How Elon Musk Made His Money- And the 5 Tips He Offers

 How Elon Musk Made His Money- And the 5 Tips He Offers

Elon Musk has made his billions from founding Tesla, SpaceX, SolarCity, and Zip2. It’s almost impossible to imagine how anyone could have thought of all these companies, but Musk somehow managed it. How did he do it? There are many ways he’s generated money- some legal, some not so much- but we’re going to focus on the strategies that will help you get rich legally while having fun along the way! Here are Elon Musk’s top 5 tips on how to make your first million dollars...

1) Setting Goals

1. Before you can make money, you need to know what you want to achieve. 

2. Set a clear and attainable goal for yourself. 

3. Break down your goal into smaller steps that you can complete. 

4. Take action towards your goal- don't just sit and wait for things to happen. 

5. Finally, don't be afraid to ask for help along the way. There are plenty of resources available to help you achieve your goals. For example, talk to your mentors and loved ones about your goals so they can help you out. You might also try joining a community like Meetup where there will be people with similar interests who can offer support as well as motivation on the journey to success. If you want to read more, check out this blog post!

2) Taking Risks

The first step that Musk took was taking risks. This is something that a lot of people are afraid to do, but it’s essential if you want to be successful. Without taking risks, you’ll never know what could have been. You might find yourself in a job or career for life without even realizing it and with no opportunity for growth. 

There is also the risk of investing too much time into one project when there are other opportunities out there. One way to counteract this problem is by diversifying your investments so that you don't put all your eggs in one basket. If you only invest in stocks, for example, and the market crashes tomorrow, then you're sunk. Investing in stocks can help mitigate some of these problems since they will always recover eventually as long as there's enough demand for them. It's just important to have a balanced portfolio so that no single investment will be too damaging should disaster strike.

3) Good Luck Doesn’t Happen Overnight

Some people are born into wealth and some people have to create their own. No matter how you acquire your wealth, it’s important to remember that it doesn’t happen overnight. For most people, it takes years of hard work and dedication to make their dreams a reality. Here are five tips from Elon Musk on how he made his money -Make The Future: It is said that Steve Jobs revolutionized six industries: personal computers, animated movies, music, phones, tablet computing and digital publishing. In Elon Musk's words you have to think about what kind of future we want because he believes in building the future as opposed to just participating in it. 

-Set Goals: You need to know where you're going if you want to get there. Set goals for yourself, not only short term but long term as well. Have an idea of what you want to do with your life and don't settle for anything less than that. Make sure you're constantly challenging yourself so you can achieve more with each passing day. Successful people aren't successful because they were lucky; they were successful because they planned ahead and worked towards their goals every day.

4) Build a Strong Team

A business is only as strong as its team. When building a business, it's important to put together a group of individuals with complementary skillsets who can work together to achieve common goals. This was something that Elon Musk did early on in his career, and it's one of the things that has helped him be so successful. 1) Work Super Hard: The hours are long, but success comes when you do your best work possible. Elon Musk likes to say that he's never had a day when I've been underutilized. 2) Build Something That You Want: It might sound obvious, but not everyone wants what they're doing at all times. If you want your product or service enough then you'll find a way to make it happen - no matter what! 3) Create an Environment Where People Can Do Their Best Work: People aren't machines and it's easy for them to get burned out when they have to keep working hard without any time off. 4) Choose Wisely When Acquiring Assets: Investments should come from within your company first before anything else. In order to grow, companies need access to capital which they can use to buy more equipment or hire new people.

A prime example of this would be Tesla Motors; Elon Musk invested $100 million into Tesla himself instead of borrowing money because he wanted the company's assets to remain safe and in his control. 

If you invest too much money into someone else's business, they may end up acquiring more shares than you'd like them too which will eventually lead to loss of ownership control over your own assets.

5) Have an Exit Strategy

When you're starting a business, it's important to have an exit strategy in mind. This will help you stay focused on your goals and avoid getting sidetracked. For example, if your goal is to sell your company for a profit, you'll need to have a plan for how you'll do that. If your goal is to keep control of the company, then what does that mean? Do you want to take it public or remain private? What are some steps towards achieving those goals? 

The key point is having a clear vision about what you want to accomplish and having concrete steps for making progress towards those goals. That clarity will make success much more likely than having no idea what kind of outcome you want or how to get there. Don't Get Distracted: One way to avoid being distracted is by keeping things simple. There's always so many projects we could work on, but that doesn't mean we should be working on all of them at once. Narrowing down which tasks are most urgent and important can help us focus our energy where it needs to be.