Verify your business ventures are useful, needed and profitable.
- Preparation: mastery
- Focus: one seed
- Persistence: drive thru
- To become a billionaire, create opportunities, invest wisely and retain wealth.
- How to become a billionaire.
- Read the advice of those who’ve made it.
Benefitting from the wisdom of the successful can never hurt, but be careful not to get caught up in the planning and preparing stage. The most important step is taking action. However, do spend some time reading other millionaires’ advice. Some suitable books to read include:
- Thomas J Stanley, The Millionaire Next Door (2004) and Stop Acting Rich… and Start Living Like a Real Millionaire (2009)
- Alexander Green, The Gone Fishin’ Portfolio.
Study finance and entrepreneurship. Learn to identify consumer needs, then develop business models to fulfill those needs. Currently, computer science skills and new technology are lucrative careers.
Focus on STEM deals (Science, Technology, Engineering, and Math)
Read about successful billionaires; Warren Buffett, Bill Gates or Jon Huntsman, Sr. Be wise with money to amass more.
Buy real estate
Invest in business
Starting your own business or buying into one can be a solid way to make money. Create or choose a company that offers a product or service that you would buy yourself, and put time and money toward improving it. Learn about the industry to differentiate good and bad business investments.
Find your business sweet spot
There are only three pieces to this. First, know your strengths that are unique to you, or at least where you can add unique value. Then find a market, a group of people, who want what you have to offer. Finally, you have to make sure those people will pay money for what you have to offer.
Define your brand
A brand is nothing more than a belief system that people have about you and your business. People will want to do business with somebody or some company they believe will solve a specific problem they have. You must be seen as the solution to that problem.
Create your business model
Your business model must be either high fidelity or high convenience. If it’s high fidelity you will have fewer customers who will pay a lot. You need 100 customers at $10,000 each to make $1 million. If it’s high convenience you will have many customers paying you small amounts. You need 100,000 customers paying you $10 each to make $1 million.
Decide on your exit strategy
The simplest way to make $1 million is to create a business, an asset that you can sell. People will often pay two times the annual earnings for a business. That means a $500,000 a year business can be sold for $1 million. That beaks down to having a business that makes roughly $40,000 per month.
Make more profits from existing customers
The fastest way to increase your income is to sell more products and services to your existing customers. Find ways to add even more value, and offer the products and services to your existing customer base.
Build systems and scale up
This a key entire secret to a massively accelerating your income growth. If you create a product that sells for $100, and you know that $50 spent on advertising consistently produces one sale, you have a winning model, as long as you’ve picked a large market. Scale up.
Hire great people
One of the biggest way to go from a $60,000 a year income to a multi-million dollar business is by hiring great people. This is why all the large corporations focus on team-building and leadership. It is the only way to have a great team is to be a great leader.
Buy and sell stocks
The stock market may be a good place to increase wealth. Watch the markets carefully before buying and pay attention to which stocks are successful. Be informed to make smart purchases. Most stocks appreciate over the long term. Ride out small dips in value and take occasional risks.
- Dividend reinvestment plans (DRIPs) and direct stock purchase plans (DSPs) bypass brokers (and commissions) by buying directly from company agents. These are offered by over 1,000 major corporations. Invest as little as $20-30 per month; fractional shares of stocks can be bought.
Consult good brokers for advice
Money is as good as the advice received. After accumulating a considerable amount of wealth, nobody wants to spend time huddled in front of a monitor watching stocks change by fractions of a percentage. You’re going to want to be out living life. Good, trustworthy financial advisors and brokers will work to keep your accounts swelling with excess funds.
Diversify portfolio and investments
Act the part
To be a billionaire, act like one. Mingle with moneyed and cultured people, pick up advice and knowledge from the experienced. Cultivate interests in fine art, fine dining, and travel. Consider buying a yacht and other standard trappings of the wealthy that are unaffordable.
Billionaire John Paulsonis Paulson, (11 Billions) is the founder of hedge fund Paulson & Co., is one of the most successful investment managers in the country, although his fund struggled last year.
He is leading the charge of Wall Street wealth bound for Puerto Rico. Yes, tax exemptions could make Puerto Rico the next Singapore — an extremely wealthy tax haven.
Success arrives from clear strong dreams and self mental discipline.
Rob Berger founded Doughroller.net
A personal finance website
A credit card and banking website
A free weekly newsletter
This podcast started from a simple idea–people want to learn how to manage their money more effectively.
What started from nothing has grown into a podcast with 75,000 downloads a month.
Twenty Billionaires Your Age
Albert Von Thurn Und Taxis (3.8 billions)
Alejandro Santo Domingo Dávila (11.1 billions)
Anton Kathrein, Jr. (1.35 billions)
Ayman Hariri (1.2 billions)
Drew Houston (1.2 billions)
Dustin Moskovitz (6.8 billions)
Eduardo Saverin (4.1 billions)
Fahd Hariri (1.2 billions)
Ivonne Bauer (3.5 billions)
Julia Oetker (1.65 billions)
Lawrence Ho (3 billions)
Marie Besnier Beauvalot ($2.7 billions)
Mark Zuckerberg (28.5 billions)
Perenna Kei (1.3 billions)
Robert Pera (2.7 billions)
Scott Duncan (6.3 billions)
Sean Parker (2.4 billions)
Yang Huiyan (6.9 billions)
Yoshikazu Tanaka (1.6 billions)
Others in Same Line
Bidzina Ivanishvili (4.8 billions) He turn business around, sold them and bought gold.
Carlos Slim who have a direct workforce of over 200,000 from different continents
Clive Palmer 1 billion) Mineralogy mining company. Owns resorts and golf courses.
Guy Spier follows Warren Buffett money strategies. Plays Chess. Calls Gold a value trap.
Patterns of human behavior. Irrational fear moves vast investments. We have to invest in valuable active producing assets.
Hassanal Bolkiah (20 billions) Lives in a palace. Have a 7,000 vehicles collection. Owns hotels around the world, including the Beverly Hills and The Dorchester in London.
Howard Hughes (3 billions) One of 20 century brilliant people
Huang Yimin Made his money from the Petrochemical Industry
Jeff Greene (3 billions) Real Estate and loves boxing.
John Dejoria (3 billions)
Kenneth Langone (2.9 billions) Home Depot founder.
Larry Ellison (56.2 billions) cofounder of Oracle Corp. He pilots his own military jets to travel abroad.
Michael Novogratz Worlds largest investor on Bitcoins
Oprah Winfrey (2.9 billions) Media producer
Peter Alfond (1.45 billion)
“Like his father, Peter Alfond was an extraordinarily generous individual who gave back so much. The billionaire philanthropist will be remembered for “his unwavering commitment to the people of Maine. Three billionaire siblings — Susan, Ted and Bill
Paul Allen cofounder of Microsoft (18.6 billions)
Richard Branson (5 billions) founder of Virgin Group, a conglomerate of over 400 companies.
Li Ka Shing has a direct workforce of over 200,000 from different continents. Consider that.
Silvio Berlusconi (7.1 billions) Mediaset company.
Susan Alfond (1.4 billion) in the show business (heredited)
Tyler Perry, from homeless to Multi-Millionaire. Focus on one seed until success.
Warren Buffett plays Bridge, about 12 hours a week.Likes Geico Insurance company They underprice their products but still makes money and it grows every years. He uses the sigar but approach. Sometimes you have to pay more in the beginning to have a good investment in the long run.
Live your dreams. Leave a legacy
A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats.