HOW TO BECOME A BILLIONAIRE.
1. Keep calm and get smart.
Never think that you could become a millionaire, much more a billionaire, in just a few nights. While there have been a lucky few
who achieved fortune that way, like the aforementioned Zuckerberg or Sean Parker
of Napster fame, the only ones who have awoken with billions at their immediate
disposal are members of royalty, oil sheiks and those whose parents did all the
hard work and are just waiting to inherit the money. So study up, learn about finance
and investments, master esoteric business topics like tax brackets, dividends, etc.
Get inspiration by reading how billionaires like Warren Buffett did it.
2. Live wisely and watch those pennies.
We usually take for granted those small coins. Cliché as it may sound, but a penny saved is also a penny earned. Keep
those coins by collecting them in a jar. You might be surprised at the total amount
you collect at the end of the year.
Learn to live wisely as well. Cut out all those unnecessary expenses. Do you really
need an expensive coffee from those overcharging coffee shops when you could get
a cup for free at the office? Spend only on what is really necessary.
Young man eyeballing a large glass coin jar on his shoulder
After deducting for all the necessary expenses, compute how much you need to
save for emergency and contingency situations. Analyze what you want to do with
the rest of your money. Should you just keep it in the bank with the rest of your
money? Or should you try investing in some business or stock? Remember, while
saving in a bank has little risk for your money, it also means earning only a small
reward. The higher the risk, the higher the reward you would earn if it succeeds. On
the other hand, if an investment proves too good to be true, like if it offers too high a
yield compared to market rates, then chances are it’s a scam.
3. Make a financial plan.
Compute how much you can save for the next couple of years. Decide where best to invest your money. This will allow you to keep your eye
on the prize of becoming a billionaire.
Ways to Your Billions
1. Invent.
If you are smart enough, then try to invent something that is practical and really needed. You need not invent something earth shaking. It could be something
so simple that people would wonder why they never thought of it before. This is what
James Dyson achieved through his invention of the vacuum cleaner.
2. Innovate.
Maybe you could take an already existing idea and improve on it exponentially. Furniture shops have been around for a long time, but it took IKEA to
make us realize how cool it could be. Gianfranco Zaccai also found a better way of
cleaning the floor by creating a better mop. Friendster and MySpace were already
around, but Zuckerberg still found a way to innovate and improve on them when he
created Facebook.
3. Invest.
Buffett’s Berkshire Hathaway has an astounding variety of investments indifferent sectors and industries. If you have an uncanny way of spotting businesses
that can make it big, then this is a good way to earn your billions. After Napster
closed down, Parker never stopped looking at new trends in the Internet. Eventually,
he got involved in Facebook and Spotify by investing in these companies.
Pitfalls to Avoid
1. Mr. Know-It-All.
Nobody can ever know everything in life. Always keep an open and curious mind because these are essential to the learning process. Once you
start thinking you know it all, then you stop learning and your ability to invent and
innovate would disappear.
2. Jumping without Analyzing.
Never invest on something just because it seems to be the next big thing. Learn how to analyze which business models are good
and worthy of your money. Buffett and George Soros still analyze the market
environment up to now, which was why they dumped their real estate stocks at the
beginning of the year in anticipation of an increase in interest rates and dampening
of the sector.
3. Giving Up Easily.
Never give up too quickly. Gates sold an interpreter for a computer platform before he had even started developing a line of code. Cuban was
terrible in his first jobs but he persevered. Richard Branson has made several bad
investments. Yet, both are now loaded with cash.
By frank Mbuguz
1. Keep calm and get smart.
Never think that you could become a millionaire, much more a billionaire, in just a few nights. While there have been a lucky few
who achieved fortune that way, like the aforementioned Zuckerberg or Sean Parker
of Napster fame, the only ones who have awoken with billions at their immediate
disposal are members of royalty, oil sheiks and those whose parents did all the
hard work and are just waiting to inherit the money. So study up, learn about finance
and investments, master esoteric business topics like tax brackets, dividends, etc.
Get inspiration by reading how billionaires like Warren Buffett did it.
2. Live wisely and watch those pennies.
We usually take for granted those small coins. Cliché as it may sound, but a penny saved is also a penny earned. Keep
those coins by collecting them in a jar. You might be surprised at the total amount
you collect at the end of the year.
Learn to live wisely as well. Cut out all those unnecessary expenses. Do you really
need an expensive coffee from those overcharging coffee shops when you could get
a cup for free at the office? Spend only on what is really necessary.
Young man eyeballing a large glass coin jar on his shoulder
After deducting for all the necessary expenses, compute how much you need to
save for emergency and contingency situations. Analyze what you want to do with
the rest of your money. Should you just keep it in the bank with the rest of your
money? Or should you try investing in some business or stock? Remember, while
saving in a bank has little risk for your money, it also means earning only a small
reward. The higher the risk, the higher the reward you would earn if it succeeds. On
the other hand, if an investment proves too good to be true, like if it offers too high a
yield compared to market rates, then chances are it’s a scam.
3. Make a financial plan.
Compute how much you can save for the next couple of years. Decide where best to invest your money. This will allow you to keep your eye
on the prize of becoming a billionaire.
Ways to Your Billions
1. Invent.
If you are smart enough, then try to invent something that is practical and really needed. You need not invent something earth shaking. It could be something
so simple that people would wonder why they never thought of it before. This is what
James Dyson achieved through his invention of the vacuum cleaner.
2. Innovate.
Maybe you could take an already existing idea and improve on it exponentially. Furniture shops have been around for a long time, but it took IKEA to
make us realize how cool it could be. Gianfranco Zaccai also found a better way of
cleaning the floor by creating a better mop. Friendster and MySpace were already
around, but Zuckerberg still found a way to innovate and improve on them when he
created Facebook.
3. Invest.
Buffett’s Berkshire Hathaway has an astounding variety of investments indifferent sectors and industries. If you have an uncanny way of spotting businesses
that can make it big, then this is a good way to earn your billions. After Napster
closed down, Parker never stopped looking at new trends in the Internet. Eventually,
he got involved in Facebook and Spotify by investing in these companies.
Pitfalls to Avoid
1. Mr. Know-It-All.
Nobody can ever know everything in life. Always keep an open and curious mind because these are essential to the learning process. Once you
start thinking you know it all, then you stop learning and your ability to invent and
innovate would disappear.
2. Jumping without Analyzing.
Never invest on something just because it seems to be the next big thing. Learn how to analyze which business models are good
and worthy of your money. Buffett and George Soros still analyze the market
environment up to now, which was why they dumped their real estate stocks at the
beginning of the year in anticipation of an increase in interest rates and dampening
of the sector.
3. Giving Up Easily.
Never give up too quickly. Gates sold an interpreter for a computer platform before he had even started developing a line of code. Cuban was
terrible in his first jobs but he persevered. Richard Branson has made several bad
investments. Yet, both are now loaded with cash.
By frank Mbuguz
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