Top 9 principles of self-made billionaires
Billionaires. Just a hundred years ago such a level of income was almost unreachable. Now we have a lot more of them and there is only one question that I would like to ask them: what is your secret? And they probably are going to tell me about their business strategy, which, while also important is nowhere near the real secrets of the self-made billionaires.
So, what are the principals that help them hold onto their money and multiply it? This article is going to teach you all about it.
1. Success is neither free nor easy.
2. Spend with conscience.
3. Rely on people heavily.
4. Expect to be successful.
5. Love what you do; do what you love.
6. Make informed decision.
7. Prioritize hard.
8. KISS.
9. Limit your toleration.
1. Success is neither free nor easy.
That is the first pill that is going to be hard to swallow, although we need to get on with it right away. Yes, to be successful is not easy. Although billionaires seem like perfectly happy people we never know what stands behind the smile and how much their falls hurt them in the past.
Success comes at a price. An, while we all already know that, it is nice to remind ourselves about it from time to time. When it gets too hard for us we tend to let go and forget all about our goals. But that is not the way to deal. That is the way to fail.
We need to get our hands dirty and our mind full now in order to be successful in the future.
2. Spend with conscience.
You want a new phone? Go to a fancy restaurant? Take a cab for 3 blocks? But do you ever consider just how much you spend on these things which are not necessarily needed by you?
And I am not saying that you need to only clothe yourself in the worst and oldest, eat out of the dumpster and walk everywhere even if it takes you days to reach your destination. No. I am just saying that billionaires tend to count their money and asses their spendings. Bill Gates, famously, never throws away a tube of tooth paste without having to cut into it and scoop all the paste out.
If you are rich that doesn’t mean that you need to give up your simple habits from your not-so-rich life.
3. Rely on people heavily.
Accept that you can’t really make it on your own. Billionaires have a habit to rely on other people heavily. And that gives them the opportunity to delegate their responsibilities when it is needed. Remember that it is impossible for one person to build an empire – it takes a lot of people and a lot of work. And it is impossible to do without forming a bond with the people who helped you along the way.
4. Expect to be successful.
You need to know that you are going to make it. You need to expect to be successful. You need to understand that one day you not ‘might just’, you are ‘going’ to reach that goal of yours. And that is the knowledge that has to be with you all the time on your way up.
5. Love what you do; do what you love.
It is important to follow this principle, as all of the billionaires at some point understood what they liked and made up a way to make money off of it.
You know what they say – do what you absolutely love for a living and you are not going to have to work for even a day. That is a fine saying that needs to be implemented by everyone. After all, our job is where we spend most of time and we need to like the place where we spend most of time.
6. Make informed decision.
A world of business, just like a world of trading are the two worlds where impulsive decisions can bring nothing but losses. That is why it is important to understand and implement the fact that information is your key partner. You need to read and understand all the possible intricacies of every situation in order to grow and develop as well as make money off of it. That is especially important in trading.
7. Prioritize hard.
Setting priorities is hard for any of us. There might be a funny cat video on YouTube, but you need to work? Nah, what’s 10 minutes of fun? But in these 10 minutes you can actually do a lot of work that can bring you closer to success. That is why setting priorities is extremely important.
That knowledge is also good for personal life – family before the football game with the pals, some ME time before going to the mall with your wife… all of that are just the parts of a bigger picture.
8. KISS.
Keep it simple, stupid – all is in there. Do not overcomplicate your life wherever this is possible. That’s pretty much it. The simpler the decisions, the faster the task is going by – all I’m saying.
9. Limit your toleration.
Billionaires have to make a lot of decisions along the way. And in case the decision involves getting rid of incompetent people there is not really a room for waiting. Tolerance is a virtue, but you really do not need to tolerate stupidity, incompetence, pressure and so on. You need to get rid of them at some point.
You are for sure going to meet obstacles as it is. Do not create additional by yourself.
Implementing all of that at once might seem difficult, but it is actually a better plan than doing nothing, isn’t it? What do you think?
