Who are billionaires?

Well, they’re the people with a lot of money but we aren’t looking for the easy answer here.

So I’ll ask again, “who are billionaires?”

They’re you, they’re me; they are just an average person that willed himself/herself to live life on their terms. They took risks when we couldn’t, they invest in assets that we rarely do and they push themselves harder than most of us are willing to. They are us but gutsier.

But the thing is that they rarely are born this way, instead, they form different habits over the years; they work out of their comfort zone and learn the importance of failures.

Billionaires are no aliens nor are they some extraordinary being, they’re just good at what they do and they are aware of their strengths and weaknesses alike.

When Thomas Edison was on the course of inventing electricity, he failed more than a thousand times and when asked about it he said that he now knows more than a thousand ways that it won’t work. He failed again and again but he did not lose hope, he learned from his failures and found success. His perseverance powered through and now you can read this article on your device, because of him.

It’s amazing how different life can turn out to be if we make small and simple changes in our life, Isn’t it?

These small changes form the shape of ingrained habits over the years that define us. Our habits define what sort of a person are we and it plays a major role in being successful in life.

And what can be better for inspiration than the current billionaires and their habits? In this article, we take a look at the ‘normal’ as well as odd habits of the billionaires and find ways to incorporate these habits in our regular lives without making a stretch for it.

So, let’s get crackin’!


Business

Around 80% of the world’s billionaires are entrepreneurs. They did have jobs before they decided to switch to business but they did the switch. They took the risk of leaving the security of a steady job to venture in the uncertain but far more rewarding world of business.

The famous saying that ‘no one has become rich by working 9 to 5’ isn’t so far-fetched from the truth. And people are realizing that as in the last half a decade there has been a steady rise in the number of entrepreneurs around the world.

Billionaires see the sheer magnitude of profits that a business can procure for them that a job will never be able to. They realize that the rewards are worth the risk and yes sometimes it does not work out the way they want it to but there is a lot of learning to do there as well.

I know starting your own business is a tall order, made harder by the looming threat of failure. What we request you to do now is not to go ahead and become an entrepreneur overnight but to entertain the idea of owning a business without letting your fears get the best of you. We ask you to become comfortable with your vision and dreams and work slowly towards them.

These small seeds of ideas and confidence over the years will grow into a beautiful tree and you will be able to transform a bit more smoothly from employment to entrepreneurship.


Investment

Billionaires never put all of their chips in one basket i.e. they never pour all of their money in one place. They make sure that they invest in different areas and assets to ensure maximum return. Most of us just keep our savings in our bank accounts where it does not provide us with any significant amount of return; the money which could earn interest and dividend if invested in the right places.

Billionaires believe in their ‘idle money’ making money instead of keeping it as savings without return. However, the investment can be risky if you are not aware of the vital information is not considered before the act of investment.

But now with Google, one can educate oneself on the topics of types of investment, rate of return, previous performance record, current situations, etc. every person should invest in one way or the other to safeguard the future. Small investments can pave the way to understand the intricate workings of the business world which will ultimately lead to big investments.


Reading

Reading is to the brain what exercise is to the body.

Billionaires make sure to devote some of their time to reading each week, if not every day. The purpose of reading is not just entertainment though. Most billionaires read in order to improve and sharpen their knowledge about various academic and practical matters.

These books are usually non-fiction, informative and even on self-improvement. People at the top ensure that they are up to date with new technologies, advancements and theories to be aware of the possibilities and opportunities of the present and near future.

We usually read fiction novels which do engage our imagination and entertain us but in order to find our way to success we must engage our minds in matters and knowledge that will benefit us in understanding the workings of the business world.

But reading non-fiction can be tedious and even uninteresting at first but don’t try to read the whole book/article at once. Instead, start by reading a few pages at the end of the day and relax.

Take it slow and build it from there and soon you’ll be finishing hundreds of pages within days.


Personal Budget

We often believe that people like millionaires and billionaires must spend without any limit or repercussion. We see them as beings that have a huge reserve of money and absurd spending habits; expensive cars, luxury hotels and huge mansions and whatnot. And while it might seem unnecessary to us that they need all that when they can humble and live like the rest of us but the standard of life is defined by the earning of the person and not the other way around.

Despite what it may seem like to the outsiders, successful people always keep a tap at their personal expenses and even work with a monthly budget. This allows them to make better decisions and keep their expenses in check. Nobody likes to spend unnecessarily on useless matters and certainly not billionaires.

Now I am aware of the fact that most of do live on monthly budgets in order to smoothly run our households but we rarely set a budget for our personal expenses; especially millennials and younger generations find themselves living from paycheck to paycheck because they refuse to adhere to a budget. This behaviour results in zero savings and investments which seldom help.


Always learning

Successful people never give up on the opportunity to learn and improve themselves. They believe in growing with time and feel no shame in even learning from their juniors and kids. Many of the successful entrepreneurs and artists have often gone back to college and taken classes in order to hone their skills and learn some new ones. They go back to their roots in order to ensure a connection with the ever-changing world.

