Billionaire who predicted the 2008 crash shares one step you should take to secure financial future

The man who predicted the 2008 financial crash has been sharing some steps that everyone can make to help shore up their bank balance.

Ray Dalio, who is the founder of one of the world's largest hedge funds, has revealed some of the secrets to his financial success, sharing some great tips for people who are looking to build wealth for the future.

And that includes people with little to no savings.

Speaking on Stephen Bartlett's Diary of a CEO, Dalio said that 'your only asset is yourself'.

He said: "The key question is: How do you sell yourself in order to earn a better income?

"One of the big problems now is that artificial intelligence and other technologies are replacing people in many different jobs.

"It becomes more difficult because, while technology increases productivity, it also contributes to a growing wealth gap."

Dalio went on to say that everyone is looking for greater productivity, which means producing things with more efficiency.

But this came with a caveat.

"Productivity gains can widen income inequality, because to a large extent, your productivity determines your income. Then you also have the political dynamics that come with that."

He said that if you're in the top 10% of talent, 'the world is your oyster', but said accessing that top tier is now extremely difficult.

His advice was simple: "Find something that allows you to sell your time for good money."

This could be driving an Uber, or developing expertise in AI. He said the key is to identify your skill, to find yourself and your path.

Dalio said one of the keys to his success was loving his job, and advised anybody searching for their true profession to 'make your work and your passion the same thing'.

Ray Dalio said the key to success was combining your work with your biggest passions (Photo by Roy Rochlin/Getty Images for Nicole Lapin)

Podcast Host Steven Bartlett replied by saying that whatever skills you have will be valued differently depending on the industry, adding that he encouraged his friends to 'shop around' their skills to different employers, to see how different industries would value different skills that people bring to the table.

He used drivers as an example, saying 'you could be an Uber driver, or you could be Ray Dalio's chauffeur', before adding 'Broadly speaking, both jobs involve driving a car, but I imagine they pay very differently'.

Dalio said he agreed with the sentiment, and that those rules applied 'to almost everything'.

He said: "If you're buying a painting, a piece of furniture, a piece of clothing, someone's time, or almost anything else, the people at the very top command premiums that are many multiples above average.

"It's almost as if, by investing just 10% more time, effort, or skill to move yourself up a level, you can potentially double what you're paid."

He said: "That's part of the formula of life, and it's certainly part of the formula of employment."