Money

100 habits of self-made billionaires – What the wealthy do differently

If you want to succeed financially, why not learn from those who have already done it at the highest levels. The truth is, to become wealthy is a skill that anyone can acquire by studying the characteristics of the ultra rich and how they got there.

Below, we’ve listed 100 habit traits and mindsets that billionaires have in common.

Whether you aspire to be a millionaire or a billionaire, this article will surely point you in the right direction.

Character traits of self-made billionaires  

1. Self-made billionaires became wealthy by living within their means.

2. They are financially disciplined, spending money only when necessary; knowing the differences between wants and needs.

3. They believe in creating and sticking to financial budgets.

4. They sincerely believe that deserve to be rich.

5. They don’t believe in instant gratifications or get rich quick schemes.

6. They create wealth by leveraging other people’s money.

7. They concentrate their efforts on building assets.

8. They constantly look for ways to cut costs.

“If we’re going to make the company successful, you are going to have to look reality in the eye, and the reality is lower wages.” – Carl Icahn (Net worth 16.6 billion USD)

9. Self-made billionaires focus on creating multiple streams of income.

10. Their business model is, buy low sell high.

11. They constantly put their profits back into their businesses.

12. They focus their efforts on building a team of people smarter than themselves.

13. They only work with individuals who have a track record for getting results.

14. They work 14-18 hours a day on average.

Note: When I met up with serial entrepreneur and Greek billionaire, Stelios Haji-Ioannou he advised me to work 18 hours a day if I want to become financially free.

15. They believe in taking no days off.

“I never took a day off in my twenties.” – Bill Gates (Net worth – US$85.6 billion)

16. They treat ‘time’ as a scarce commodity, that’s why they fight for every second of it.

17. They hire personal assistance to block away from time wasters.

18. They constantly exercise the art of critical thinking.

19. They don’t make emotional decisions but logical ones.

20. They make decisions based on facts and data.

21. They only invest in what they understand.

22. They invest their profits in long-term investments such as property, land and etc.

23. They believe in the law of averages, meaning that if you ask enough people someone is bound to say yes to you.

24. Self-made billionaires work with speed and a tremendous sense of urgency.

25. They run their lives on daily schedules and never deviate.

26. They measure their achievements by results and not effort.

17. They say “NO” regularly to people’s requests and invitations; they believe every minute should be spent on accomplishing their goals.

“The difference between successful people and really successful people is that really successful people say no to almost everything.” – Warren Buffett (Net worth – 76.1 billion USD)

18. They are far from being people pleasers.

19. The wealthy maintain a daily to-do list to maximise their focus toward their goals.

20. They keep a diary.

21. They keep track of their expenses on daily basis.

22. They prioritise time with what’s most important.

23. They don’t allow minor tasks to consume their available time.

24. They study intensely about the industry they are involved in.

25. They strive to know every single thing about the industry they are in.

“Whatever industry I get into I buy books about that industry. That’s what I’m like. So when I was manufacturing plastics, I had a copy of a well-known trade magazine from the U.S. called Modern Plastics. There was so much information in it and a new copy was released each month. It got to the point where we had far more orders than we could handle. I was actually spending 20-30% of my time in the factory and the rest of my time devising what I should do in the future.” – Li Ka-shin (Net worth – 31.2 billion USD)

26. They have no tolerance for distractions.

27. Self-made billionaires believe in the law of sowing and reaping.

28. They believe in self-education and a lifetime of learning.

29. They are highly optimistic about their future.

30. They have a desire to leave a legacy for their family.

31. They are 10x more persistent than the opposition in their way. (President Trump is the perfect example)

32. They generate wealth through compound interest.

31. They always ask themselves, “Will this activity get me closer or further away from my goal.”

32. The wealthy maintain a daily to-do list to maximise their focus toward their goals.

“I have always lived my life by making lists: Lists of people to call, lists of ideas, lists of companies to set up, lists of people who can make things happen. Each day I work through these lists, and it is that sequence of calls that propels me forward.” – Richard Branson (Net worth – 5 billion USD)

