- Billionaires see time differently. Either expanded or collapsed. So if I buy stocks I’m not looking for the short term profit, I’m looking for the long haul, therefore I’m looking for a company that has a stability, a growth potential, a track record, a strength.
- Billionaires generally aren’t trying to get rich, they’re trying to do something else that has the effect from that cause of generating great wealth. Most millionaires are focused on making money, billionaires tend to focus on moving domains, shifting entire industries, getting larger shares of the overall, world pie. By that I mean you can make millions making a factory that makes tires for space shuttles or you can aim for creating space ships knowing that if you can get out there first you can harness the asteroids for materials that are finite on Earth.
- Billionaires generally move away from hands on work as soon as possible. You create the process for the widget to work, to add leverage then you sell the widgets then use the profits. You don’t hang around focusing on widgets for the rest of your life. The widgets become a part, an acorn to the tree but not the whole tree.
- Billionaires rely on smarter people. The mistake 99% of people make is solved by John D. Rockefeller when being interviewed on how he was so smart and savvy about so many subjects. The writer sat with him in his office and John told him to ask him questions. He did so. John picked up the phone and within 5 minutes an expert, from somewhere in the building arrived to answer the question. John smiled that his intelligence was not trying to know everything but whom to call instead.
- Billionaires continuously learn. Most people opt of learning after 1–16 years of school then go on to live another 60+ years dissatisfied. The rich, and pointedly billionaires are always learning, absorbing, asking questions, checking things out. A coworker was talking to me about making music, well really, electronica (since the Quincy Jones interview I’m in agreement that “music” is a term used too broadly) and that he was working on a new song. Then he was like there are points where he gets stuck so I asked what his learning system was—-mentors, school, Coursera, books, what are you doing on a regular basis that examples your I don’t know but a willingness to learn, to get feedback, to have your horizons broadened? He went silent, slightly confused by the question. Now imagine a musician who reads two books on music a week, maybe takes a class a month, studies opera or jazz from a period, belongs to a band? That person is going to have more fuel for his mental creativity tank because he’s exposed to more creativity. Limited people, generally have limited intake. You have then learn how to apply that intake, which is why lists like these are just one stone in the path. Application is a skill.
- Billionaires know that application is a skill. It’s not enough to be good, to want more, you must build skill and then apply it. You must fail as much as possible to get better at insights. This goes somewhat back to time being so valuable. I’m sure when lifespans are doubled there will be more rich people because we’ll have seventy five years to just learn, to absorb to try things out.
- Billionaires join industries and domains where a billion dollars or more is merely a small piece of the overall pie. It’s very difficult to become a billionaire in the music business because their are so many musicians. It’s easier to become rich in aerospace or nuclear plant design or stores like WalMart, there is competition but there’s less competition. Millionaires generally are still in spaces where there’s competition from millions of others. Billionaires generally have found a lucrative lane and work that lane then switch lanes and work that lane.
- Billionaires are willing to take on more and more responsibility. It’s not luck, it’s not destiny, it’s yeah, I’ll be in charged of a global corporation like TLC Beatrice—-now, how do I do that? Most people have limits of how much they want to be responsible and accountable for. So even if they become millionaires in an industry, they might not want to take on thousands of employees in multiple countries. Billionaires are a small group of people who see that road coming, apply some of the above principles and take on that responsibility.
Best book ever on it How To Be A Billionaire, it has great case studies, profiling, specific tactics and theories applied, interviews.
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