Advertising
Advertising

5 Successful People Who Got Rich with a Leisurely Lifestyle

5 Successful People Who Got Rich with a Leisurely Lifestyle

I know a very rich woman who insists on travelling on low cost flights to her holiday destinations! Now, that is not my idea of how rich people can enjoy a leisurely lifestyle. I am looking around for some much better examples which will inspire us. How did these people make all that money and do they really enjoy and value a relaxed lifestyle? Wealth is not just about money, you know!

1. Carlos Slim Helu’

With a wealth of around $81 billion, Carlos is regarded as the world’s richest man, and he has held that position for at least three years. So, how did he get rich and does he has a leisurely lifestyle?

He has made his fortune with the telecommunications industry in Mexico and far beyond. But his wealth has penetrated almost every industry and service in Mexico. It is no surprise to hear that his country is now referred to as “Slimlandia.” How did he do it? His fans say that he was successful because he recognizes an undervalued company when he sees it and buys it.

He also has an amazing talent for numbers and that helped him in his decision to buy into Cigatim, one of the largest tobacco companies in Mexico. They were the ones who made Marlboro cigarettes. He has also a great talent at putting companies together into monopolies, and specializing in telecommunications.

He is passionate about fine art and has named the new museum in honor of his late wife Soumaya, which houses a fantastic art collection and the value of the paintings and sculptures there are said to be worth over $400 million. He loves the Rodin sculptures especially.

He loves driving himself around Mexico city although he is surrounded by bodyguards in blacked out 4x4s.

Advertising

His idea of leisure is a very practical one. He is advocating that people should only work a 3 day week so that they have more time for entertainment, hobbies and spending time with loved ones. He is also a firm advocate of chasing away negative thoughts which can be toxic.

“Do not allow negative feelings and emotions to control your mind. Emotional harm does not come from others; it is conceived and developed within ourselves.”

—Carlos Slim

2. Larry Ellison

Larry Ellison is brash, very rich and has an inflated ego. He now ranks as the world’s ninth richest person and has a wealth worth around $46 billion. He says that he first used Facebook on a daily basis for three months. While he was doing that he found out what his friends were having for breakfast. He discovered that this was not so interesting! But the Facebook experience convinced him that if you or your company do not move forward with technology, then you are dead in the water. He is fond of quoting Woody Allen on this one.

“A relationship, I think, is like a shark. It has to constantly move forward or it dies.”

—Woody Allen

Larry Ellison always wanted to be rich so that he could always have enough time to go hiking in the Yosemite Valley. He already had his priorities right about a leisurely lifestyle. But he was made acutely aware of the fragility of our human existence in a terrible sailing accident in 1998 when six of his crewmates were killed in a typhoon. He survived and this convinced him of the need to treasure our time on this earth.

“I’ve known for a long time that life is glorious and fragile and short,”

—Larry Ellison

It also made him keenly aware of the need to get his work-life balance right. He always says that the measure of his success is not his actual wealth but how happy he is.

One of the secrets to Ellison’s success is that he has always ignored the critics who thought his ideas were crazy. If there were no factual errors in their criticism, he completely disregarded them. He has always said he used the following criteria in his business decisions:

  • if they are fair
  • if they are morally correct
  • if they work

 3. Amancio Ortega

Imagine building a fashion empire that reaches into over 80 countries. That is what the founder of Zara, Amancio Ortega, has done with incredible success. There are only 46 Zara stores in the US while China has 347! It is no surprise that he is the third wealthiest person on the planet. He is incredibly secretive and there are very few photographs of him available.

Advertising

In one rare interview, he revealed the secret of his success. He follows two simple rules. The first is that you give customers what they want. The second is that you deliver it to them faster than anyone else.

In the poor town of La Coruna where he grew up, he spotted an ideal workforce in the fishermen’s wives who were eager to earn extra cash sewing garments. These were organized into sewing cooperatives and so the first optimal supply chain was born. A lot of Zara’s success is due to accurate consumer feedback on what they want to buy plus the fact that Zara stores restock at lightning speed.

