Self-made billionaire John Calamos says young people need to hustle — and have a mission in life — to be successful
The billionaire investor and former Air Force pilot shared his advice for young people with BI.
Calamos said that having a mission in life is vital, and wealth often comes as you work toward it.
Self-made billionaire John Calamos says the road to success can be steep and winding, and wealthy parents should teach their kids that finding meaning in life trumps money.
Calamos, 84, grew up in an apartment above his Greek-American family's grocery store, where he started working at a young age. He piloted jets during the Vietnam War before building his business empire. He's the founder of Calamos Investments, which manages assets worth more than $40 billion.
Calamos, who published a biography, "The Sky's the Limit," in April, shared his advice for young people and parents with Business Insider.
Forge your own path
Calamos joined the military after taking to heart President John F. Kennedy's appeal for people to "ask not what your country can do for you; ask what you can do for your country."
The convertible-bond pioneer has a similar message for graduates: "You don't get out of school now and say, 'OK, what is the government going to give me?'" he said. "It's not what the government's going to give you, it's what you can do."
Calamos said that he was able to become wealthy despite modest beginnings by being "creative, innovative." Being determined and having goals are key to achieving great things, he added.
In his book, he writes that young people shouldn't bow to pressure to specialize early, as he found value in a "more winding path."
Calamos started off as an engineering student, studied philosophy, switched to architecture, graduated with a degree in economics, then later earned an MBA.
"It's OK to change course as you learn more about yourself — what you truly care about and what ignites your passion," he writes.
Calamos added that it's crucial to keep learning, stay curious, and look for better ways to do things at every stage of one's career.
"This focus on continual improvement, innovation, and learning has been key to my own success," he writes.
Hard work and hustle
Calamos shared one of his biggest takeaways from his childhood and suggested how affluent parents might avoid raising entitled children.
"What I learned from my parents was just a work ethic," he told BI. "They worked hard all the time."
Calamos began working from a young age, first stocking shelves in his family's store, later delivering groceries and newspapers, washing windows, and more.
A parent's job isn't to simply hand money to their children, it's to instill in them the values of hard work and perseverance, he added. He said that the message should be, "It's not about the money, it's about the mission — the money is a byproduct."
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Business Insider
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What top people in media and politics are saying about Paramount's settlement with Trump
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A spokesperson for Trump's legal team called the settlement "another win for the American people." "CBS and Paramount Global realized the strength of this historic case and had no choice but to settle," the spokesperson said. (You can find the full statements from Paramount and the Trump team at the end of this story.) Here's what big names in media and politics have been saying in reaction to the Paramount-Trump settlement news: Tina Brown, former editor-in-chief of Vanity Fair and The New Yorker: "It's a shakedown, isn't it — it's on Shari Redstone's neck. She can't close the deal without it. It's a tragedy that something as important and serious and meaningful as CBS News is sort of being traded away for this shakedown. "I'd like to think [former Washington Post publisher] Katharine Graham wouldn't have done it. We don't know anything about Ellison. He might be a terrific supporter of newsgathering, but one has become pessimistic with these issues." Sen. Elizabeth Warren: "With Paramount folding to Donald Trump at the same time the company needs his administration's approval for its billion-dollar merger, this could be bribery in plain sight. Paramount has refused to provide answers to a congressional inquiry, so I'm calling for a full investigation into whether or not any anti-bribery laws were broken. "This settlement exposes a glaring need for rules to restrict donations to sitting presidents' libraries. I will soon introduce new legislation to rein in corruption through presidential library donations. The Trump administration's level of sheer corruption is appalling and Paramount should be ashamed of putting its profits over independent journalism." Marty Baron, former Washington Post executive editor: "Assuming the merger gets approved, the bigger issue will be the posture of new owners toward '60 Minutes' and really all of CBS News. I would hope for respect for the network's heritage, as well as a pledge of journalistic independence and proof that they will honor it. The early indicators aren't all that encouraging." Tim Richardson, journalism and disinformation program director at PEN America: "Paramount's decision to settle a meritless lawsuit rather than stand behind its journalists at CBS News is a spineless capitulation. "This was a moment to defend press freedom and support reporters targeted by a frivolous legal attack. Instead, Paramount chose appeasement to bolster its finances, sending a dangerous message that media outlets can be pressured into submission if corporate parents find their profits at risk from government action in unrelated areas. "With two major network owners bowing to the president in quick succession, the danger is clear: emboldened politicians and powerful actors will feel more free than ever to weaponize lawsuits and bring regulatory pressure to bear to silence