5 Secrets That Can Make You a Billionaire!
Five Tips on Getting Rich From Billionaires and Wealthy People
If you've ever wondered how to get rich, here is some great advice from some people who are billionaires and multi-millionaires.
The advice they share with others regarding their personal journeys to wealth and financial freedom can basically be boiled down to five basic rules:
- Do Something You Enjoy
- Start Small
- Believe In Yourself
- Don't Give Up
- Delegate Authority
1. Do Something You Enjoy
Most experts agree: one of the tricks to getting rich is to find something you enjoy doing.
Sam Walton, founder of Walmart says, "If you love your work, you'll be out there every day trying to do it the best you possibly can, and pretty soon everybody around will catch the passion from you - like a fever."
When Mark Cuban moved to Dallas, Texas in 1982, one of his first jobs was bar tending. He then worked as a PC software salesman before deciding to start his own software company and by 1990 he sold it and made a cool profit of $2 million. Enjoying his foray into the field of computer science, Cuban began making deals and expanding into areas that he loved, such as pro sports and TV entertainment. Ten years later he was a billionaire and today Forbes estimates his worth at nearly $4 billion.
When asked about the key to his success, Cuban says "It all comes down to finding something you love to do and then just trying to be great at it.
Kylie Jenner grew up in glitzy Southern California, the daughter of Bruce "Caitlyn" Jenner and Kris Kardashian. Her glamorized lifestyle required her to dress fashionably and always look her best in public. So the young lass started Kylie Cosmetics which in 2018 had an estimated value of $900 million.
Another famous billionaire is Oprah Winfrey. Winfrey had an unhappy childhood, but began to shine in high school where a scholarship allowed her to attend college in Tennessee and pursue her dream of working in television. Well... we all know how that story ended: Oprah Winfrey is now the wealthiest African American of the 20th century, and the first black multi-billionaire in North America. Today her net worth is nearly $3 billion.
Like Walton and Cuban, Winfrey says "What I know is, is that if you do work that you love, and the work fulfills you, the rest will come."
2. Start Small
You don't need a lot of money to start your own business. Set realistic goals and then begin your efforts to achieve them. In the beginning, if you do it right, hard work and patience will pay off in the long run.
In 2004 a college student had an idea about creating a web site allowing friends to stay in touch. His name was Mark Zuckerberg and after renting a server for $85 a month, he worked out of his dorm room, coding what we now know as Facebook. Today Zuckerberg's net worth is almost $60 billion!
Many wealthy entrepreneurs will tell you to reinvest your initial profits into building your business. Avoid the temptations of spending your early returns on a new car or expensive Hawaiian vacation. Be patient. If you're patient and persistent, success will soon follow.
“Start small, think big," advised Apple guru Steve Jobs. "Don’t worry about too many things at once. Take a handful of simple things to begin with, and then progress to more complex ones. Think about not just tomorrow, but the future. Put a ding in the universe.”
"I always knew I was going to be rich. I don't think I ever doubted it for a minute."— Warren Buffett
3. Believe In Yourself
One of the traits common in people who amass fortunes is believing in themselves.
They often visualize the success they desire, and then confidently and patiently move toward it, accepting that occasional failures provide opportunities to learn and make the necessary adjustments.
"Failure," said historic automobile icon Henry Ford, "is simply the opportunity to begin again, this time more intelligently."
Mary Kay Ash, founder of Mary Kay Cosmetics was such a person. She created a cosmetics company that gave women the potential to work for themselves and enjoy the fruit and rewards of their labor. She started her firm with $5,000 and Mary Kay Cosmetics now has three million salespeople around the world. Today it is America's largest direct-sales cosmetics firm, and in 2017 had an annual wholesale revenue of $3.6 billion.
"Don't let the noise of others' opinions drown out your own inner voice."— Steve Jobs
4. Don't Give Up
When multi-billionaire entrepreneur Mark Cuban began amassing his wealth, he learned a valuable lesson: "I've learned that it doesn’t matter how many times you failed. You only have to be right once.”
Failure can be a great teacher if you're a willing student.
Multi-millionaire cookie magnate Debbie Fields learned this a long time ago, and learning from her failures made her rich and famous.
Fields had been working as a "ball girl" for the Oakland Athletics MLB baseball team making five dollars an hour for retrieving foul balls during games. She used her meager paychecks to purchase the ingredients for the first cookies she sold.
With the help of her husband, she opened a cookie store with great expectations.
Only no one came in.
Frustrated as the hours passed, she took action and went up and down the street giving people samples. By the end of the day, she'd sold $75 worth of cookies and went on to build a multi-million dollar corporation and become a iconic female business entrepreneur.
British billionaire Richard Branson agrees. Branson, who currently is about to launch his new space tourism business, Virgin Galactic, says "You don't learn to walk by following rules. You learn by doing, and by falling over."
"The space shuttle was often used as an example of why you shouldn't even attempt to make something reusable. But one failed experiment does not invalidate the greater goal. If that was the case, we'd never have had the light bulb."— Elon Musk
“If you really want to grow as an entrepreneur, you’ve got to learn to delegate.”— Richard Branson
5. Delegate Responsibility
The final common trait of billionaires and rich people is the advice to hire competent employees as your business grows.
The great 19th Century industrialist Andrew Carnegie said, “No person will make a great business who wants to do it all himself or get all the credit.”
Carnegie used that knowledge to lead the expansion of the American steel industry in the late 1800s as America was rapidly growing and beginning to settle the West. If the wealth he amassed is adjusted for inflation, today his modern day net worth would be nearly $400 billion dollars!
One of the most common failures of entrepreneurs who are starting to climb the ladder of financial success is trying to do too much. Virgin Galactic entrepreneur Richard Branson advises, "If you really want to grow as an entrepreneur, you've got to learn to delegate."
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2018 Tim Anderson