Ortega has shunned the celebrity lifestyle. He lives in a house with a sea view in La Coruna and goes to his country residence to enjoy raising chickens and goats and to stay with his family. He loves going on hiking pilgrimages and horse riding. His lifestyle is summed up as “absolute normality.” As he hates flying, he rarely travels so the chances of you meeting him in business class are about zero.

4. Miuccia Prada

“Rich people need to be entertained more and more. And then I think, ‘Let’s not entertain anymore. Let’s be simple.””

—Miuccia Prada

Miuccia Prada’s grandfather ran a leather goods shop in Milan. He probably never thought his granddaughter would have transformed that business into a global fashion empire. She is thought to be the single most important influence in contemporary fashion. Miuccia Prada’s wealth is now estimated at around $13 billion.

Advertising

The secret of her success is that she was able to identify what men were prepared to try in fashion. Her plan was to promote much more freedom in men’s clothes. She started by looking at what they were wearing on the golf course and took inspiration from that. She has applied similar ideas to women’s clothes with the overall aim of making women stronger and men more sensitive through what they are wearing. Another secret to her success is the fact that she is intensely competitive and she is also fiercely creative.

As to a leisurely lifestyle, Miuccia Prada treasures some simple pleasures such as playing cards, music, gardening and also watching football. Her home is always full of people and she obviously enjoys company, and has kept up her old school acquaintances. Her secret passion is sailing and she keeps her boat in a southern Italian port but I am not allowed to tell you where it is!

5. Larry Page

Larry Page and Google are household names. The fact that “google” has already become a verb is a tribute to Larry Page’s and Sergey Brin’s success. Page’s wealth is estimated at $31 billion. The first thing that strikes you about Larry Page is his complete commitment to the future because he is passionately interested in biotech and robotics which he hopes will extend the lifespan of human beings. He regularly talks about how life will be in the next century and that many of our problems as human beings on this rather tired planet will, hopefully, be solved.

He advises companies not to concentrate on producing the same things as their competitors with minor improvements. This sort of incremental progress will fail over time. He recommends that companies focus much less on their competitors. He claims that Google has only tackled about 1% of what can be done to make people’s lives better. He advocates that companies be much more adventurous in tackling the 99% of virgin territory out there.

“If you’re not doing some things that are crazy, then you’re doing the wrong things.”

—Larry Page

As for a leisurely lifestyle. Larry Page loves kite boarding and often goes to Richard Branson’s NeckerIsland to fly over the waves there. The private Google jet only seats 50 people whereas it was originally designed for 180. Nobody knows how the interior has been changed. There are rumors that there are hammocks on that plane but I have no reliable source to confirm that!

Featured photo credit: Larry Ellison on Stage/ Oracle PR via flickr.com

More by this author

Robert Locke

Author of Ziger the Tiger Stories, a health enthusiast specializing in relationships, life improvement and mental health.

10 Reasons Why People Are Unmotivated (And How to Be Motivated) 12 Secrets To a Super Productive Meeting You Should Know Work Smarter, Not Harder: 12 Smart Ways to Be More Productive What Your Fear of Being Alone Is Really About and How to Get over It 10 Simple Morning Exercises That Will Make You Feel Great All Day

Trending in Productivity

1 How to Delegate Work Effectively (Step-By-Step Guide) 2 Need Morning Motivation? 30 Routines to Help You Start Afresh 3 How to Stop Procrastinating: 11 Practical Ways for Procrastinators 4 How to Power Nap for Maximum Benefits 5 How to Live up to Your Full Potential and Succeed in Life

Read Next

Advertising
Advertising
Advertising

Last Updated on September 17, 2019

How to Delegate Work Effectively (Step-By-Step Guide)

How to Delegate Work Effectively (Step-By-Step Guide)

All managers and leaders must master the art of delegation. Understanding how and when to allocate responsibility to others is essential in maintaining a high level of productivity, both on a personal and organizational level. Knowing how to delegate is also essential for an effective leadership.

