Thinking Like A Billionare Will Benefit You In The Long Run
Thinking like a billionaire won't necessarily raise your net worth to a billion, but it does put you on track to become wealthy and successful. Fortunately, today's technology makes it easy to study the habits and behavioral patterns of a billionaire to be able to dissect what they do so effectively that allows them to achieve such feats. To help you reshape your way of thinking to align with a billionaire's, here are seven tips to do just that:
Think Big Picture
Billionaires are big picture people; they don't sweat the small stuff because, in the grand scheme of things, they know it is infinitely insignificant to what they are trying to achieve. With this mindset, they can identify opportunities even from unfortunate situations and disadvantageous positions. On the other hand, the mediocre and those that end up living from paycheck to paycheck are only able to see as far as their next TV set purchase or their night-out of town with friends. If you want to become a billionaire or at least think like one, start thinking big.
Boil it Down to Basics
Elon Musk, who has spearheaded not just one, but three multi-million dollar companies including SpaceX, Tesla, and PayPal repeat this advice numerous times in his interviews. Boiling down the problem into its most basic form leaves you with only the absolute truths to work with. Oftentimes, problems are clouded by unnecessary ambiguity. People have the knack for complicating things, sometimes with the sole purpose of making it seem like only they can do what they do. If you can identify a problem and strip it of its bells and whistles, you can easily come up with solutions to problems.
Take Care of Yourself
Billionaires, like Bill Gates and Warren Buffett, are smart enough to know that, to be able to perform at their optimal levels every day, they must take care of themselves. That means getting six to eight hours of sleep per day, eating a well-balanced diet, and exercising regularly are highly essential. In the quest to increase wealth and social status, many aspiring billionaires sacrifice their health to work longer hours, skipping meals and losing sleep in the process. According to a report by the Mirror, it has been found that getting less than six hours of sleep every day can increase your risk of dying by as much as 12 percent compared to someone who gets a full eight hours of sleep. If you want to live long enough to become wealthy and be able to spend that accumulated wealth, take care of yourself.
Start Your Own Business
Billionaires are not born to work for others, at least not for the rest of their lives. While there are a few billionaires who started off as employees, they eventually moved on to owning their own company. Start a small business in a field you are experienced in and is passionate about. Whether it's agriculture, eCommerce, or animal welfare, your small business should reflect who you are as a person and what you care about most. When starting a small business, planning is key and will go a long way. Plan your customer acquisition channels as well as your sales model. These two are perhaps the most important parts of any business plan and is something that angel investors and venture capitalists will want to see when you pitch to them.
Treat People as an Asset
People are the most abundant asset in the planet. Use them as a resource to delegate tasks, acquire knowledge, and reach a wider audience. It sounds awful, but people are key to succeeding in your entrepreneurial ventures. As the old adage goes - no man is an island. If you decide to go at it alone, it will take you a much longer time to achieve the things you plan on achieving or, worse, not achieve them at all. Billionaires surround themselves with other people who can help them, either through their far-reaching connections, deep pockets, or even just their uplifting personalities.
Successful people including billionaires acknowledge failure and almost embrace it. And while they do everything in their power to prepare for such event, they never shy away from it. Billionaires have developed this mindset that allows them to get hit by failures and yet still keep soldiering on. They know that, even if they fail 100 times, they only need to succeed once to achieve the fame and fortune they seek.
Mind Cash Flow
Wealthy people are able to accumulate and maintain massive amounts of wealth through sound cash flow management and budgeting practices. Each purchase is vetted, every investment carefully monitored, and every risk precisely calculated. They know that, even with huge amounts of money, it only takes one financial mistake to burn through their coffers and go bankrupt. Getting the right accountant to manage your business finances is the first step to ensuring your cash flow is running smoothly. These professionals can help you make informed decisions about where to allocate resources as well as how to file taxes come tax season.
Learning how to think like a billionaire will take time. It's not an overnight process. Nonetheless, the mind can be melded into thinking like the one percenters of the world. By changing the way you think, you can effectively alter your actions as well as output.