Becoming a billionaire might seem like an impossible pipe dream, but the amount of them keeps getting bigger every year. Yes, it’s no cakewalk, but it is something that is possible and within your grasp.
You won’t become a billionaire overnight, but you can start taking control of your financial success today.
Here are some of the proven habits of billionaires that will take you to the top:
Live well below your means.
Trying to become a billionaire doesn’t mean you should live like one. In fact, the truly wealthy know that luxury involves building financial freedom instead of being shackled to extravagant purchases.
Mark Cuban, for example, suggests living incredibly frugally to achieve billionaire status: “Save your money. Save as much money as you possibly can. Every penny you can…The first step to getting rich requires discipline.”
To start getting your money to work for you, try our 20-30-50 plan – it’s a fun, flexible way to start accounting for your dollars.
Seek out people smarter than you.
It’s a misconception that becoming ultra-successful involves cutthroat competition and not giving others the time of day. Take Howard Shultz, CEO of Starbucks, for example, who said “Don’t be threatened by people smarter than you.”
In fact, Thomas Corley, who studied the wealthy in Rich Habits: The Daily Success Secrets of Entrepreneurs, found that 79 percent of wealthy people spend at least five hours a month networking-whether it’s through conferences, client meetings, or just getting coffee at Starbucks.
On your path to billionaire status, don’t be afraid to network with others, or to reach out to a mentor for advice. People who have already made it to the top are often more than happy to share their advice (and learn from you in the meantime).
What do Bill Gates, Oprah Winfrey, and Sara Blakely all have in common? Besides being self-made billionaires, they all have investment accounts.
Almost every billionaire relies on investing to continue growing their wealth. Even if you only have some spare money from your paycheck, you should too.
Don’t take “no” for an answer
One thing all billionaires and big thinkers have in common is that they were told “no” at some point in their lives. The trick is to keep swimming against the tide. Take Spanx founder Sara Blakely and author J.K. Rowling, for example. The Harry Potter writer was rejected countless times before being published. Then, Blakely’s Spanx prototype was originally turned down before someone eventually agreed to manufacture it. Now these two women are among the wealthiest people alive.
Realize that “no” is just someone’s opinion, nothing more. The difference with these success stories is that they pushed forward past these bad experiences and rejections, and even used them as a springboard for success. They realize that no rejection is set in stone-it’s just one person’s (often flawed) viewpoint.
Use personal time to invest in yourself
A major difference between wealthy entrepreneurs and the average Jane is what they do in their down time.
What spare personal time wealthy and successful people have isn’t spent binge-watching Game of Thrones until 3 a.m. In fact, Thomas Corley, the author of Rich Habits, who extensively studied wealthy individuals, found that around 70 percent of rich people only watched TV for less than an hour a day.
Instead, many of them invest in pastimes that improve them and their business. For instance, Bill Gates and Warren Buffett voraciously read nonfiction books. Oprah makes a habit of working out every morning before she goes to work. So put down the remote and exercise, learn a language, read an inspiring autobiography. If you use your downtime to better your future self, you’ll not only have some fun; you’ll be using these billionaire habits to increase your self-worth.
Are there any smart billionaire habits that you use? We’d love to hear them—reach out to the LTH Tribe and share your tips!