Summer of Success: Money wisdom and life lessons from billionaire investors

Welcome to Forbes Edge, your insider’s guide to career and entrepreneurial success, exclusively on LinkedIn. This week, pop superstar Taylor Swift is again on the minds of millions, as she recently released the re-recorded album Speak Now (Taylor’s Version) and her popularity does not appear to be waning in the least.?

This is no “Cruel Summer” for Swift—or for readers of Forbes Edge. In fact, as we near the halfway point of July, I want to officially dub this your Summer of Success. Cool off and level up this week with some strategies and life lessons from some of the wealthiest investors in the world, get the inside scoop on how to increase your chances of landing on the Forbes 30 Under 30 list , and take on your next interview with fresh advice on how to handle questions about resume gaps .

• If you like the professional work advice in this newsletter, you might also like Forbes’ Careers newsletter . It’s our weekly rundown of the best insights into how to climb the corporate ladder from reporter Emmy Lucas . You can sign-up here , and we’ll see you in your inbox on Tuesdays.

Success story of the week: Money wisdom and life lessons from billionaire investors

Are you beginning to invest with the goal of major financial success? Well, it’s not going to happen overnight. A smarter tact is taking a long-term approach to your portfolio, informed by those with track records of great prosperity .?

Below is a curated selection of investment and life wisdom from some of our recent interviews. Keep reading and get on track to finding investment success.

David Rubenstein | Net worth: $3.1 billion | Cofounder and Executive Chairman: Carlyle Group

Advice for Novice Investors: “The most important thing is to read, know what you’re getting into, and don’t think you’re a genius because you’re good at making widgets. Just be realistic in your rate of return expectations. The most important thing to recognize is that the biggest mistake people make is they sell when markets are going down and they buy when the markets are going up.”

Warren Buffett | Net worth: $112.5 billion | CEO and Chairman: Berkshire Hathaway

On Opportunities: “The world is changing but new things don’t take away the opportunities. What gives you opportunities is other people doing dumb things, and I would say that in the 58 years we’ve been running Berkshire, there’s been a great increase in the number of people doing dumb things and they do big dumb things. The reason they do it to some extent is because they can get money from other people so much easier than when we started, so you could start 10 or 15 dumb insurance companies in the last 10 years, and you could become rich if you were adroit at it, whether the business succeeded or not.”

Leon Cooperman | Net worth: $2.5 billion | Founder: Omega Advisors

Advice for Twenty-Somethings: “The most important advice I give the youngsters is that the only way to be successful is to do what you love and love what you do. I work 80-hour workweeks, but I never looked at it as work. I enjoyed what I did.”

Thomas James | Net worth: $2.3 billion | Chairman Emeritus: Raymond James Financial

On Steering Clear of Hot Tips: “Avoid that guy who comes to you with a stock idea because it’s acting right, yet you can’t figure out what’s really going on at the company and it sounds like so much bull. Back in the bear market of 1974, I went to the best business school in history called the school of hard knocks. If you want to have your arrogance knocked out of your head, just go through a period like that. You have to take risk, but there are times when you do it and there are times when you don’t do it.”

Read the full story here for more advice and wisdom from billionaires like Glenn Dubin, Mario Gabelli and more.

Driving Success: How to increase your chances of getting on the Forbes Under 30 List from the editors who create it

Watch Forbes editors Kristin Stoller and Steven Bertoni break down some of the myths and rumors about the 30 Under 30 List. Then get some tips for how to stand out among the impressive group of candidates.

Tips and strategies: How to manage rejection and keep moving forward

Do you have a fear of being rejected? It’s important to understand that rejection is an inevitable part of any meaningful endeavor —from major project pitches to an important job interview. But knowing that doesn’t typically help in the moment. Rejection can rattle your confidence and leave you wondering whether you’re on the right path.?

Dealing with rejection requires both humility and perseverance. When you place too much weight on any one opportunity, it can stifle your efforts to explore other promising opportunities. You can be fully invested in your work without being too attached to outcomes. Diversify your efforts. Have other projects in the pipeline. Create a contingency plan. And focus on self-care so you can weather any blows you may receive along the way.

Read the full story here from Forbes contributor Joseph Lu

Practical advice: How to explain gaps in your resume during an interview

If you have career gaps in your resume , try not to sweat it too much when going into a job interview. Gaps are more common than you might think, and are nothing to be ashamed of.?

You can explain these periods of unemployment with a potential employer by being honest, focusing on the positive, showing how you have stayed current and being confident. It’s important to keep things brief and make sure to practice your response before your interview so that you are ready and don’t trip over your words.

Read the full story here to get more tips from Forbes senior contributor Jack Kelly

More:

• Why Personal Development Is The Solution To Quiet Quitting
• Sabotaging Your Success? 5 Tips To Get Out Of Your Own Way
• How Early Work Experiences Can Inform ‘Career Imprinting’ Later On
• 8 Hobbies That Can Become Money-Making Side Hustles

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Thank you for reading! We'll be back next Tuesday with another Forbes Edge.?

This edition of Forbes Edge was written and curated by associate editor Chris Dobstaff .