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7 Habits of the Richest Man in the World

7 Habits of the Richest Man in the World

Carlos Slim is the richest man in the world and like other great men, he has had his own share of failure and disappointment. His father died when he was only 13, and he had to work harder, taking jobs with hourly pay in order to gather enough money to put him through school. Slim, who has been named the richest man in the world for about four consecutive years now, has done some things and made certain sacrifices that got him to the position he is today. From a study of Sim’s life, I have been able to pin-point seven key habits that made him successful. I believe that if you can learn and apply these habits in your life, you too can become very rich one day.

Intuition:

Carlos Slim has a knack for knowing when to get in or get out of a business. He became a billionaire after the economic crash of 1982 when he purchased investments at low prices that would later be extremely valuable. His confidence in his country remained when other Mexican investors rushed to expatriate their capital. As the economy recovered, Slim’s fortune grew and his acquisitions accelerated. Again in 2008, Slim surprised the world with his purchase of a 6.4% stake in New York Times. In 2009, as the global recession grew worse, he further helped New York Times steady its finances with a $250 million loan which the Times repaid plus 14% interest ahead of schedule.

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Fast Learning:

Slim’s father, Julian Slim, taught his children how to manage their finances. He encouraged them to record all their income and expenditures very early. Carlos Slim learned very fast and at the age of 12, he bought his first shares in the Bank of Mexico. Slim also learned very early in life that he needs to teach his own kids exactly what his father taught him. His three sons have taken reigns of the major components of his holding company, Grupo Carso.

Thrift:

W. Clement Stone once said, “If you cannot save money, the seeds of greatness are not in you.” Carlos Slim and his family lived modestly at the early stages of his career. He reinvested earnings from his businesses in expansion and more acquisitions rather than on fast cars and a gigantic house. There is little wonder why he is so great today.

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Cherishes Family:

Slim’s holding company, Grupo Carso, is formed from the combination of the first letters of his and his late wife’s name, Carlos and Soumaya. He loves his family, acknowledges them and spends time with them. His family still dines together every Monday night.

Creativity:

When Slim’s company purchased Telefonos de Mexico (Telemex) with French and American partners, Slim had an idea for building the customer base for cell phone service in Mexico’s struggling economy. He sold handsets with a month service prepaid and rather than sending the customers a monthly bill, and he enabled them to buy prepaid phone cards using their minutes as needed, an idea now adopted by nations all around the world. As it happened, the prepaid program filled an enormous need and the customer base grew by 66% every year for the next fifteen years. His company is now the largest wireless services provider in Latin America.

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Diversifying:

Carlos Slim so far has invested in real estate, a construction equipment company, mining, tobacco, retail stores and telecommunications which eventually made him very rich and famous. This lays emphasis on the fact that you should not put all your eggs in one basket.

Charity:

Slim is a giver. He has given to a number of charitable foundations. He has a foundation himself, which concentrates on developing Mexico’s human capital through education and training programs. Apart from his efforts to improve health, nutrition and disaster relief, he has provided university scholarships for hundreds of thousands of students.

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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