How about 9 wealth building lessons from billionaires? It is, after all, Wealth Wednesday here at boomermale.com. And if you’re still in the game of increasing your inheritance for your children or grandchildren (that would include me), why not see if you checked off all the boxes to be billionaire or millionaire for that matter. This post comes from our friends over at earlytorise.com.
9 Wealth Building Lessons from Billionaires
“One of the best ways you can create and maintain wealth is by following the lead of people who’ve already done so.”
-Mark Morgan Ford, earlytorise.com
The author, Mark Morgan Ford, didn’t know any of these billionaire entrepreneurs (BEs) personally, but he does know lots of multimillionaires —
1. Most but not all have college degrees. The great majority of Billionaire Entrepreneurs (BEs) — about 90% — have college degrees. But it’s not necessary for success.
2. BEs work harder and longer than the people who work for them. Every successful person the author knows works long and works hard. But, he does know a few people who seem to be able to have some balance in their lives.
3. BEs are constantly looking for profit opportunities. When they hear about an economic or business development, they don’t hear it as some bit of abstract news about someone else. Instead, they think, “How could I profit from that?”
4. BEs don’t dwell on mistakes. They view problems as learning opportunities. “I don’t remember any mistakes,” late pharmaceutical billionaire James Sorenson told Forbes, “only opportunities to overcome problems.”
5. BEs think neither completely positively nor negatively, but strategically. A key attribute I believe. Instead of thinking, “That’s impossible,” or “I can do anything,” they think, “Is that possible?” and “If it is, how could I do it?” This is a big point.
6. BEs don’t believe in luck. In a recent Forbes poll of the 400 richest people in the world, none said they had become wealthy entirely by luck.
7. BEs are not driven primarily by money/ “Studies show the desire for financial success is no stronger among entrepreneurs than among those not starting a company,” says entrepreneur expert Kelly Shaver. Wharton School management professor Raphael Amit agrees: “No one is saying they don’t like their wealth. What matters more is the innovation, the intense commitment they have to an idea, and the difference it can make. Money is a byproduct.”
8. BEs make friends. Business is never about money. Business is about people. It’s about who you know and who you trust.
9. BEs know they can’t do anything alone. Instead, they create important partnerships, and work with these partners to collaborate on great projects.
You can read the entire post here. Let us know what you think. Share your thoughts with your fellow boomer males below.
Do well.