To learn how to delegate is to build a cohesive and effective team who can meet deadlines. Moreover, knowing when and how to delegate work will reduce your workload, thus improving your wellbeing at work and boosting your job satisfaction. Unfortunately, many leaders are unsure how to delegate properly or are hesitant to do so.

In this guide, you will discover what delegation really entails, how it benefits your team, and how to delegate work effectively.

The Importance of Delegation

An effective leader knows how to delegate. When you delegate some of your work, you free up your time and achieve more on a daily basis. Effective delegation also promotes productivity within a team by drawing on the existing skill set of its members and allowing them to develop new knowledge and competencies along the way. The result is a more flexible team that can share roles when the need arises.[1]

When you are willing to delegate, you are promoting an atmosphere of confidence and trust. Your actions send a clear signal: as a leader, you trust your subordinates to achieve desired outcomes. As a result, they will come to think of you as a likeable and efficient leader who respects their skills and needs.

Delegation isn’t about barking orders and hoping that your staff falls in line. A manager’s job is to get the very best from those under their supervision and in doing so, maximizing productivity and profit.[2]

Here’s an example of bad delegation:

Advertising

    Careful delegation helps to identify and capitalize on the unique strengths and weaknesses of the team members. Delegation also boosts employees’ engagement as it proves that the managers are interested in drawing on their talents.[3]

    The Fear of Delegating Tasks

    Delegation boosts productivity, but not all managers are willing or able to delegate.[4] Why? Here’re some common reasons:[5]

    • They may resent the idea that someone else may get the credit for a project.
    • They may be willing to delegate in principle but are afraid their team won’t be able to handle an increased degree of responsibility.
    • They may suspect that their staff is already overworked, and feel reluctant to increase their burden.
    • They may suspect that it’s simpler and quicker just to do a task themselves.
    • They dislike the idea of letting go of tasks they enjoy doing.
    • They fear that if they delegate responsibility, their own manager will conclude that they can’t handle their workload.

    Delegation vs Allocation

    Most people think that delegation and allocation are synonymous, but there is an important distinction to be made between the two.[6]

    When you allocate a task, you are merely instructing a subordinate to carry out a specific action. You tell them what to do, and they do it–it’s that simple. On the other hand, delegation involves transferring some of your own work to another person. They do not just receive a set of instructions. Rather, they are placed in a role that requires that they make decisions and are held accountable for outcomes.[7]

    How to Delegate Work Effectively (A Step-By-Step Guide)

    So what’s the best way to delegate work so you can fight the fear of delegation, build an efficient team and work faster? Here’s a step-by-step guide:

    1. Know When to Delegate

    By understanding how much control you need to maintain over a situation, you can determine the best strategy for empowering workers. There are 7 levels of delegation that offer workers different degrees of responsibility.

    Advertising

    This brief video explains these levels and offers examples of when it’s appropriate to use each one:

    Delegation occurs along a spectrum. The lowest level of delegation happens when you tell other people what to do. It offers little opportunity for employees to try new approaches. The most empowering form of delegation occurs when you are able to give up most of your control over the project to the employee.

    Knowing how to delegate work helps you understand how to connect people with tasks that make the best use of their talents. When done properly, it ensures that you will get the best end-result.[8]

    When you’re deciding how to delegate work, ask the following questions:

    • Do you have to be in charge of this task, or can someone else pull it off?
    • Does this require your attention to be successful?
    • Will this work help an employee develop their skills?
    • Do you have time to teach someone how to do this job?
    • Do you expect tasks of this nature to recur in the future?

    2. Identify the Best Person for the Job

    You have to pass the torch to the right team member for delegation to work. Your goal is to create a situation in which you, your company, and the employee have a positive experience.

    Think about team members’ skills, willingness to learn, and their working styles and interests. They’ll be able to carry out the work more effectively if they’re capable, coachable, and interested. When possible, give an employee a chance to play to their strengths.

