A billion dollars isn’t the only thing that makes billionaires rich. It also involves a disciplined lifestyle, undeterred determination, and the innate tendency to hustle. As per most entrepreneurs, work life balance is a myth and your body is a temple. But are workouts and sleepless nights all you need?
A latest report from Entrepreneur looked at more than 200 ultra high net worth individuals. A set of “rich habits” came to be, which not only accelerate wealth building but also a desirable lifestyle. Here’s what the less-than-1 per cent crowd does differently from the rest.
Actionable Goals
Having a set timeline in front of you allows you to set timebound actionable goals. Distancing themselves from vagueness is one of the key steps on your way to be a billionaire. Have clear, authentic, and achievable goals for a fixed timelines. Mixing reality with over-ambition can hinder your billionaire journey but visualising your end goal can fastrack the same process.
Rigorous learning
Successful founders and entrepreneurs commit to learning full-time. Not just from life experiences, but from an intentional point of view – to broaden their horizon. Billionaire insight says that nearly 80% individuals spend atleast 30 minutes a day actively reading and gathering information. On the other hand, low net worth individuals engage in activities like watching TV, streaming movies, and being glued to a screen without reason.
Frugal lifestyle
Billionaires have already reached the cream of society and have no need to prove themselves to anyone. More often than not, luxury purchases are limited to only their special occasions. And more often than not, it has a purpose or a value add i their life. Moreover, such habits allow them to re-invest wisely. Instead of living between the save-or-invest dilemma, they believe in profits and budgeting is the true reason behind their excellent money management.
Power of networking
Do you think billionaires are built overnight and family wealth is the only thing driving the wealth? No, networking like a billionaire is the hidden secret behind their success. And this does not mean workshops disguised as an overpriced lunch at a five-star hotel, but authentic followups. Billionaire networking hacks work on authentic relations and nurturing them, too.
Calculating risk
There is no founder who hasn’t taken a risk to establish their estate. Probably from abandoning their stable job, or being a first generation entrepreneur, from Dhirubhai Ambani to Goh Cheng Liang, these billionaires were true innovators in their field. A study by Tom Corley revealed that nearly 27% millionaires failed in their business, but used it as a stepping stone to bounce back.
While these principles might seem the ideal condition, or a guide to be a billionaire, these individuals have also prioritised their health. From million-dollar wellness escapes to investing in their mental health, billionaires find a fix. From high-stake risks to resilience moves.
