As technology advances and access to information becomes easier, the definition of success faces new challenges. Many people are stuck in a vicious circle of competition to meet basic needs while trying to find the real formula for success. By simply searching the internet for practical tips, you will come across tools, methods, and theories that will be most troubling to you. With each click, you will see a lot of content that offers suggestions for overnight success. Training classes, videos, articles and books on how to achieve financial success will also be available to you; But how would you react if we said that achieving this success is not what some people find complicated? Here are nine successful ways to become a billionaire.
1. Study to develop your personality
Daily reading is one of the habits of most billionaires; For example, if you are an entrepreneur, you need to study to become an effective and productive leader. This will help you to learn and grow new things most of the time without having to enroll in business classes.
One study found that about 85% of self-made billionaires read at least two books a month. Warren Buffett, an American investor and economist, is a prime example. He spends 80% of his day studying. Warren Buffett read about 600 to 1,000 pages a day in his early days of investing.
While wealthy people sometimes study only for fun, they also focus on self-improvement. They choose topics to study about leadership, how things are done, self-help, biographies, techniques, and current events.
2. Have several different sources to earn money
Another habit of successful people is that they are not content with one source of income and have several sources of income. Billionaires also have several sources of income. This will help them to better manage their financial challenges and, of course, earn more money. The rich love passive incomes.
They take out loans, receive monthly rent from their property, have a royalty on their assets, and receive dividends on their investments. They also create side jobs, start a website or sell their information and knowledge to others.
Whether the income of passive or dynamic people is what distinguishes successful people from newcomers. They are constantly learning new ways to make money.
3. Have a specific monthly budget
Billionaires usually do not believe in luck. They have an account of their income and expenses; Based on this, they determine a rigid monthly budget for themselves.
Minimizing unnecessary costs is the core nature of budgeting. This will help you to better control the financial part of your life. Budgeting prevents overspending and helps you achieve your financial goals.
4. Manage your money and increase it
One of the hallmarks of most billionaires is having financial intelligence. No one can achieve financial freedom without financial intelligence. This is one of the reasons why wealthy people keep their financial and tax information up to date.
They are always looking for a way to reduce their tax returns; In the United States, for example, one of these approaches is to register a business and relocate to a state where there is no income tax law.
The tax on about 60 American companies in 2018 was legally zero. Chevron and Halliburton, Amazon Internet Company, General Motors and Delta Airlines are some of the companies that have been able to avoid paying income tax. The combined revenue of these companies was $ 79 billion plus an effective tax rate of -5%. The effective tax rate is the unit rate at which a tax is levied on a taxable activity. what’s the matter?
Not only do they pay taxes, they also receive money. How about
According to the Association for Taxation and Economic Policy (ITEP), the companies’ policy was to report much higher amounts to tax experts and to complicate tax payments (which cost very little) as much as possible; Thus, these companies did not have to worry about paying heavy taxes and reducing their wealth.
5. Do not go under the burden of debt
Debt management is another issue that sets billionaires apart. Their lifestyle is duty free; In other words, the rich buy only what they need and can afford it. Billionaires pay for plane and hotel tickets directly and do not use credit or installment methods.
They carefully monitor interest rates even when they want to borrow. In many countries, credit card payments include partial interest. Billionaires make as much cash purchases as they can to avoid being included in the law.
6. Set daily goals
It does not matter if the wealthy are successful in pursuing a business, job or financial plan; However, one of their good habits is to set short-term goals. They set separate goals for each day and each week to be the driving force behind their long-term goals.
Don’t forget to prioritize your daily goals. This will help you to do many important things in your day. Prioritizing helps keep your focus on high-value activities. If you want to achieve financial freedom, it is better to look for activities that are more profitable for you at certain times compared to other activities.
7. Do not pay the rich
The goal is to be efficient and productive, not to make money for the rich! Did you know that about 86% of the most expensive cars of famous brands are non-billionaire toys? Most people think that rich people want to buy the most amazing cars for themselves; In fact, the consumers of these expensive cars are those who aspire to be billionaires.
Reports show that 61% of people who earn at least $ 250,000 are less likely to buy luxury car brands. Instead, billionaires go to brands like Honda, Toyota and Ford to buy cars. Unlike Iran, where buying a car is a kind of long-term investment, in most parts of the world the opposite is true; That’s why billionaires are reluctant to pay exorbitant prices for cars that lose value after a few years. One of the successful habits of billionaires is investing in assets that grow over time and add value.
8. Have your own business or buy a business
Robert Kiyosaki, an American-Japanese investor and author of The Rich Dad Poor Dad, describes how to make money at the CASHFLOW Quadrant. These four sections include:
- Employee (who has a job);
- Self-employed (who owns a job);
- Employer and employer (with more than 500 employees);
- Investors (who, like Warren Buffett, make a fortune).
The first two are on the left side of the table and the other two are on the right. According to Kiyosaki, it is possible to be in any square; But billionaires do not.
Your goal is to move from the house on the left to the house on the right: where you have your own big business or you have a lot of wealth.
You can achieve financial success by pursuing a career that interests you; For example, if you love writing, imagine that you have become the author of the best-selling book. Wealth and passion are unique supplements.
9. Do not look for a plan to get rich quick
Patience is a major asset for a billionaire. You have to be patient to be successful, both financially and in other aspects of life. It is also possible to become a billionaire at a young age; But most billionaires reach that position in their fifties. They have a moderate life that invests in their future and becomes rich when they retire.
Key points: How to cultivate successful habits of becoming a billionaire?
The next question after learning these 9 successful habits to become a billionaire is how to cultivate them in ourselves? Here are six values you need to cultivate these habits.
Define the perspective of your life
You need to be clear about what you want in life so that you can plan for success. Rather than thinking about becoming a billionaire, you need to think about why you want to become a billionaire. When you see successful entrepreneurs, you will find that they have a clear mindset and have a specific purpose in life.
Understanding why you chose your current job will lead you to becoming a successful person.
Turn your favorite field into your profession
Working will be a lot of fun when your favorite field becomes your profession. When you love your job, money and wealth also come to you.
What should be done for this section? Every morning when you wake up, use positive phrases on the way to work, love your job, and focus on the work you enjoy.
Focus on the solution
Focusing on solutions means organizing and identifying problems that have arisen for you or your job. This will help you focus on solutions when facing new challenges.
The billionaire’s mind is fixed only on solutions. Billionaires know that there is no way to solve their problems, and in fact every problem is an opportunity to learn. It is better to work on problem solving skills in yourself.
Strengthen leadership skills
If you want to improve the habits of a successful billionaire, it is important to pay attention to leadership skills. The more you develop these skills, the more you will attract like-minded leaders.
Billionaire entrepreneurs prioritize self-improvement. How do you achieve this? With the following solutions:
- Have a coach: Learning will affect your life, and having a coach in your life and work will improve your performance.
- Receive feedback: having a coach and mentor is not enough; You need to follow his guidance and your progress with an open mind. Sometimes you need to get feedback and consult with others to change the course of your life as well as your career. The guide has more knowledge and experience for counseling and sees problems from a higher and different perspective. The more criticism you get and the more you work on your weaknesses, the better your career will be.
Bring your mental pattern from being pragmatic to the present
It is not enough to follow the habits of successful billionaires; You must also become a positive role model. This is how you become important. Not only is Bill Gates a wealthy man, he also helps many people in Africa and elsewhere to live better lives. If you want to succeed, you must first live and think like a successful person. This is how the resources you need will come into your life.
It is not enough to work to achieve something. Success means becoming someone who does whatever it takes to take positive and inspiring action.
what is your opinion? Do you dream of becoming a billionaire?