    Advertising

    Inexperienced workers may need more guidance than seasoned veterans. If you don’t have the time to set the newer employee up for success, it’s not fair to delegate to them.

    You also have to consider how busy your employees are. The last thing you want to do is overwhelm someone by giving them too many responsibilities.

    3. Tell and Sell to Get the Member Buy-In

    After you’ve found the perfect person for the job, you still have to get them to take on the new responsibility. Let them know why you chose them for the job. [9] When you show others that you support their growth, it builds a culture of trust. Employees who see delegated tasks as opportunities are more likely to be invested in the outcome.

    When you’re working with newer employees, express your willingness to provide ongoing support and feedback. For seasoned employees, take their thoughts and experiences into account.

    4. Be Clear and Specific About the Work

    It’s critical to explain to employees why the project is necessary, what you expect of them, and when it’s due.[10] If they know what you expect, they’ll be more likely to deliver.

    By setting clear expectations, you help them plan how to carry out the task. Set up project milestones so that you can check progress without micromanaging. If your employee has trouble meeting a milestone, they still have time to course correct before the final product is due.

    This type of accountability is commonly used in universities. If students only know the due date and basic requirements for completing major research papers, they might put off the work until the eleventh hour. Many programs require students to meet with advisers weekly to get guidance, address structure, and work out kinks in their methods in advance of deadlines. These measures set students up to succeed while giving them the space to produce great work.

    Advertising

    5. Support Your Employees

    To see the best possible outcomes of delegating, your subordinates need resources and support from you. Connect them with training and materials to develop skillsets they don’t already have.[11] It may take more time up front to make resources available, but you’ll save time by having the work done correctly. For recurring tasks, this training pays off repeatedly.

    Sometimes employees need a help to see what they’re doing well and how they can improve. Giving and receiving feedback is an essential part of delegation. This is also a good way to monitor the delegated tasks as a leader. While you can keep track of the progress of the tasks, you are not micro-managing the employees.

    Throughout the project, periodically ask your employees if they need support or clarification. Make it clear that you trust them to do the work, and you want to create a space for them to ask questions and offer feedback. This feedback will help you refine the way you delegate work.

    6. Show Your Appreciation

    During periodic check-ins, recognize any wins that you’ve seen on the project so far. Acknowledge that your employees are making progress toward the objective. The Progress Principle lays out how important it is to celebrate small wins to keep employees motivated.[12] Workers will be more effective and dedicated if they know that you notice their efforts.

    Recognizing employees when they do well helps them understand the quality of work you expect. It makes them more likely to want to work with you again on future projects.

    Bottom Line

    Now that you know exactly what delegation means and the techniques to delegate work efficiently, you are in a great position to streamline your tasks and drive productivity in your team.

    To delegate is to grant autonomy and authority to someone else, thus lightening your own workload and building a well-rounded, well-utilized team.

    Delegation might seem complicated or scary, but it gets much easier with time. Start small by delegating a couple of decisions to members of your team over the next week or two.

    More About Delegation

    Featured photo credit: Freepik via freepik.com

    Reference

    [1] BOS Staffing: 5 Benefits Of Delegation – Empower Your Team
    [2] Brian Tracy International: How to Delegate The Right Tasks To The Right People: Effective Management Skills For Leadership Success
    [3] MindTools: Successful Delegation: Using The Power Of Other People’s Help
    [4] Fast Company: The Three Most Common Fears About Delegation: Debunked
    [5] Leadership Skills Training: Delegation
    [6] Abhinav Jain: Delegation of work vs Allocation of work
    [7] Anthony Donovan: Management Training: Delegating Effectively
    [8] Management 3.0: Practice: Delegation Board
    [9] Focus: The Creativity and Productivity Blog: A Guide to Delegating Tasks Effectively
    [10] Inc.: 6 Ways to Delegate More Effectively
    [11] The Muse: The 10 Rules of Successful Delegation
    [12] Teresa Amabile and Steven Kramer: The Progress Principle

    Read Next