33. They keep a diary.

34. They keep track of their expenses on daily basis.

35. They prioritise time with what’s most important.

36. They don’t allow minor tasks to consume their available time.

37. They are not afraid to ask potential customers for money.

38. They don’t seek human approval or validation; they are comfortable in their own skin.

39. They don’t ponder on their past failures, they move forward.

40. They are thick-skinned, ignoring the humiliation, criticism, rejection thrown at them.

41. They live by the mantra, “if there’s a will, there’s a way.”

42. When they think, they think big.

“I like thinking big. If you’re going to be thinking anything, you might as well think big.” – Donald Trump (Net worth – 3.7 billion USD)

43. They don’t take ‘no’ for an answer. (They refused to be denied)

44. They create wealth by leveraging from other people’s time and talents.

45. Self-made billionaire invests in businesses that have huge scalable potential.

46. They gain satisfaction through creating jobs for a multitude of people.

47. They hire the best talents to boost the value of their company.

48. They network regularly. 79% of the rich network a minimum of 5 hours a month.

49. They are highly competitive. They aspire to be number one. This mindset enables them to go the extra mile in growing their business.

50. They write down clear defined goals with a deadline for achieving them.

“You should set goals beyond your reach so you always have something to live for.” – Ted Turner (Net worth – 2.3 billion USD) / Getty Images

51. They write detailed plans on how they intend to achieve their goals.

52. They are prepared to pay the price of success. Doing whatever it takes to win.

53. They are willing to sacrifice their comfort to achieve greater success in the future.

54. They focus on being productive instead of busy.

55. Self-made billionaires understand that their minds are their greatest asset, so they invest in it continuously.

56. They study personal development books regularly, especially in the areas of persuasion and psychology.

57. They believe in eating healthily.

56. They indulge in physical fit activities.

Example – Hong Kong billionaire; Li Ka-Shing plays golf one hour every day.

57. They are highly knowledgeable of the law of the land and use that to their advantage.

58. They believe in working smart.

59. They believe that luck comes from working hard.

“Luck plays a part in success, but the harder you work, the luckier you get.” – Michael Bloomberg (Net worth 47.6 billion USD )

60. They constantly think about business growth 24/7.

61. They work on the business instead of in the business.

62. They believe in starting small and scaling once their business concept as been proven.

63. They only start business ventures with a high level of customer demand.

64. Self-made billionaires read biographies to discover new strategies.

Example – Japan’s seconds richest mans, Masayoshi Son got the idea to study in the US after reading the biography of McDonald’s Japan founder Den Fujita. It was moving to America that provided him with the opportunity to eventually make billions.

65. They have a clear understanding of their strengths and weaknesses.

66. They spend time working on their strengths and delegate the areas of their weaknesses.

67. They don’t attach their self-worth to materialism. How many billionaires do you know walking around with a Gucci belt? – Yes, hardly any.

68. They love challenges.

69. They are willing to fail greatly to succeed greatly.

“Failure is an option here. If things are not failing, you are not innovating enough.” – Elon Musk (Net worth 13.4 billion USD ) / Fox Business

70. They look at failure as a stepping-stone to success.

80. They don’t make the same mistakes twice.

81. They find out what is not working for them and eliminating it quickly.

82. They regularly work on their communication skills to communicate their vision clearly.

Example – Billionaire shipping tycoon, the late, Aristotle Onassis used to rehearse his presentation pitches for hours before going into sales presentations.

83. They hire highly skills managers to break down their goals into a system and business structure.

84. They are tremendous money managers, checking out their financial statements on a regular basis.

85. Although they are open to seeking wise counsel, they ultimately make their own decisions.

86. They know what they want.

87. They are self-reliant, they don’t dependent on anyone.

89. They focus on buying assets far less than it’s valued, so they can sell it for a sizable profit.

90. They surround themselves with smart and experienced professionals.

91. They obsessively look for innovative ways to create profits from their products and services.

92. They are highly inquisitive.

Example – Larry Ellison the founder of the second largest software company in the world, Oracle, said, “”The most important aspect of my personality, as far as determining my success goes, has been my questioning conventional wisdom, doubting experts and questioning authority”.

93. They believe in failing fast and failing forward.

94. They only buy luxuries from a small portion of their profits.

95. They believe that are problems are created to be solved, so they look for them.

96. They thrive on solving complex problems.

97. They don’t live for themselves but live to provide for their generations down the line.

98. They schedule a short period of time to unwind to bring balance into their lives.

99. They treat making money as a game.

100. They receive moral support from their family.



SHARE THIS POST

Previous post

Great advice! - How to learn anything 10x faster

Next post

20 inspirational quotes about doing good deeds