THE BILLIONAIRE SERIES – Many of us want to become billionaires. We don’t always say it but the feeling is indubitable. That goal, however, can seem like a mirage sometimes. There are people who would say that you have to be born rich, or inherit a fortune, to become a billionaire. This is not necessarily the case. If you have the right stuff, you can work your way into your own billions. But it helps to know what traits often make a billionaire.
Here are 5 traits that many billionaires have—and that you can develop.
Not all billionaires are frugal. However, many of those who are self-made billionaires practice some form of frugality. Even billionaires like Warren Buffet have some frugal habits. Frugality is about looking for ways to get the best value for your money. It doesn’t always mean getting the cheapest things; it’s more about the best value. It also means that you don’t waste your money on things that you don’t need or want. Practicing frugality can help you keep more of your money for the future.
Willing to Make Wise Investments
Most billionaires know that it takes money to make money. Billionaires understand the power of compound interest. They study how to make wise investments. Whether it’s taking good care of themselves so that they aren’t spending money on health care later, investing in a good education, starting a business, or finding solid stocks to buy, billionaires study out what is likely to bring them a return. They make solid investments after considering the options.
Focus and Discipline
If you want to be a billionaire, it helps to know what you want, and then have the discipline to go after it. When you set a goal, you focus on it, and pursue it. This means that you don’t get side-tracked by less important matters. If you know that you need to set a sum aside every month in order to meet your billionaire goal within an allotted timeframe, you focus on that. You cut expenses or, better yet, look for ways to increase your income, so that you can meet your goal. Sometimes it’s not fun, but billionaires usually stick with it.
You might find, when speaking with billionaires — especially the self-made category — that there is an element of optimism and joie de vivre. Many billionaires know that if things go wrong, it is possible to find the bright side, learn from mistakes, and move on. Additionally, many billionaires know how to enjoy life as well. Many successful and happy billionaires understand that there is more to life than just amassing wealth; sometimes you need to spend time with your family and friends, eat good food and relax a little. However, the ability to find a silver lining, and to have the persistence to try again, is one of the defining traits of a billionaire.
Willing to Get Their Hands Dirty
Sometimes, it takes a little elbow grease to get there. Or, if you are running a business, it might take some late nights. They are willing to work hard, and do things for themselves when they need to. Billionaires are also willing to do what it takes, even if it means taking on an unpleasant job. A billionaire also knows that this includes taking responsibility for his or her financial destiny, refusing to blame others for misfortunes and finding ways to make sure income streams are diverse.