Every self-made billionaire seems to have a set of golden rules to live by. Hacking into the minds of these living textbooks of wealth generation could be one way to replicate their success.

The New Daily looks at how five billionaires made their wealth, and how you can follow in their footsteps.

Warren Buffett. Source: Getty

Warren Buffett

The billionaire investor, known as the Oracle of Omaha, has made huge profits from the share market year after year, regardless of the economic climate, for well over half a century.

Currently ranked as the fourth richest person in the world, Warren Buffett is well known both for his willingness to pass on his pearls of wisdom, and for how easy they are to follow – which is why he dominates our list.

1. Be logical, not emotional

In an interview with Forbes magazine, Mr Buffett stressed the importance of being rational when investing.

“You don’t need a lot of brains in this business,” he said.

“What you do need is emotional stability.

“When you come to a conclusion, you really have to not care what other people say, and just follow the facts and follow your reasoning, and that’s tough for a lot of people.”

Mr Buffett advises against getting “elated when something went up or depressed when something went down”.

2. Don’t lose big

Mr Buffett’s first rule is: Don’t lose.

His second rule: Never forget the first rule.

“It really isn’t so much having a lot of brilliant decisions. It’s just not really having some terrible ones.”

Using a sporting analogy, Mr Buffett said: “If you never really have any significant losses, you know, some singles and doubles will produce a lot of runs before you get through.”

4. Buy a company, not a price

Mr Buffett told CNBC last year that he doesn’t really pay any attention to stock market fluctuation. When the market is down, he doesn’t spook and sell up. He simply buys good stocks at a discount.

“I never complain about buying things cheaper,” he said.

“The lower they go, the more we like it.”

The key for Mr Buffett is buying into high-quality companies.

As he told CNN Money, the biggest mistake investors make is “listening to a lot of other people and buying something ’cause they think it’s going to go up next week or next month.”

He consistently tells people to completely avoid what is known as ‘flipping stocks’ or short selling; that is, buying shares to sell for a quick profit. Instead, aim for the long term.

“You don’t need to look at the prices of the stocks you own from week-to-week, or month-to-month, or even year-to-year,” he told USA Today.

5. Invest in yourself

Mr Buffett was once asked by Good Morning America what type of investment he recommends the most.

He replied that “the best investment you can make is an investment in yourself.”

“They can run up huge deficits and the dollar can become worth far less. You can have all kinds of things happen, but if you’ve got talents yourself and you’ve maximised your talent, you’ve got a terrific asset.”

6. Don’t go into debt

“Stay away from leverage,” Mr Buffett warned. “Nobody ever goes broke that doesn’t owe money.”

Michael Bloomberg. Source: Getty

Michael Bloomberg

Never stop learning

Mr Bloomberg was Mayor of New York City from 2002 to 2013, and earned his current net worth of $33 billion in the media industry. Last year, he imparted some good advice at the commencement address at Kenyon College in the US.

During the speech, he warned that “the day you stop learning is the day you start dying.

“The world is full of people who have stopped learning and who think they’ve got it all figured out.

“Don’t listen to them, don’t be deterred by them, and don’t become one of them. Not if you want to fulfill your potential.”

J.K. Rowling. Source: Getty

J.K. Rowling

Learn from failure

In 2008, the literary genius of Harry Potter fame gave the commencement address to the graduating class at Harvard University.

The author, who has written her way to an estimated net worth of over $1 billion, explained to the crowd of students that failure “became the solid foundation on which I rebuilt my life.”

“It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all.

“Such knowledge [gained from disappointment] is a true gift, for all that it is painfully won, and it has been worth more than any qualification I ever earned.”

Donald Trump. Source: Getty

Donald Trump

Avoid the vices

The property magnate, known simply as ‘The Donald’, told Forbes Magazine that his mantra has always been: “No drugs, no alcohol, no cigarettes.”

“Oh, would I be in trouble if I was a drinker, with my life,” he said.

It sounds hard, but cutting down on these vices can save you money, and help you make investment decisions with a clear head.

Bill Gates. Source: Getty

Bill Gates

Give back

Bill Gates, co-founder of Microsoft and the world’s richest person, is better known these days as a generous philanthropist.

The Bill & Melinda Gates Foundation gives away millions each year to improve the quality of life of the world’s poorest.

Mr Gates gave some worthy advice to the 2007 graduating class of Harvard University – a lesson he failed to learn at that same institution during his time there in the 1970s.

“I left Harvard with no real awareness of the awful inequities in the world – the appalling disparities of health, and wealth, and opportunity that condemn millions of people to lives of despair,” he said.

If you lucky enough to create wealth, give some of it back.