How to Become a Billionaire: Characteristics to Look For

Have you ever wondered how the world famous billionaires made their fortunes? Is there any kind of manual or guide that can tell you how to become a billionaire? Believe it or not, there are many billionaires out there and you wouldn’t even know that they had this much in total net worth. They just don’t tell anyone or discuss their private financial business with anyone, because that isn’t what’s important to them.

Do billionaires set goals to get that rich?

Perhaps some of them do, but for many of them, they did not go into the businesses they’re in with the intention of becoming a billionaire, and in some cases, not even a millionaire. Their eye was on the prize of achieving the goals of succeeding in their chosen professions, projects, creations, services or manufacturing companies.

How many billionaires are there in the world?

On a global level, the UBS and Wealth X estimated that there were 2,325 throughout the world in 2014. A small group of 609 of them were Americans. This may not sound very impressive, and the reported numbers declined within a year’s time to just 1,826 in 2015 with 536 of them Americans. Does this mean that fewer people are achieving this level throughout the world? This may not necessarily be the case. Some experts believe that the numbers may not be accurate. The fact that there are very wealthy individuals that take great pains to remain anonymous and keep their private financial affairs from prying eyes may indicate that there are many more billionaires in the world than first anticipated.

The greatest motivation for success

From all indications, the best way to become a billionaire is not to focus on the money, but rather on the quality of what you do and more about the excitement of pursuing bigger and better things. When you excel at a project and keep driving with success in accomplishment as your focus, it seems that the money, in many cases follows. People who focus on making lots of money, if this is the case, may actually be placing the horse in front of the cart.

Is the dream of becoming a billionaire that far fetched?

It may not actually be as impossible as it may seem. Think of Apple and how it was started in a borrowed garage. To make matters worse, Steve Jobs’ magnificent creation nearly went bankrupt in 1997, and thanks to competitor Bill Gates’ $150 million bailout, it went on to achieve great success and was recently honored as the first American based corporation to reach a Trillion dollars in value. Hows that for amazing? Analysts and experts in the field are predicting that there will be an increase of nearly six and a half percent of new billionaires in the United States on an annual basis.

Definition of a Billionaire

A Billionaire is someone who has a net worth of a billion dollars. If you have assets worth $1.2 billion and your debts are .75 billion then you’re not really a billionaire. It can get complicated for those who have heavy investments riding in a volatile market as well. Fluctuations can make a big difference in your net worth in such cases. Fortunes are made and lost overnight.

Becoming a Billionaire is done over time

Most billionaires who haven’t inherited their fortunes have not done so overnight or even in a few years, unless you’re talking about Mark Zuckerberg. If you want to increase your chances of becoming a billionaire, educate yourself where it’s needed. Family money helps but its not a prerequisite to building wealth. Go into an area that you’re passionate about. Some of the big money industries currently are finance tech, real estate and pharmaceuticals. Plan on putting in a lot of hard work and don’t bother to count the hours, just reach the goals. Surround yourself with successful people and listen to your own gut.

Dream big and maintain a fascination for what you’re doing.

This can help get you through the rough times. When you’re pursuing a dream it becomes your passion and your focus takes on a new life, allowing new and exciting ideas to develop instead of chasing the elusive dollar.

Commit yourself to the success of your ventures, not to the money.

If you fail, good, you’re trying, now dust yourself off and get back at it avoiding the things that don’t work and going for a different path to reach your goals. Pay close attention to the details and don’t let up on quality. Show your commitment for follow through and don’t consider giving up for one nanosecond.

Build your advisory network

Surround yourself with the right people. These are trusted advisers who know their end of the business. Keep an eye on things but hire good people who know what they’re doing, then let them do their jobs and you do yours. If they’re smarter than you are perfect! Don’t let pride or fear get in the way of working with the best. They’re there to help and support you and that’s what you pay them for. If they know their stuff, listen to them.

Final thoughts

Although the odds of becoming a billionaire aren’t in the favor of the average blue collar worker, it’s not impossible. Doing what you love, maintaining a commitment to success and doing it in your own special niche could be key to your success.

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