Ever wondered if people who have surpassed the billion-dollar mark were just in the right place at the right time? Perhaps they were born into good fortune, have higher levels of intelligence and skills, work harder, or have just the right blend of personality traits. Even though their bank accounts are filled with more commas than one can easily count, at the end of the day they are people just like everyone else.
What are billionaires good at besides achieving goals and rolling in the dough? Some of their habits and personality traits may surprise you. Who knows, adopting some of the characteristics and good habits of successful billionaires could help you along your path to greater achievements and riches.
POSITIVE TRAITS AND HABITS OF SUCCESSFUL BILLIONAIRES
One of George Soros’ investment principles is to collaborate with others before acting on large investment decisions. Not only that, Soros likes to hear contrarian viewpoints. And he doesn’t insist on everyone being in agreement in order to move forward.
He has a good habit of not rushing big decisions and taking time “to read and reflect” before pulling the trigger. His disciplined habits of collaboration and sleeping on large decisions helped him reach a successful $24.2 billion net worth.1
Even with an impressive net worth of over $70 billion dollars2, Warren Buffett is a prime example of a billionaire who practices frugality. Buffett could easily afford to live in a palace like Versailles, yet he still lives in the same house that he purchased in 1958 for only $31,500.3
Buffett enjoys his long-term home and considers it to be one of his best investments since he could afford it when he purchased it and the memories he’s had there over the years with his family are priceless. As the expression goes, collect moments not things. Memories tend to appreciate in value while material things tend to depreciate.
Fast food might be convenient and cheap, but it’s often overloaded with fat and processed ingredients that does a body bad. Even with hectic schedules, billionaires often do an excellent job avoiding unhealthy food.
Studies have shown that 70 percent of the wealthy consume less than 300 junk food calories a day and 76 percent get four or more days of aerobic exercise a week.4 Leading healthy lifestyles is one way that billionaires are able to stay focused on what they do best and helps keep their minds sharp. If we don’t have our health, we might as well have nothing.
Bill Gates is well known not just for co-founding Microsoft, but also for his philanthropy. He’s held the title of the richest person in the world for the last 21 years and has given 29.5 billion dollars to charitable causes over his lifetime. His private foundation is the largest in the world, the Bill & Melinda Gates Foundation, which is focused on improvements in global health, solving hunger in Africa, increasing mobile banking, and enhancing US education.5
Bill’s close friend Warren Buffet also created The Giving Pledge, encouraging the world’s richest families to give the majority of their wealth away to charity.
One of the perks of having a lot of money is comfortably being able to afford having a team of people to help with everyday life. You might think that every billionaire out there must have personal assistants, drivers, housekeepers, personal shoppers, cooks, and butlers, but that isn’t always the case.
Charlie Ergen, the chairman of Dish Network, doesn’t need a chef or a personal assistant to order him lunch. He’s perfectly content preparing his own sandwich to bring to work even though he could easily afford someone to do that for him since he has a net worth of over $16 billion.6 Self-sufficiency allows you to stay in touch with reality to help find solutions to everyday problems.
Successful billionaires know that great wealth doesn’t happen by itself. Many billionaires are self-made and owe their riches to years and years of hard work and persistence. Michael Bloomberg, worth over $36 billion, built his wealth over several decades and Warren Buffett made over 99% of his wealth after he turned 50.7
As the common investor saying goes, “Time in the market is better than timing the market.”
Just because billionaires have amassed boatloads of money, doesn’t mean they are spoiled, ungrateful, entitled, or unappreciative. Many billionaires actually came from poor and humble beginnings such as Howard Schultz (Starbucks), John Paul DeJoria (John Paul Mitchell Systems & Patron Tequila), Do Won Chang (Forever 21), Ralph Lauren, and Oprah Winfrey.8
Knowing what it was like to struggle making ends meet, work multiple jobs, and overcome various hardships in their past has kept many billionaires extremely thankful and humble. One of Oprah Winfrey’s famous quotes reads, “Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.”9
BUILD YOUR OWN WEALTH
Billionaires don’t have super powers; they were all born just like regular people and have suffered from failures like everyone else. In your quest to reach great riches, remember that many billionaires are self-made. They were able to amass great wealth over many years through hard work, collaboration, persistence, and taking risks. Most billionaires have also developed great habits that have enabled them to achieve many incredible goals and admirable achievements.
Take charge of your portfolio and discover a new way to invest for your future and build your wealth. Let Motif Investing help provide you with the tools you need to get started on the road to achieving your financial goals.
5Forbes, http://www.forbes.com/profile/bill-gates/?list=billionaires; Wikipedia, http://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation
7Fool.com, http://www.fool.com/investing/general/2014/10/06/3-habits-of-billionaires-you-can-learn-from.aspx; Forbes, http://www.forbes.com/profile/michael-bloomberg/?list=billionaires
8Business Insider, http://www.businessinsider.com/billionaires-who-came-from-nothing-2013-12?op=1
9Business insider, http://www.businessinsider.com/oprah-winfrey-quotes-life-lessons-2014-11