Billionaires became who they are not because of genes or a stroke of luck. Further, most success stories would tell you that being a billionaire does not happen overnight. However, it is doable and possible—only if you have the patience and willpower.
The overall secret to being a billionaire is financial management, and these money tips will help you.
- Start managing your finances at a young age.
In a survey cited by Investopedia, 23 percent of 917 self-made billionaires made their first venture before they reached 30 years old, which is the age of wealth and opportunity. So, the earlier you start, the more you’ll have time to make your capital grow and become abundant.
- Take calculated risks with your money.
Billionaires know when to invest, and which ventures to try. Create your wealth by establishing start-ups and utilizing various technologies to deliver your product and service.
Billionaires know how to preserve their wealth as well by investing in stocks, one at a time. When a business proves profitable to you, keep it. If it does not, sell it.
Another example of preserving wealth especially in Asian countries is the progeny taking over the family business.
- Share your wealth.
Billionaires believe in the age-old adage “The more you give, the more you receive.” Rarely will you see billionaires miserly keeping their wealth for themselves, as they usually join humanitarian causes or open up foundations for the poor and the young.
- Billionaires acknowledge the continuous flow of money.
They simply get richer and richer. How they manage their funds depends on where they put their money and how they view their cash flow. The positive attitude of most billionaires keeps them motivated to work on more projects, accept partnerships, and invest in various industries.
Aside from saving their trust funds in the bank, they look at other business ventures as a way of saving up too. While there could be a few losses in between, billionaires believe everything they shell out will return a hundredfold.
- Billionaires aim for more.
Billionaires do not shortchange themselves when they invest. They have a strong driving force and anticipate that they can earn more. They do not settle for less, especially when their investments are concerned.
- Get a head start and learn from finance experts.
You may not be born rich, but you can learn a great deal from financial gurus and self-made billionaires who had been in the same position. Some of these billionaires even pay to learn, and it would not hurt if you would invest in a business coach.
- Haggle if you can.
Being rich may not equate to being extravagant and living a luxurious lifestyle. You would be surprised to discover that most billionaires would haggle for an item instead of splurging all their money.
While they may haggle, they would be willing to invest again once they have won the trade. It is all a matter of perspective and being practical.
- Build your startup business.
Many individuals became rich not because of the stock market, but because of start-ups. Since the company is yours, you can make it big and have a stable investment, as well as a fallback when you get successful in this venture.
- Billionaires see education as important, but not a requirement.
If you have not graduated from college, do not feel down, as your educational background just boosts your potential. Should you decide where to invest your money, choose those factors that would help you earn more (i.e. businesses, franchise). Education may come soon after.
- Create your own
As much as possible, avoid using your family’s money. Start with a meager amount of finances, then build that to reach certain levels in the financial tier.
Spending your hard-earned money may prove to be harder than spending money that you just inherited or borrowed.
- Invest in technology, finance, or real estate.
You may have heard of the stories of Mark Zuckerberg and Steve Jobs so many times, who are billionaires that decided to make money through social network and gadgets respectively.
In this age, there is no stopping the creation of new devices and apps. Take advantage of these industries and place your money where it can triple every day.
Everyone can get rich with these fool-proof secrets from billionaires. Manage your finances like a pro and earn more than you have ever dreamed of.
About the Author
Carol Soriano is a consultant for PawnHero.ph, the very first online pawnshop in the Philippines. A writer at heart and a social media enthusiast, she finds personal finance, investment and money matters interesting topics to write about.