The best-paid CEO on Wall Street has 2 pieces of advice for recent graduates ? and neither is going to be popular

There's a formula to succeeding in life, and it really "isn't that complicated," according to billionaire investor Mario Gabelli.

Gabelli, the legendary CEO of GAMCO Investing, sat down with OneWire's Skiddy von Stade to chat about what it was like jumping into equities in the 1970s, and the state of US education policy.

He also t0ld von Stade that the key to making it in the world isn't all that tricky.

"There are a lot of ways to succeed in life," he said. "Having the best education and being the best at what you are doing is clearly an important element."

Gabelli, who is the highest paid chief executive of a publicly-traded Wall Street firm, then offered two pieces of sage advice to recent graduates hoping to make their fortune:

1. Work hard. Really hard.

"The rest of the world is smart. You are smart. Just continue to focus, and have a passion for what you do, figure out what you like doing, and then do it 5 to 9, not 9 to 5."

2. Go without coffee and beer

"Instead of having one latte a day, put it in a bank and watch it grow. If you are 22, and 44 years later, you are 66, that one latte a day that you don't have, where you have a K cup you buy at Costco for 44 cents, you get one less beer, you look at how much money you have saved.

"You will become not only an important saver but you will have incredible optionality and flexibility in your life independent of your other business."

Watch part one of Gabelli's interview with von Stade here.