and censor independent journalism." Raymond James analysts Ric Prentiss and Brent Penter (in a note to clients): "Now with the lawsuit settled, we believe the FCC is poised to approve the PARA/Skydance deal, and we feel the deal can close within a couple of weeks after FCC approval. "Our expectation has been a closing (with no material changes to terms) after 1H25 but still in the summer, and we feel that continues to be the case. We think companies, and especially CFOs, like to close deals on the first day of a month (with the first day of a quarter even more preferred, but missed 7/1 in this case). And we expect PARA to be ready to close this chapter of its story soon." Peter Kafka, Business Insider's chief correspondent: "This is the deal we thought we'd see back in January: A Trump-friendly media mogul agrees to pay him millions of dollars, so she can sell her company to a Trump-backing tech mogul. "On the one hand, you can squint and argue that Paramount is a winner here because it didn't have to give up more — like a public apology for something it didn't do. All it had to do is fork over the now-standard payment for media and tech companies that want to operate in Trump 2.0. "On the other hand: These corporate payoffs to the president of the United States should be shocking. My worry is that we're just a few months into this, and we've already accepted them as normal." Clayton Weimers, executive director of Reporters without Borders USA: "This is a shameful decision by Paramount. Shari Redstone and Paramount's board should have stood by CBS journalists and the integrity of press freedom. Instead, they chose to reward Donald Trump for his petty legal assault against both. A line is being drawn between the owners of American news media who are willing to stand up for press freedom and those who capitulate to the demands of the president. "Today, Paramount's leaders chose to be on the wrong side of that dividing line, but they'd be mistaken to believe appeasing Trump today will stop his attacks in the future. News media owners are much better off standing strong than acquiescing." Jeff Greenfield, former CBS senior political correspondent, on X: "Will this encourage politicians and others to file bogus lawsuits [a]s a way of intimidating news organizations and their corporate boards? Will the correspondents and producers of "60 Minutes" see this as a corporate betrayal of the program in service to a multi billion dollar merger? (Answers to both questions: YES.)" Sen. Bernie Sanders: "The decision by the Redstone family, the major owners of Paramount, to settle a bogus lawsuit with President Trump over a 60 Minutes report he did not like is an extremely dangerous precedent in terms of both the first amendment and government extortion. "Paramount's decision will only embolden Trump to continue attacking, suing and intimidating the media which he has labeled 'the enemy of the people.' It is a dark day for independent journalism and freedom of the press - an essential part of our democracy. It is a victory for a president who is attempting to stifle dissent and undermine American democracy. "It's pretty obvious why Paramount chose to surrender to Trump. The Redstone family is in line to receive $2.4 billion from the sale of Paramount to Skydance, but they can only receive this money if the Trump administration approves this deal. In other words, the Redstone family diminished the freedom of the press today in exchange for a $2.4 billion payday. "Make no mistake about it. Trump is undermining our democracy and rapidly moving us towards authoritarianism and the billionaires who care more about their stock portfolios than our democracy are helping him do it. That is beyond unacceptable." Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investments: "The fact there was no apology was good, and it makes sense in the grand scheme of things in what they have to do. It's pretty hard to escape the idea that it's political. The Ellisons stayed away from any political statement during the whole process — now we'll see what they do. And there's obviously a job open at CBS News they'll have to fill." Rome Hartman, veteran former '60 Minutes' producer, including on the Kamala Harris segment: "This settlement is a cowardly capitulation by the corporate leaders of Paramount, and a fundamental betrayal of '60 Minutes' and CBS News. The story that was the subject of this lawsuit was edited by the book and in accordance with CBS News standards. Our corporate bosses know that; they know that this lawsuit is completely baseless. But they settled it in order to preserve Shari Redstone's payday. That is shameful." John Harwood, veteran White House correspondent: "It's hard to say which is worse: the craven surrender by a media company that did nothing wrong, the betrayal of one of our finest news outlets, or the lawless extortion by the President of the United States. that it all happened in broad daylight is an appalling measure of the damage Trump has inflicted." Full Paramount and Trump team statements: Here's Paramount Global's statement: "Companies often settle litigation to avoid the high and somewhat unpredictable costs of legal defense, the risk of an adverse judgment that could result in significant financial or reputational damage, and the disruption to business operations that prolonged legal battles can cause. Settlement offers a negotiated resolution that allows companies to focus on their core objectives rather than being mired in uncertainty and distraction." And here's Trump's legal team's: "With this record settlement, President Donald J. Trump delivers another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit. CBS and Paramount Global realized the strength of this historic case and had no choice but to settle. President Trump will always ensure that no one gets away with lying to the American People as he continues on his singular mission to Make America Great Again."
