Money Rules that Billionaires Follow
What our research shows about how the self-made “Super Rich” build their wealth
If you are like almost every other successful person, you’re not ready to rest on your accomplishments. You want to build on your success so as to create even more wealth and more value for you and your family.
In fact, according to research, 94% of successful entrepreneurs surveyed say that they want to be wealthier (and even if you don’t own a business, you are effectively the CEO of your family, so this all applies to you, too!).
Why you need serious wealth
You’re not driven by greed or after wealth simply for wealth’s sake. Most people aren’t! Instead, you probably want to grow your wealth in order to achieve goals that are deeply meaningful to you.
As one of my close friends said to me 20 years ago, “Money isn’t the root of all evil – it’s a unit of choice – and the more units you have, the more choices you have.”
As the chart below shows, your goals likely include taking care of your family and loved ones, supporting the causes you care deeply about, and perhaps even doing your part to change the world for the better.
New To make those goals a reality, you’ll need to determine the amount of wealth you’ll need to reach them. Whatever your number is, if it enables you to achieve all that is most important to you and your family, we call it “serious wealth.”
Money Rules that Billionaires Follow
Let’s face it, as much as it hurts to admit, achieving these “units of choice” requires wealth… plain & simple. Furthermore, it takes discipline and focus to become wealthy.
Research has been performed to evaluate the attitudes, behaviors and actions of self-made billionaires and this analysis has identified some of their most pronounced, dominant, and persistent patterns that billionaires follow. These seven rules epitomize the key mindsets and strategies that you may want to consider adopting yourself…
#1. Commit to “extreme” wealth: Truth be told, many people would like to be wealthy but have not committed the time or effort to get there. Following this rule means having a clear sense that money is a critical objective that leads to financial independence and endless “units of choice.”
#2. Engage in enlightened self-interest: Enlightened self-interest takes many forms. One example is making well-reasoned decisions based on solid financial projections. Another example can be seen during negotiations. Skilled negotiation is at the heart of successful economic endeavors. As Bill Gates once said, “In business, you don’t get what you deserve. You get what you negotiate.”
#3. Get in the line of money: Some endeavors make more money than others. Where the self-made billionaires choose to apply their skills counts. For instance, they know they’ll have a greater chance of attaining wealth by being their own bosses than by working for somebody else. Following this rule means pursuing fields and initiatives that offer the highest paybacks, now… and in the future.
#4. Pay everyone involved: When building teams, the very wealthy assume everyone has a degree of self-interest that can be utilized. They never assume people are willing to work solely for satisfaction or fulfillment, and therefore they reward handsomely (with cash, equity or some other form of currency) to cultivate the loyalty and specific behaviors that can help them reach their long-term goals.
#5. Connect for profit and results: Highly successful people think about networking as a means to an end. Said another way, finding the person, information, or tools that get them one step closer to their goals. Following this rule means maintaining a small but deep network of high quality relationships that may lead to friendship, but also may lead to further success.
#6. Use failure to improve and refocus: Failure is inevitable, so most of the those who are wealthy don’t worry about avoiding it. Instead, they focus on learning from each experience and using the lessons to get an advantage the next time around. Rather than obsessing about lost opportunities and getting discouraged, they study their failures and do all they can to prevent repeating missteps. One of my early mentors said to me, “Don’t just fail… fail fast and move on.” I had it engraved on the back of my iPod (back when those were cool and high-tech).
#7. Stay focused: The wealthiest among us know there are very few things they do exceptionally well. They also know the role these skills and expertise play in generating wealth. Being focused means sticking to their plans and not getting distracted by other opportunities or events that call for new and different skill sets. You’ve heard the phrase, “A jack of all trades, but a master of none,” or the controversial opinion that Michael Jordan could’ve had a better career if he focused solely on basketball instead of trying his hand at baseball.
At this point, you’re probably wondering, “Where should I start?”
The Answer: Determine the amount of wealth you need to live a life of financial freedom. Then, armed with that number, you can start to incorporate these Billionaire Money Rules yourself!
