Billionaires have a positive mindset. This sets them apart from poor people. They approach failures with an “I can do it” attitude. Therefore, they use stumbling blocks as stepping stones to success. Billionaires believe failures are valuable learning curves. They love challenges. Similarly, they’re not afraid of taking calculated risks.
If your desire is to become a billionaire, check out your personality. It plays an important role. Also, individuals with the right mindset, drive and abilities are the ones who succeed.
To be successful, it helps if you are:
- Passionate to achieve
- Able to deal with failure
- Able to manage stress
- Gifted with leadership abilities
- Plan your financial goals
Don’t leave your finances to chance. You wouldn’t leave your health care to chance. You make sure provisions are there to take care of you if you get sick. Similarly, the same importance should be placed on your financial goals.
“The number one reason most people don’t get what they want is that they don’t know what they want,” he writes. “Rich people are totally clear that they want wealth.” ~ T. Harv Eker
Having goals and working towards them will motivate you to live the life you’ve already dreamed about.
Robert Kiyosaki, entrepreneur, author of Rich Dad, Poor Dad, says this about his financial goal planning. “If you don’t have any clear defined financial goals, then it will be very hard to work towards securing your financial freedom. If you want to establish a big business, work towards it by starting your own company. Alternatively, if you want to be an investor, learn to pick the right opportunities and grab them immediately when available. Only when you have your financial goals clearly in your mind will you be able to recognize your true potential.” Source
Plan for your future with clear goals. Start by setting short-term and long-term goals. Make them specific and realistic. In addition, track your goals to make sure you achieve them.
Set yearly financial goals. How much money do you hope to make next month, next year, the next 5, 10 or 15 years? Decide how you are going to make the money in your forecast.
Furthermore, save and accumulate your money. You may have to make sacrifices and apply self-discipline to achieve financial success. Do not splash out your money at every opportunity you get. And, don’t get into the habit of borrowing and living on credit either.
- Start small
Consider an oak tree. It started as a seed. Then it turned into a small plant. Next, it grew into a mighty oak.
Everything that’s big started as something small, including ideas. An idea is a thought until it’s developed into a business.
Forget about the get rich quick mindset. That doesn’t work. To be successful, you start small and work your way up to where you want to go.
Let’s look at Michael Bloomberg as an example. He was the son of a bookkeeper. He went to Harvard University and got a Master of Business Administrative Degree. Next, he worked for Wall Street, climbed the ladder and became a partner. Finally, he went on to start his own business that changed the way security data was stored. He’s now one of the richest men in the world.
- Sell products or services
Develop a product to sell, but not just locally. Sell internationally. Products could be food or drinks. People need to eat and drink. That’s why companies such as McDonalds, Kentucky Fried Chicken and other fast-food outlets are growing rapidly. If you’re stuck for an idea, you could get a McDonald’s franchise to start you off.
Here are some examples of billionaires who made it by selling:
- Warren Buffet sells his financial knowledge.
- Michael Dell established a PC company and sells computers.
- JK Rowling sells Harry Potter books.
- Tyler Swift sells love songs.
- Microsoft and Apple sell millions of software, smartphones iPads, laptops, tablets and more daily.
Find a gap in the market and sell what people need. Or create a product of your own similar to one already selling well. Competition is good. It shows there is a demand for that product or service. So, be creative. Come up with your own idea, but make it unique.
- Create the right mindset
You are what you think. Your thoughts frame your life. They are the foundation for creating the right mindset. After you condition your mind to think like a wealthy person, you will start doing things to make it a reality. On the other hand, a poverty mindset will keep your bank account empty.
“Whether you think you can, or you think you can’t – you’re right.” ~ Henry Ford
Never think you’re a failure. Use failures as stepping stones to work towards what you want to achieve. Don’t contemplate quitting either. Dream big and take action to make your dreams come true. Moreover, always take responsibility for the results, good or bad. Believe you can do it and you will.
“Before you can transform your wallet from poor to rich, you’ve got to transform your spirit from poor to rich.” ~ Robert Kiyosaki
- Don’t pretend to be who you’re not
Billionaires are not actors. They don’t live their lives to impress people. Trying to look rich, running up credit accounts and living beyond your means will keep you poor.
Living in competition with your neighbor does not mean you’re rich and won’t make you rich.
Wannabe rich people spend lavishly on cars, houses, champagne, designer clothes and more. They live with a myth believing if they look the part, people will think they’re rich. Consequently, they are only fooling themselves and wasting money.
Billionaires live below their means, not above. Living above your means and spending irrationally, will put you in debt in the long run.
Billionaires invest. They put their money in properties, art, stocks, bonds and companies.
Warren Buffett, George Soros and Carl Icahn started out with nothing. These entrepreneurs became billionaires by investing. How? By buying stocks, shares, companies, trading in currencies and having controlled stakes in public companies.
Taking risks in investments is not something they fear. Hence, most of their investments are riskier than the traditional. Yet, they usually reap hefty returns and increase their bank balances.
Some billionaires also buy classic and art cars.
- Live modestly
Warren Buffet and his wife still live in the first house he bought before he became wealthy. It cost him $31,500 in 1958. In addition, he doesn’t carry around a mobile phone. Nor does he have a computer at his desk.
Warren is happy with his lifestyle. “My life couldn’t be happier. In fact, it’d be worse if I had six or eight houses. So, I have everything I need to have, and I don’t need anymore because it doesn’t make a difference after a point.”
Mark Zuckerberg, founder and CEO of Facebook wear plain T-shirts and jeans. He also drives a Volkswagon hatchback car.
He chose this lifestyle saying, “I really want to clear my life to make it so that I have to make as few decisions as possible about anything except how to best serve this community.”
The founder of Ikea, Kamprad, lives a frugal lifestyle. He’s known for penny pinching and buys his clothes from the flea market to save money. He flies economy class and travels by bus sometimes.
Many of the wealthiest people love to give their money instead of spending carelessly. Billionaires give but never run out of wealth. It proves that the law of when you give, you receive works.
In conclusion, billionaires are careful spenders, tough investors and love taking risks. Study their habits, learn from them and develop the same habits. And remember, getting rich is easy. However, staying rich requires hard work. On top of that, when you suddenly become rich it can suddenly disappear. Don’t strive to become a billionaire if you haven’t got the right mindset to live like one.