Business Insider
39 minutes ago
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What smart people in media and politics are saying about Paramount's settlement with Trump
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A spokesperson for Trump's legal team called the settlement "another win for the American people." "CBS and Paramount Global realized the strength of this historic case and had no choice but to settle," the spokesperson said. (You can find the full statements from Paramount and the Trump team at the end of this story.) Here's what big names in media and politics have been saying in reaction to the Paramount-Trump settlement news: Tina Brown, former editor-in-chief of Vanity Fair and The New Yorker: "It's a shakedown, isn't it — it's on Shari Redstone's neck. She can't close the deal without it. It's a tragedy that something as important and serious and meaningful as CBS News is sort of being traded away for this shakedown. "I'd like to think Katharine Graham wouldn't have done it. We don't know anything about Ellison. He might be a terrific supporter of newsgathering, but one has become pessimistic with these issues." Sen. Elizabeth Warren: "With Paramount folding to Donald Trump at the same time the company needs his administration's approval for its billion-dollar merger, this could be bribery in plain sight. Paramount has refused to provide answers to a congressional inquiry, so I'm calling for a full investigation into whether or not any anti-bribery laws were broken. "This settlement exposes a glaring need for rules to restrict donations to sitting presidents' libraries. I will soon introduce new legislation to rein in corruption through presidential library donations. The Trump administration's level of sheer corruption is appalling and Paramount should be ashamed of putting its profits over independent journalism." Marty Baron, former Washington Post executive editor: "Assuming the merger gets approved, the bigger issue will be the posture of new owners toward '60 Minutes' and really all of CBS News. I would hope for respect for the network's heritage, as well as a pledge of journalistic independence and proof that they will honor it. The early indicators aren't all that encouraging." Tim Richardson, journalism and disinformation program director at PEN America: "Paramount's decision to settle a meritless lawsuit rather than stand behind its journalists at CBS News is a spineless capitulation. "This was a moment to defend press freedom and support reporters targeted by a frivolous legal attack. Instead, Paramount chose appeasement to bolster its finances, sending a dangerous message that media outlets can be pressured into submission if corporate parents find their profits at risk from government action in unrelated areas. "With two major network owners bowing to the president in quick succession, the danger is clear: emboldened politicians and powerful actors will feel more free than ever to weaponize lawsuits and bring regulatory pressure to bear to silence and censor independent journalism." Raymond James analysts Ric Prentiss and Brent Penter (in a note to clients): "Now with the lawsuit settled, we believe the FCC is poised to approve the PARA/Skydance deal, and we feel the deal can close within a couple of weeks after FCC approval. "Our expectation has been a closing (with no material changes to terms) after 1H25 but still in the summer, and we feel that continues to be the case. We think companies, and especially CFOs, like to close deals on the first day of a month (with the first day of a quarter even more preferred, but missed 7/1 in this case). And we expect PARA to be ready to close this chapter of its story soon." Peter Kafka, Business Insider's chief correspondent: "This is the deal we thought we'd see back in January: A Trump-friendly media mogul agrees to pay him millions of dollars, so she can sell her company to a Trump-backing tech mogul. "On the one hand, you can squint and argue that Paramount is a winner here because it didn't have to give up more — like a public apology for something it didn't do. All it had to do is fork over the now-standard payment for media and tech companies that want to operate in Trump 2.0. "On the other hand: These corporate payoffs to the president of the United States should be shocking. My worry is that we're just a few months into this, and we've already accepted them as normal." Clayton Weimers, executive director of Reporters without Borders USA: "This is a shameful decision by Paramount. Shari Redstone and Paramount's board should have stood