Everyone wishes to attain financial freedom and even become a billionaire some day but very few get it done. This is much more than just having a bunch of zeroes in your bank account. Investing capital may be new to some, but it is not a barrier to becoming a billionaire. Working from a life of little or nothing to living in affluence is everyone’s dream. To become a billionaire, Plan your financial goals, Invest, start small,Create right mindset, Live modestly and don’t pretend to be who you are not.
1. Plan your financial goals.
Having goals and working towards them will motivate you to live the life you’ve already dreamed about. Plan for your future with clear goals. Start by setting short-term and long-term goals. Make them specific and realistic. In addition, track your goals to make sure you achieve them.
Set yearly financial goals. You may have to make sacrifices and apply self-discipline to achieve financial success. Do not splash out your money at every opportunity you get. And, don’t get into the habit of borrowing and living on credit either.
2. Start small
Everything that’s big started as something small, including ideas. An idea is a thought until it’s developed into a business. Forget about the get rich quick mindset. That doesn’t work as there is no elevator to success. To be successful, you start small and work your way up the ladder.
3. Create the right mindset
You are what you think. Your thoughts frame your life. They are the foundation for creating the right mindset. After you condition your mind to think like a wealthy person, you will start doing things to make it a reality. On the other hand, a poverty mindset will keep your bank account empty. Never think you’re a failure. Use failures as stepping stones to work towards what you want to achieve. Don’t contemplate quitting either. Moreover, always take responsibility for the results, good or bad. Believe you can do it and you will.
4. Don’t pretend to be who you are not
Billionaires are not actors. They don’t live their lives to impress people. Trying to look rich, running up credit accounts and living beyond your means will keep you poor.
Living in competition with others won’t make you rich. Billionaires live below their means, not above. Living above your means and spending irrationally, will put you in debt in the long run. Most of the fancy cars you see on the road are owned by banks!
5. Invest, invest, invest
Billionaires invest. They put their money in properties, art, stocks, bonds and companies. The difference between poverty and prosperity is property.
Taking risks in investments is not something they fear. Hence, most of their investments are riskier than the traditional. Yet, they usually reap huge returns and increase their bank balances.
6. Live modestly
Most billionaires lead a frugal lifestyle. Warren Buffet and his wife still live in the first house he bought in 1958 before he became wealthy. In addition, he doesn’t carry around a mobile phone. Nor does he have a computer at his desk.
Mark Zuckerberg, the founder and CEO of Facebook wears plain T-shirts and jeans. He also drives a Volkswagen hatchback car!
Putting it all together, billionaires are careful spenders, tough investors and are never afraid of taking risks. Study their habits, learn from them and develop the same habits. Remember, getting rich is easy. However, staying rich requires hard work. When you suddenly become rich it can suddenly disappear. Or even destroy you. Don’t strive to become a billionaire if you haven’t got the right mindset to live like one.