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How to Become a Billionaire in 6 Easy Steps

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posted on Jul. 09, 2016

Do you want to become a billionaire??... Then these are some of the things you need to do if you want to succeed...there is no secret, just hard work and willfulness.

in 1916, John D. Rockefeller, the “father” of the petroleum industry was the first billionaire in the world. And now, a century later, there are 1,826 billionaires in the world with 536 billionaires being American.

Sometimes, it is difficult to distinguish billionaires from really wealthy people as some of them prefer to keep their fortune details a secret. Also, some of them admit that personal wealth wasn’t always their goal but it was just the result of their business ventures. Donald Trump explained in an interview that money wasn’t the reason he worked hard, it was the “game” that kept him excited.

What is a Billionaire?

It is quite simple actually; a billionaire is someone who has a net worth of at least $1 billion or more. So, in other words if you were to sell all of your assets for cash, pay off all your debts and have $1 billion remaining in the bank, this means you are a billionaire. So this means that if you do have $1 billion worth of assets but have $700 million worth of debts you are definitely not a billionaire- of course you are still a millionaire, so you don’t really need to worry about your family’s future or college expenses.

Okay, we are reading all about billions, and people having a net worth of $20 billion, but what does it mean in purchasing power? All these large numbers can be difficult to comprehend so here are a few examples of what a billion dollars mean:

  • 167 million Big Mac meals or 95 million Pizza Hut hand-tossed large pizzas
  • 21,900 Cadillac CTS luxury sedans to drive a different car every day for 60 years
  • 53 million annual passes to any of the Disney theme parks

Common Characteristics of Billionaires

Even though most billionaires are unique people, here are some of the most common characteristics they share:

  • A billionaire status takes time to achieve:

Did you know that the average billionaire is 63 years old and more than 90% are over 45? Of course, there are some exceptions to the rule with Evan Spiegel and Bobby Murphy, 25 and 26 respectively, who received offers of up to $19 billion in 2015 for Snapchat.

  • Education is not required:

Even though it might be important it is definitely not a necessity. Two thirds of billionaires are college graduates with most of them having a degree related to engineering or business. However, more than 30% of the richest people in the world have no degree, with most of them being college dropouts.

  • Family Money is not always critical:

60% of billionaires have made all their wealth by themselves, 25% inherited money which helped them create a super fortune and 15% are billionaires due to their family inheritances alone.

  • Marriage for Billionaires is weird:

More than 60% of billionaires in the world are currently married and some of them have been married more than once- Ronald Perelman had 5 wives. Some of them have great marriages like Bill Gates, Jeff Bezos Eric Schmidt and Michael Dell who have been married more than 20 years and others are not an easy task as Justine Musk said about her former husband Elon Musk  that billionaires are ““freaks and misfits. They are dyslexic, they are autistic, they have ADD, they are square pegs in round holes, they piss people off, get into arguments, rock the boat, laugh in the face of paperwork.”

How to Become a Billionaire

So, are you still interested in becoming a billionaire? If you are, then here are six key steps to become one of the wealthiest people in the world:

1. Be Creative

Find your own role; don’t try to copy anyone else. Try to find a gap in the market or discover if there is anything the world wants and needs. This is what Travis Kalanick and Garret Camp did when they founded Uber. When they were in Paris they were trying to find a cab and when they couldn’t find one they had the idea of UberCab. Be innovative and creative.

2. Dream Big

You always have to dream big; no successful man started a company or idea just to be mildly successful. If you have an idea or original thought don’t worry that it won’t work. Billionaires are known for acknowledging what could be done and they do everything to make their dream come true.

3. Be Totally Committed

Forget about being passionate; if you want to be successful you need to be obsessed about it. Mark Cuban advises that, if you have an exit strategy then it is not an obsession. You have to love it and be so confident about it you would do anything to achieve that goal. You must be focused at all times, even if that means taking no time off or never going on vacation for years- like Bill Gates or Mark Zuckerberg.

4. Don’t Be Afraid to Fail

You should never be afraid of failure because you will never be able to avoid all pitfalls and mistakes. The important thing is to learn from these lessons of failing and grow stronger and eventually become successful. The greatest opportunities exist in situations where other people are afraid they will fail.

5. Build a Trustworthy Team of Advisors and Partners

Nobody can achieve a billionaire status by themselves- everyone needs help from others. If you want to become a billionaire you must have a trusted confidante to back you up in times of need and of course give you hard criticism when needed. This person must keep you focused and grounded at all times.

6. It is All About the Customer

The way you use your skills and expertise to invest, invent and innovate in your services must always be towards achieving customer satisfaction. Jeffrey Doorman explains that more than 75% of the world’s billionaires made their fortunes by inventing and selling something that their customers wanted or needed.

So, now that you know that success and becoming a billionaire are possible you should also keep this in mind: becoming super wealthy does not automatically mean you are going to be happy. It is true that money gives you several opportunities but it is also known that many aspiring billionaires often sacrifice family and relationship in their pursuit of this goal.

Do you still aspire to be a billionaire? What are you going to do to achieve that?

what do you think?

 

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