by CBS journalists and the integrity of press freedom. Instead, they chose to reward Donald Trump for his petty legal assault against both. A line is being drawn between the owners of American news media who are willing to stand up for press freedom and those who capitulate to the demands of the president. "Today, Paramount's leaders chose to be on the wrong side of that dividing line, but they'd be mistaken to believe appeasing Trump today will stop his attacks in the future. News media owners are much better off standing strong than acquiescing." Jeff Greenfield, former CBS senior political correspondent, on X: "Will this encourage politicians and others to file bogus lawsuits [a]s a way of intimidating news organizations and their corporate boards? Will the correspondents and producers of "60 Minutes" see this as a corporate betrayal of the program in service to a multi billion dollar merger? (Answers to both questions: YES.)" Sen. Bernie Sanders: "The decision by the Redstone family, the major owners of Paramount, to settle a bogus lawsuit with President Trump over a 60 Minutes report he did not like is an extremely dangerous precedent in terms of both the first amendment and government extortion. "Paramount's decision will only embolden Trump to continue attacking, suing and intimidating the media which he has labeled 'the enemy of the people.' It is a dark day for independent journalism and freedom of the press - an essential part of our democracy. It is a victory for a president who is attempting to stifle dissent and undermine American democracy. "It's pretty obvious why Paramount chose to surrender to Trump. The Redstone family is in line to receive $2.4 billion from the sale of Paramount to Skydance, but they can only receive this money if the Trump administration approves this deal. In other words, the Redstone family diminished the freedom of the press today in exchange for a $2.4 billion payday. "Make no mistake about it. Trump is undermining our democracy and rapidly moving us towards authoritarianism and the billionaires who care more about their stock portfolios than our democracy are helping him do it. That is beyond unacceptable." Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investments: "The fact there was no apology was good, and it makes sense in the grand scheme of things in what they have to do. It's pretty hard to escape the idea that it's political. The Ellisons stayed away from any political statement during the whole process — now we'll see what they do. And there's obviously a job open at CBS News they'll have to fill." Rome Hartman, veteran former '60 Minutes' producer, including on the Kamala Harris segment: "This settlement is a cowardly capitulation by the corporate leaders of Paramount, and a fundamental betrayal of '60 Minutes' and CBS News. The story that was the subject of this lawsuit was edited by the book and in accordance with CBS News standards. Our corporate bosses know that; they know that this lawsuit is completely baseless. But they settled it in order to preserve Shari Redstone's payday. That is shameful." John Harwood, veteran White House correspondent: "It's hard to say which is worse: the craven surrender by a media company that did nothing wrong, the betrayal of one of our finest news outlets, or the lawless extortion by the President of the United States. that it all happened in broad daylight is an appalling measure of the damage Trump has inflicted." Full Paramount and Trump team statements: Here's Paramount Global's statement: "Companies often settle litigation to avoid the high and somewhat unpredictable costs of legal defense, the risk of an adverse judgment that could result in significant financial or reputational damage, and the disruption to business operations that prolonged legal battles can cause. Settlement offers a negotiated resolution that allows companies to focus on their core objectives rather than being mired in uncertainty and distraction." And here's Trump's legal team's: "With this record settlement, President Donald J. Trump delivers another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit. CBS and Paramount Global realized the strength of this historic case and had no choice but to settle. President Trump will always ensure that no one gets away with lying to the American People as he continues on his singular mission to Make America Great Again."
Chicago Tribune
an hour ago
- Chicago Tribune
President Trump announces trade deal with Vietnam that will let US goods into the country duty-free
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