This is one of the major problems with the young adults across the world it seems that they do not wish to keep learning. Perhaps it is the stress of the academics and extracurricular activities that compresses them so much that by the time they get on their feet they are too tired to continue learning. The lack of practical experience and the ongoing outdated curriculum have its effect and learning starts becoming fun and interesting.

But if we cannot change the system, we must change ourselves. Minor interests can blossom into exceptional skills and talent if they are harvested in the correct manner. One must continue its search for new ways to learn and grow. The hunger to become better should fuel your passion and work as an individual.

Even billionaires turn average when they fail to catch up with the world.

Seizing the opportunity

How many times have you been faced with an opportunity that has the ability to change your life but you let it go because you let your inhibitions overpower your decision; because it was not in your comfort zone, because it was difficult, because it was risky and what not. We always manage to find a reason to not do something and none motivating enough to go ahead despite our fears.

This is what separates us from billionaires at large, we seldom seize the opportunities that we are presented with and they seldom let go of any opportunity that they encounter; they even try to turn the threats around into favourable situations in order to ensure minimum damage. They make the most of a situation, good or bad.

Successful people take small steps outside their comfort zone and eventually become comfortable in facing unseen situations and conditions; they push the boundaries of their comfort zones and redefine them. And if you want to be successful and a billionaire one day, learn to put yourself out there.

Rise above your fear and dictate your success.

Patience

Being an entrepreneur requires a lot of patience. Things do not turn out the way they are supposed to, experiments go wrong all the time and you never know which way the market will turn the next day. A short-sighted person with a bad temper will find it hard to cope with the volatile forces of life and business. He will let his emotions get the best of him and make mistakes that could’ve been avoided easily.

Whereas it has been seen that billionaires much like Bill Gates, Elon Musk, etc exercise patience in strenuous situations. They wait for the right time if need be and be impulsive as well. They believe that beauty is in details and haste work can never deliver something to marvel upon. Years of experience has taught them to let the situation unfold before making any drastic calls.

But patience is a hard virtue to master.

We, humans, are wired in the way that we keep finding ourselves distracted ever so often and the technology that we are living with now has made it almost impossible to concentrate and be patient. Meditation can certainly help with training our minds, a few minutes of solitude and silent meditation can pave the path to patience and undivided concentration.


Goals/Targets

Billionaires set daily, weekly, monthly targets for themselves and their business. Their day is dictated by these goals and the efforts to achieve them. This practice ensures timely completion of work, steady growth, attention to details and ample time to factor in any deviations. It is a neat manner of working professionally and personally.

The setting of goals puts the person on the clock and allows them to analyze their performance accordingly. It can also help to set further targets for the future, take appropriate actions regarding the weaknesses and instil motivation in the strong areas.

We implore you to start by setting up small goals for yourself that you intend to achieve by the end of the day. It will help you in staying focused and increase your productivity. This habit will help you in the future to keep your projects on track and deliver well within the deadlines.


Perseverance

One thing that we can all agree on is I think that most successful artists, entrepreneurs, etc have one thing in common; perseverance. They do not back down from a challenge and they do not lose hope when they fail. They keep making efforts, keep working, keep learning and they keep trying. This attitude not only shapes them to become important figures of the world but it also gives marvels like apple, Microsoft, SpaceX, etc to the world.

But they are not hopeless optimists either. They know when they do not have a way out and when they need to stop. This self-awareness is necessary for people who are engaged in business and activities that involve risk; sometimes taking a step backwards is better than pushing ahead and damaging the progress.

Perseverance can be a very useful characteristic if it is harnessed in the right direction and having a little bit of confidence does not hurt either.

Generosity

No one has ever become poor by helping the needy.

Regardless of the financial status, a human being should be generous to those who are less fortunate. There is not much generosity and kindness in this world and an act of kindness can make a significant change in someone else’s life.

Most of the billionaires have different charities, NGOs, etc that they support and promote. They find time to schedule events that can raise awareness on many issues, work to eradicate the taboos associated with diseases like HIV AIDS, Leprosy, etc. They not only help on the financial front but they also get involved on a more personal level.

No one can ever forget the work that Princess Diana did for humanity; how she broke royal protocols to raise awareness on multiple serious issues.
Bill Gates’ foundation has been supporting global health, international development and education since 2000.
Michael Bloomberg, former mayor of New York, has given millions to support US cities, to reduce global coal usage and spent millions more on projects ranging from Public art installation to a women’s economic development program in sub-Saharan Africa, according to Forbes.

Granted that having that much money might make it easy to be generous and kind to others but generosity is not a matter of money is it? It is a matter of intent. There is always someone out there that dreams about having things that you take so granted in life; food, house, a bed. So, yes you might not have the same amount of money as a billionaire but you can have generosity, it’s not a competition.


Habits are hard to instil but they can change your life if you let them. Becoming a billionaire is something that everyone wants but only a select few are willing to work for it. Their habits and characteristics do not make us different from them but give us hope and inspiration that we can become like them and even surpass them if we are determined to do so.

There is nothing like overnight success in this world. You need to be hard-working, dedicated, tenacious and more than anything you need to know that it takes time. You need to have patience and belief in your abilities.

Results might take time to come to the surface but continuous efforts are required. Time invested in learning and improving is not a waste.

Your hard work matters.