Unlike many other investors in the market, he owns many “famous” and unique businesses at the same time in completely new fields.

Although investors advise diversifying your investment portfolio, Elon has made a lot of money by centralizing his investments and then managing them well to promote growth.

He said: “Putting all your eggs in one basket is okay as long as you control what happens to that basket of eggs.”

Looking at the empires of today’s Silicon Valley giants, everyone sees a common expansion trend. Most of Elon Musk’s assets are in shares of electric car company Tesla, but this billionaire and Amazon founder Jeff Bezos are still fighting each other in the expensive space race.

“Lots of food”

The story of SpaceX began when Elon Musk objected to the notion that rockets could not be reused effectively. He outlined the million-dollar gamble, proving that entering space was feasible based on the basic math of how rockets work and the cost of cheap raw materials.

It can be said that Elon Musk’s SpaceX has gone through a 20-year journey full of energy, from doubts about only 1% success to gradually conquering new historical milestones. The seeds that Elon Musk, a madman or a megalomaniac depending on the judge, sowed two decades ago have now truly grown into green trees with sweet fruits.

According to SpaceX, Starship is the most powerful and unique rocket ever because it can be reused. This means that the cost of flying into orbit will be significantly reduced, specifically saving about 10 million USD for every 100 tons of materials put into space. Musk thinks this is possible in the next few years.

He put a lot of effort and money into the space race. Photo: CNBC

“We will build a lot of ships and boosters. The dream on the moon will soon be realized,” said Elon Musk.

Meanwhile, with Tesla, Musk also built the world’s largest electric car factory thanks to his strong belief that they can be created at an affordable price. Such thinking was in stark contrast to a popular notion at the time, that EV batteries were too expensive to make ‘green dreams’ come true.

Zero-sum thinking

The remarkable growth of the electric car company Tesla later turned Elon Musk into a billionaire. With a long list of achievements including revolutionizing the car industry and launching its own rocket into space, or most recently, acquiring Twitter. Although this is still controversial, it cannot be denied that Elon Musk is often asked about tips for success.

“If you believe in a zero-sum game, you think the only way to get ahead is to take everything from others. But thinking so is wrong. It’s better if you can create more than you consume,” Musk said.

Unfortunately, many people live from a zero-sum perspective without even realizing it. Based on Musk’s experience, people he has seen work unethically are often people with this perspective.

To change your mindset, you should congratulate others on their success. There is no need to always compete with others and believe that resources are scarce. Taking academia as an example, many people view research as a zero-sum game. But by celebrating each other’s wins, you can get more people excited about AI, physics, and math. As a result, you will receive more help from people. Everyone wins when everyone can help each other.

Elon Musk has bold thinking. Photo: NY Post

Know what to pay in investment fees

Rich people also pay attention to something that many other people ignore: investment fees.

More than half of workers don’t know they’re paying fees into their retirement accounts at work, according to a study by the National Association of Retirement Plan Participants.

However, those fees can eat away at your profits. “The more you pay in mutual fund fees or trading fees, the less money you have in your pocket,” said Taylor Schulte, CEO of San Diego-based Define Financial.

Even small fees can make a big impact. If you invest $100,000 for 20 years and pay a 1% annual fee, the value of your portfolio will be about $30,000 less than if you paid a 0.25% annual fee, according to the United States Securities and Exchange Commission. SEC period.

Check your account statement to see what fees you need to pay. If they seem high, the SEC recommends asking whether the costs can be reduced or considering other options.

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