Becoming a billionaire seems like an impossible pipe dream, but as of 2016, Forbes reported a population of 1,810 billionaires globally. The journey to billionaire status is a financial Mt. Everest, to be sure, but not impossible.
Here are seven insider success secrets that you can use to supercharge your career and wealth:
Live well below your means.
Being a billionaire doesn’t always mean living like a billionaire. On Mark Cuban’s blog, the investor and Shark Tank host’s top tip for becoming outrageously wealthy is to live as modestly as possible. Money is opportunity. The more of it you avoid blowing on frivolous purchases, the more you’ll have to invest towards that first billion, or to use for your genius business idea.
Focus on quality above everything.
“Quality is more important than quantity. One home run is much better than two doubles.” — Steve Jobs
I’ve seen it time and again: entrepreneurs will rush out a sloppily put together product or service, only to be replaced by a more disciplined competitor. If you’ve ever read anything about Steve Jobs, you’ll know that his path to billionaire status involved obsessive perfectionism (much to the chagrin of his team).
Think about sustainability.
Billionaires are always thinking one step ahead. Or, in the CEO of Amazon’s case, he’s always thinking 10 years ahead.
“Think about what are the things you know will be true even 10 years from now,” says Jeff Bezos.
Whether it’s through investing (like Warren Buffett) or building the next Amazon, billionaires know the value of a long-term plan, and they patiently focus on results that will sustain them for decades.
Constantly seek out people smarter than you.
In today’s hyper-competitive business world, one might think that billionaires wouldn’t even give each other the time of day. The opposite tends to be true. Whether it’s meeting with a competitor to exchange information, or seeking out a mentor, the path to billionaire status involves constantly seeking out brighter and more talented people, rather than trying to squash them.
Learn how to lead different personalities.
For billionaire and hospitality titan Tilman Fertitta, one of the key secrets to success is being an adaptive people person. “People want to be led, but you’ve got to know how to lead different people,” Fertitta says. Billionaires know that EQ, and the ability to respond to others’ emotions, is just as important as IQ. The good news: This is a skill you can develop today.
Be a flexible planner.
Every successful billionaire knows that there is a skill in knowing how to pursue excellence while maintaining flexibility. Staying nimble and open to new opportunities is critical to continuing success.
Being understood is overrated.
To state the obvious, billionaires do not get to where they are by following the beat of someone else’s drum. Oftentimes, rejection and being misunderstood are the norm.
Don’t be afraid to try something new. Perhaps you’ll get called crazy for it (I know I was when I started my own business), or perhaps you’ll find your way into an untapped market. You never know until you give your “crazy” idea a try.
If you’d like to read more of my tips for entrepreneurial success, visit https://medium.com/@ellekaplan/becoming-a-billionaire-seems-like-an-impossible-pipe-dream. And help me spread positivity by sharing and shouting out to me on Twitter. You can also check out my firm LexION Capital for more tips on how to grow your wealth and become financially secure.