So You Want To Be A Billionaire, SO DARN BAD---Start By Checking To See If You Have These Five Traits?

Posted by Duane Cummings on 04/15/2016

 

Not all that long ago, it seemed the “popular financial goal” was to earn six figures, then the scale slid up to a million dollars, and now the “financial success bar” has been raised yet again.  It now seems that becoming a billionaire is the new mark to aim for. Regardless of what target you’re currently trying to hit, I believe acquiring (if you don’t have them already) the five traits listed below should aid you in that endeavor, because billionaires around the globe share them. 

Although, before we get to the traits, you should know that for me, success is not strictly defined by financial achievement. Now with that said, in order to fulfill my definition of success, which includes freedom, fun, family, friends, and lots of other “F” words that are appropriate here, I must have sufficient funds to “live” within the definition I’ve created. Fortunately, there were people in my life who taught me the five traits when I was a child, and they've been a part of my plan ever since. The order in which I’ve shared them here is not important...only that you employ all of them in your quest to gain financial abundance.

#1 - WORK For What You Want… Identifying a billionaire that never worked for their money is very rare. Sure, some of them inherited money, but they aren’t sitting on a yacht year round spending it. In fact, many people would define them as “workaholics.” Not only did they often hold down multiple jobs in the early stages of their careers, they continue to work the same amount of hours or more once they "hit the mark" as than they did early on.

But not to worry, that doesn't mean you have to sacrifice everything else in your life to become financially wealthy---perhaps you just need to redefine what “work” really is. Personally, I "work" on lots of projects but yet I don’t toil and sweat, because I love what I’m doing. In addition, my wife (who also happens to be my best friend) is almost always with me, so my marriage doesn’t suffer because we're apart. If you can find work that you’re passionate about, you’ll wake up inspired and the odds are you’ll also be healthier and happier.

#2 – Invest Either Time, Or Money In Your OWN Dream… As I mentioned earlier, many of the billionaires on the planet worked one or more jobs for other people during their early days. BUT, they did it so they could afford to pursue their own passions. They regularly invested the time to gain education by taking classes at night or on the weekends, and also obtained knowledge by having mentors, applying for apprenticeships, or taking positions that would help them uncover a deeper understanding of the industry they were interested in. Typically, before a person has money, they have the TIME…and making a wise investment of that resource can pay huge dividends later.

#3 - You Never Fail, You Just Learn… Regardless of what you believe about the word “fail”, billionaires seem to look at each setback simply as a lesson. Many will even say they’ve never failed. Of course, some of those “lessons” are more costly than others, but it’s better than the negative stigma attached to the word “fail.” 

By eliminating the word “fail” from your vocabulary, you’ll put yourself in the mindset of being a constant learner, which is proactive and moves you towards your goals rather than having "failures" that take you away from them.

#4 - Knowledge Is Different Than Education… If you look at a list of billionaires, many of them don’t have a great deal of formal education. In fact, David Murdock (known as the founder of Dole Food, Inc.) didn’t graduate high school until he was in his eighties. Now, before someone gets up in arms, I’m not insinuating that dropping out of school is the path to becoming a billionaire. It’s simply a fact that many of the people I researched never received a degree, although they did prove to be life long learners and are constantly seeking knowledge that will help them improve. My point is, a formal education is important, but knowledge that will specifically help you in your chosen area is priceless.  As my grandpa used to say, "Learn how to learn about what you need to learn."

#5 - You’re Never Too Young To Start… Another thing that was common amongst most of the billionaires I studied was they started their pursuit at very young ages. And when I say young, I mean as children. Kirk Kerkorian, who’s net worth is almost 3 billion dollars started earning money for his family at the age of 9 when he dropped out of school to become a boxer. Sheldon Adelson started selling newspapers at the age of 12 and Ingvar Feodor Kamprad, the found of Ikea started selling matches at the age of 6 and by the time he turned 10 he was selling Christmas decorations, fish, and pencils in and around his neighborhood. But, don’t worry, starting as a child isn't a requirement to becoming a billionaire...just ask David Duffield who became one at the age of 47.

Now, I know some of you are saying times are different and the opportunities aren’t there…but I believe, and it’s been proven that nothing can stop someone (regardless of age) who possesses determination, tenacity, and a dream.  In fact, some would argue there's never been a better time.

At some point in the future, there’s a good chance someone will write a post about the new standard of becoming a “trillionaire”… and my guess is, the people who’ve made that list will have had the same five traits we’ve just discussed...and who knows, maybe you'll be one of the people their writing about. As always, I wish you all #aSensationalLife.

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Duane Cummings