5 Important lessons Young people should learn from Carlos Slim
Born on Sunday, January 28, 1940 as Carlos Slim Helú to parents who were both Maronite
Catholics from Lebanon, Carlos Slim grew up to become the richest man in Mexico and the
richest person in the world by the Forbes business magazine from 2010-2013.
Carlos Slim is a business magnate, engineer, investor and philanthropist currently ranked
the seventh-richest person in the world according to Forbes' listing of The World's Billionaires
with a net worth estimated at $61.3 billion as of June 2018.
In this video, we'll share with you; 5 important lessons Young people should learn from Carlos
Slim
Try to watch to the end of this video because Secret No. 3 can change your life completely.
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No.1 Know What You Want To Become & Start Early
Slim always knew he wanted to be a businessman, and he began to develop his business and investment
acumen at a young age.
He received business lessons from his father Julián, who taught him finance, management
and accounting, teaching him how to read financial statements as well as the importance of keeping
accurate financial records, a practice that Slim carries on to this day.
At the age of 11, Carlos invested in a government savings bond that taught him about the concept
of compound interest.
He eventually saved every financial and business transaction he made into a personal ledger
book which he keeps to this day.
At the age of 12, Slim made his first stock purchase, by purchasing shares in a Mexican
bank.
By the age of 15, Slim had become a shareholder in Mexico's largest bank.
Lesson; If you wish to go far in life, you must understand
who you are, your strengths and passion.
You must also start pursuing your dreams as fast as you can because the journey to success
is tough and long one.
The earlier you know what you want in life and start pursuing it, the more successful
you'll become.
No.2 Learn to see what others can't
One of the Carlos Slim's biggest opportunities was the peso crisis in the early 1980s, coupled
with a steep decline in oil prices.
Capital was fleeing the country, and Slim bought a number of companies at depressed
valuations.
Some examples are Cigatam (the country's second-largest cigarette maker), Reynolds Aluminium, General
Tire and the Sanborns chain of stores.
Lesson; Warren Buffet said, to make money, you must
be optimistic while everyone is panicking
Most times, the entire world is wrong.
They invest when the market is about to collapse and hold back when they should invest.
Not only about investment.
In almost everything else, the opposite is the way.
If you can develop insight to see what most people can't, you'll become rich and successful.
Secret No.3 Forget your family's status
This is the most important lesson for any young person.
Forget who your parents are because it doesn't matter.
Whether your parents are rich or poor, it still doesn't matter.
You can learn from your parents and get their advice but you can't inherit their wealth
because wealth is portable and invisible.
Carlos Slim would never have become anything solely because he was born by rich parents.
How many children of rich parents ever become rich?
At the other hand, stop thinking you're disadvantaged because your parents aren't
wealthy.
It still doesn't matter that much.
If you'll figure out what you want for your life in specific term and be willing to go
for it, your parents success status will not matter.
In fact, you can decide to be motivated or depressed by who your parents are.
For example, I was very motivated to create wealth because my parents are poor.
Somehow I knew I had to fight hard and overcome poverty or my future would be terrible.
Just as my parents' poverty motivated me, most people have allowed their parents'
poverty to demotivate them.
Having a rich parent too comes with its disadvantages.
You tend to believe that everything is set for you and you need no much hustling.
This is false because success is not transferable.
You can inherit a million dollars from your mother but you can't inherit the fulfilment
and joy that comes from earning a million dollars.
You can inherit a billion dollars from your father but you can't keep or grow it without
knowing what you're doing.
Life is far more complex than we think.
You are the solution to your life.
Whether your parents are poor or rich, be sure you have your own cross to carry and
no one will help you to carry it.
Be courageous and take full responsibility for your life because it's all about you.
No. 4 Find Joy in the process, not in the possession.
Carlos Slim stays in a 6 bedroom house in the area he has lived for more than 40 years.
He drives himself to the office about 1 mile away from his home.
Lesson; Just look around you and see how people throw
party after making $100,000.
Many young people think what they need to be happy is the new iPhones, TV-set, Shoes
or cars.
Well, you can be happy for a few days after buying a new thing but just after then, you'll
go back to your formal state.
The real joy is in the process, not in the possession.
Your primary task in life is to figure out what you're passionate about because you
can only be joyful if you wake up every day to love your labour.
Find joy in the process, not in the possession.
No. 5 Seek to Dominate
In the 1990s, the government privatized Telmex, and Slim was one of the initial investors,
via Grupo Carso (the other members of the consortium were France Télécom and Southwestern
Bell Corporation).
The price: $1.8 billion, half of which was put up by Grupo Carso, for a 20% stake.
Carlos Slim was at the helm of Grupo Carso and, as such, took over at Telmex.
By 2012, América Movil, Slim's mobile telephony company, had taken over Telmex and made it
into a privately held subsidiary.
América Movil, via the subsidiary Telcel, has a market share approaching 70% of the
mobile phone line market, and 80% of the landlines in Mexico.
Lesson; Many people think it's a bad thing to dominate
but there's a positive kind of domination.
For instance, if you're not dreaming of becoming the best of the best in your field,
you probably won't be inspired to work extra hours.
Seek to be the best in your field.
Desire to dominate.
Special Bonus Thank you so much for watching our videos.
Because you watch this video till the end, we want to appreciate you by sharing one of
the most inspiring quotes of Carlos Slim with you;
"Live the present intensely and fully, do not let the past be a burden, and let the
future be an incentive.
Each person forges his or her own destiny."
Your past, race, background, sex or religion doesn't define you!
What defines and determines your success is your ability to shed the burden of your past
or mistakes and convert it into a success!
So, be proactive, go out there today, and make things happen!
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