Jeff Bezos Is Incredibly Rich: Does It Mean We Should Trust His Money Advice?
If you became a billionaire next week, what are some of the first moves you would make? It might seem a simple question — but a billion dollars is a lot of money.
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“A millionaire does NOT live the same type of life as a billionaire,” Dave Ramsey wrote in a Facebook post. “Millionaires are comfortable and can provide well for their family along with leaving a solid financial legacy…but, they don’t take recreational trips to space followed by a stop at their private island on their yacht.”
Ramsey was referring to Jeff Bezos, founder of Amazon and one of the world’s wealthiest individuals. According to Forbes, his net worth is more than $200 billion. Given his incredible wealth, should you trust his money advice?
It’s hard to say no to some of the advice Bezos gives — especially tips that are relatable for just about all income levels.
For instance, Bezos has credited his great success to the regret minimization model, a kind of decision-making framework. At the basic level, the framework simplifies complex choices by focusing on the potential for future regret. That seems like pretty good money advice for most of us, regardless of our income or wealth level.
Here’s some more advice from Bezos that seems relatable to just about everyone: build trust and maintain a good reputation. According to CNBC, Bezos said these can be keys to achieving great success in your career.
In fact, Bezos has four steps important to building trust and reputation: you need to do hard things, do what you say you’re going to do, take controversial stances, and have clarity.
In general, research seems to back up his four-step method. Several studies show that consistency and follow through are vital components of building trust.
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So, while you may not be able to follow Jeff Bezos’ lifestyle and head to your own island for mental clarity, some money advice holds true for just about all of us.
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