• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Make your money make money

Steve Ballmer is currently worth $120.5 billion, according to Forbes. But when he started working at Microsoft in 1980, he was nowhere near that wealthy. In fact, The Washington Post once reported that Ballmer made $50,000 a year back then (which is $184,874.04 today).

Even though he was low on the corporate ladder, The Washington Post also noted that Ballmer knew how valuable his 5-10% company shares were — especially the longer he stayed with Micosoft. So, Ballmer slowly worked his way up the ladder and eventually became CEO of the company in 2000.

However, Ballmer knew that Microsoft wasn’t the only place where he could make money. Forbes reported that, when he retired in 2014, he used his Microsoft salary and shares to make even more money by buying the L.A. Clippers for $2 billion.

Forbes estimated that the team has now doubled in value and is worth $4.65 billion today.

Sure, most of us won't be able to amass the funds needed to buy a professional sports team, but one of the keys to accumulating wealth is turning your paycheck into more money.

It’s not just for billionaires like Ballmer. It’s how teachers become millionaires in their retirement: they diligently invest in their 401(k)s every month and let their wealth compound over time. You can do the same.

Kiss your credit card debt goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

Find a (lucrative) passion project

Tim Cook is currently worth $2.1 billion, according to Forbes. But what netted him all that wealth had nothing to do with money.

“Don't work for money, it will wear out fast, or never be enough,” he advised students at the University of Glasgow in 2017.

Cook has mentioned various iterations of the “do what you love” mantra on several occasions, according to Inc. We can probably take this to mean that he wouldn’t have stayed in his role as Apple CEO if he didn’t love it.

After all, between filling Steve Job’s shoes and dealing with government crackdowns on Apple, Cook’s job is no walk in the park. If he was only in it for the money, he likely would have quit by now (although his $2.1 billion fortune probably makes his stay a little easier).

Other billionaires have also said that passion is key to their success. Two of these passionate guys are Warren Buffett and Bill Gates. They both believe that if they hadn’t kept up their respective interests in investing and computers since they were kids, they would never be the billionaires they are today.

Sponsored

This 2 minute move could knock $500/year off your car insurance in 2024

OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.

You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.

Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.