Dos and Don’ts for Becoming a Billionaire
So, you want to be a billionaire. You would be part of an elite group of only 3,311 people in the entire world. Obviously, it’s going to take a lot of hard work. What exactly does it take to become the next Jeff Bezos?
GOBankingRates talked to wealth experts to get the scoop on what you should do if you want to become a billionaire — and on what will only get in the way. Read on to find out how to amass 10-digit wealth.
DO: Educate Yourself
Whenever you take on a new venture, you want to make sure you’re as immersed in it as you possibly can be. Becoming a billionaire is no different.
Mina Tadrus, CEO of Tadrus Capital, says to become someone who makes a lot of money, you have to know the world of the people who already do.
“One of the keys to success is to continuously educate yourself about financial matters,” Tadrus said. “This includes learning about different investment options, staying up to date on financial news and trends, and seeking out the advice of financial professionals.”
In addition to reading up on financial trends, Tadrus says it’s important to build a circle of people whose values align with yours.
“Surrounding yourself with successful and like-minded individuals can help you stay motivated and inspired on your journey to becoming a billionaire. Seek out mentors and advisors who can offer guidance and support as you work towards your goals.”
Take Our Poll: Do You Think Student Loan Debt Should Be Forgiven?
DON’T: Think You Need To Be Born Into Wealth
With many news outlets talking about the power of nepotism, you might think your chances of becoming a billionaire are slim if you don’t already have a wealthy family. Tadrus says that’s simply not true.
Tadrus said, “Many successful billionaires — including Bill Gates, Steve Jobs and Mark Zuckerberg — started from humble beginnings and built their wealth through hard work, dedication and a willingness to take risks.”
DO: Solve a Problem
You can’t just sit around and expect to make a billion dollars. You have to make something that is worth $1 billion.
Ari Rastegar, CEO of Rastegar Property, says to do that you have to solve a billion-dollar problem.
“You need to find an inefficiency in the marketplace or a product, a creation, a service that helps so many people that it could generate billions of dollars of revenue,” Rastegar said.
Think about what annoys you in your daily routine. Is there something you could do to solve that problem? Is it a solution many people would value? These are the types of questions you need to ask yourself that will answer the billion-dollar question.
DON’T: Take Unnecessary Risks
It might seem like you have to spend a lot of money to make a lot of money, but that is only guaranteed to work in some situations.
Tadrus cautions against doing something risky when you’re trying to attain wealth without properly researching what you’re getting into.
“While taking risks can be an important part of building wealth, it is important to be mindful of the risks you are taking and make sure they are calculated and well-informed,” Tadrus said. “Avoid taking on too much risk at once, and be sure to diversify your investments to mitigate potential losses.”
DO: Have a Clear Financial Plan
If you struggle with making a budget, becoming a billionaire is not in the cards for you. You need to be very precise about how you spend your money to ensure you can make the most money possible. Tadrus advises to make these financial plans early in your journey.
“It is important to have a clear and detailed plan for your financial future, including specific goals and a roadmap for how you will achieve them,” Tadrus said. “This should include setting aside money for savings and investing, as well as tracking your spending and making sure you are staying within your budget.”
Tadrus adds that, once you have this plan in place, set aside time to update it periodically once you start reaching certain milestones, so your plan evolves with you.
DON’T: Give Up
Building a billion-dollar empire is a marathon, not a sprint. Throwing in the towel at the first sign of hardship is only going to hinder you.
“Keep going,” Rastegar said. “Don’t stop ever, or the chances of you reaching the elusive B status is effectively impossible.”
Know that all of the billionaires you admire encountered — what they thought to be–insurmountable obstacles. All you have to do is look where they are now to know they never gave up, and neither should you.
More From GOBankingRates