Love The Hustle Blog

Adopting These 3 Billionaire Habits Will Immediately Improve Your Life

“Dream audaciously. Have the courage to fail forward. Act with urgency.” – Phil Knight, Co-Founder of Nike Inc.

Billionaires are like any of us: full of big dreams to make life better. The question is – do you have what it takes to become one of them?

Whatever your ambitions are, no matter how grandiose they may seem, you can hold on to them, and use them as your compass to reach every milestone, rather than letting them sit on the shelf.

This 2018, revisit your most important qualities that make up who you are today. You can find the time to develop a mindset of an ultra-successful individual. To help you get started, take the time to ingrain these amazing qualities of billionaires into your life to make a significant change this year as you move forward to your ultimate goals:

  1. Flexibility Amidst Instability

In life, nothing is certain, nor is it cast in stone.

Sometimes, even if you feel like you have prepared enough, the results still do not meet your expectations. And as an aspiring billionaire, this is perfectly okay. You do not have to always come out victorious in every trial but what you need to learn is the skill of being flexible. It entails willingness to learn and resourcefulness. Like an elastic band, you have to stretch your limits and not confine yourself within the four corners of your room.

If one thing did not work out, find other means or restructure your strategy to increase its viability for success. Oftentimes, flexibility requires us to leave our comfort zones to find more efficient solutions to our dilemmas. It may not always be a piece of cake, but the rewards are beneficial for your long-term goals.

Linkedin Executive Chairman Reid Hoffman described a flexible entrepreneur as someone who jumps off a cliff, and build a plane of his way down. It may never be a smooth-sailing ride but it being flexible teaches you how to cope up with uncertainties that will make help make you come out stronger.

  1. Unafraid to Take Risks

If there’s one thing that you have to learn, that’s the simple act of being fearless.

Fearlessness is a result of determination and preparedness. You are not afraid to take risks because you could scientifically weigh the circumstances and have that forward looking perspective.

Warren Buffett believes that risks come from not knowing what you are doing. Hence, before you jump right into it, make sure you have done your homework. More than preparation, you have to be ready for the ups and downs.

Facebook CEO Mark Zuckerberg, on the other hand, knows that the biggest risk is not taking any of it. According to him, in a world that is quickly changing, the only strategy that’s guaranteed to fail is not taking any risks. That’s how vital it is to anyone’s success.

These successful people know that risks are necessary but what you have to understand is that risks are not created equal. How do you decipher the good risk from a bad one? In the world of finance, you have to create a strategic balance through diversification. Having a mix of different asset classes may minimize risks and increase potential returns. You are not taking risks blindly because you allow yourself to carefully weigh the potential rewards against the magnitude of risk to make sure they balance out.

  1. Courageous in the Face of Challenges

According to Tesla Inc. CEO Elon Musk, embarking on a great mission like starting your own company is like eating glass and staring into the abyss. If you are ready to conquer these (literally and figuratively), that’s the only time you can actually start working on your big ticket goals.

Uber-wealthy people display such determination to get things done no matter how unfamiliar their work is to the market. They are not afraid to fail because they view it as a crucial part of the process. Furthermore, having unbreakable grit is required of anyone who envision themselves as successful people. Without it, you will easily bend and give up when faced with challenging situations which are common.

To fuel your courage to fulfill your goals, know that data shows how self-made millionaires are increasing in number throughout the years. If they have done it with the right mindset, it is also possible for your own life story.

“Risk more than others think safe. Dream more than others think practical.” – Howard Schultz, Starbucks CEO

As we welcome 2018, take into consideration every integral part of your being to make sure that you reach new milestones this year. You can start by assessing how far you have come and also by maintaining an exponential mindset and always chasing bigger dreams.

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If you have any tips to add to the roster, please reach out to The Love The Hustle Tribe! 

Learn more about becoming a billionaire by checking out CEO Elle Kaplan’s other firm, LexION Capital.