase boards of prospective entrepreneurs are adorned with these quotations. Mentors impart their words of wisdom to mentees in collegiate business classrooms.
It makes sense to listen when the most successful people in the world discuss money, investments, careers, and wealth. Even if you do not aim to run a corporation like Berkshire Hathaway or General Motors, you may learn something you can apply to your own 401(k), household budget, and life.
Best 10 CEOs Money Advice
Jeff Bezos: Amazon
Jeff Bezos learned the most from his actions, not his words. Far has been written about saving money by making one’s own coffee and preparing one’s own food, but big-ticket products tilt the scales much more than Starbucks; it would be prudent to purchase a less expensive automobile.
Bezos continued to drive the same 1987 Chevrolet Blazer he was driving when Amazon had 10 employees until he was worth 12 billion dollars. Even so, he only purchased a Honda Accord. Until 2013, his then-wife MacKenzie Scott drove him to work and their children to school in a Honda minivan.
Buffett’s company is Berkshire Hathaway.
Since the 1980s, when Bezos was a normal 20-year-old working in executive positions at hedge funds and investment banks, Warren Buffett has imparted Yoda-like financial advice.
There was a time when Buffett cautioned against investing in anything you do not fully comprehend. Then there came information on living within one’s means, purchasing index funds rather than picking individual stocks, and investing in firms in which one believes and holding them forever. However, the finest advise was to pay yourself first. Buffett, however, expressed it more eloquently: “Don’t save what’s left after spending. Spend what is left after saving.”
General Motors is led by Mary Barra, according to General Motors
Mary Barra is more than the first female chief executive officer of a major automaker. She ranks alongside Warren Buffett as one of corporate America’s most quotable executives. She stated during a convention in 2012, “If you have an issue, you must address it. Because this issue will become worse in six months. It could grow in size within two years. However, it will not diminish with time.”
As is so frequently the case with Barra’s notably witty quips, her words might be applied to a variety of ordinary circumstances. For you, it may represent confronting credit card debt, leaving a dead-end employment, or ending a toxic financial relationship.
Tim Cook represents Apple
Tim Cook, CEO of Apple, exhorted 2017 graduates at the University of Glasgow in Scotland to never work for a paycheck during his commencement address. He advised, “My counsel to all of you is to not labour for money; either it will wear out quickly or you will never make enough to be happy.”
People were quick to point out to CNBC that Cook’s counsel, while theoretically lofty, is difficult to implement when diapers must be purchased and bills must be paid. In addition, they noted that Cook sells iPhones rather than creating them as a hobby and giving them free out of generosity.
Richard Branson: Virgin
Richard Branson, together with Elon Musk, is as near to Tony Stark as the world has in reality. Branson is renowned for his tenacity, but you don’t need to be a millionaire explorer or even a knight to benefit from a healthy dose of tenacity. Be like Branson and persevere if you’re struggling to save money every month, seeing your investments lose value, or even just learning the fundamentals of money management.
Once, he penned, “In every journey I’ve undertaken — whether establishing a business, flying around the world in a balloon, or racing across the ocean in a boat — there have been times when it would have been easier to give up.”
Musk: Tesla and SpaceX
Elon Musk has skin in the game on Earth and in space, like Richard Branson, but in the ultimate act of one-upping, Branson, like Jeff Bezos, has actually been there. Musk, one of the greatest innovators and risk-takers in corporate history, advises both humans and extraterrestrials to choose a worthy goal.
He is quoted in the Chicago Tribune as saying, “Don’t merely set your goal as’make a lot of money’ or ‘get promoted to X’.” Have a compelling and meaningful objective. Determine ways to improve the situation or do something big.”
Corie Barry: Best Purchase
In 2019, Corie Barry became the company’s first female chief executive officer. Girls and women who wish to replicate her achievement are encouraged to become comfortable operating outside of their comfort zones.
She told CNBC, “That’s why I start with making you uncomfortable, because somewhere in here, you’re going to have to be willing to put yourself in a position for which you’re not quite prepared, and then use all the resources available to you to achieve success.”
Although her counsel is gender-specific, it is applicable to everyone in a financial rut or a dead-end employment.
Satya Nadella: Microsoft
According to Business Today, Satya Nadella is a firm believer in developing fresh methods for each new endeavour, as opposed to repackaging what worked in the past and hoping for a similar outcome.
He stated, “You must have a growth attitude going ahead. It is not predetermined.”
This has two lessons. The first is a caution against resting on one’s laurels: If you’re looking at your trophies in the rearview mirror while driving, you’re going to crash. The second is to avoid the error of transferring the lessons acquired from past fights to future conflicts. This may require a second look at an outdated CV, a 401(k), a car insurance coverage that is likely more expensive than necessary, or anything in between.
Sundar Pichai: Alphabet
The CEO of Alphabet, Sundar Pichai, does not encourage you drop out of school like he did from Stanford. However, he advises basing your schooling, employment, and financial decisions on what is best for you alone.
According to Inc., he stated, “Had I completed graduate school, I would likely have a Ph.D. today, which would have made my parents very proud. However, I may have missed the chance to introduce others to the benefits of technology. And I surely would not be standing here before you as the CEO of Google.”
Indra Nooyi: PepsiCo (Retired)
Many financial gurus do not believe it is possible to save one’s way to riches and believe that increasing one’s income is the only way to achieve financial independence.
Whether you’re joining the workforce for the first time, starting a new job, or changing careers to begin from the bottom of the totem pole later in life, it’s natural to make a cautious entrance, keep your head down, and avoid being seen until you’re up to speed.
Longtime Pepsi chair and CEO Indra Nooyi, who retired in 2019, wants you to do the opposite.
“Volunteer for the most challenging assignments early in your career,” she advised Forbes. Do not settle for a 9-to-5 lifestyle. When you enter an organisation for the first time, everyone should know you’ve arrived.”
