Billionaires make up less than 1% of the total population. It is their massive wealth and success that helps them to stand out from the crowd. Many of these billionaires are also business owners. While it is unlikely that the average person will ever be a billionaire, it never hurts to follow the habits of billionaires to see how it can help you and your business. (Image Credit: Imdb)
Embrace Innovation
You don’t need to invent something new to grow your riches. In many cases, it’s not the product that matters as much as how we use it, how it can be upgraded and changed, or how it is styled and marketed. Everyone owns clothing and everyone needs it, but that doesn’t mean all clothes are created equally. One great example of someone who used innovation and creativity to become a billionaire is Giorgio Armani, who’s company earned over $2 billion in 2018.
Ask for Help
The smartest and wealthiest people know when to ask for help when they need it. It is okay to admit when you don’t know something. When looking for help, it’s best to ask an experienced business-owner, or someone in a related field. This way, you can get expert insight. One entrepreneur who made a career and a fortune in the business of asking questions is Larry Page, one of the co-founders of Google, who (as of 2019) has a net worth of $58 billion.
Make Smart Investments
Many of the most famous billionaires work to continuously grow their fortunes by investing in the stock market. Some stocks are worth more than others, but there are also stocks that anyone can afford. Some companies even have penny stocks, which are stocks that only cost $0.01! While these small stocks won’t make you a billionaire overnight, smart investing can improve your financial state. One of the most famous billionaires who also invests is Warren Buffet.
Become Tech-Savvy
Technology is integrated into everyday life—from the cellphone in your pocket to smart home systems. While you don’t need to invent a new piece of technology to improve your business or your wealth, learning a thing or two about it can help. Whether you simply learn how to advertise on social media or build your own app, learning more about technology is certainly more beneficial than not taking advantage of all it has to offer. One billionaire who made her fortune in the tech industry is Judy Faulkner.
Work from Home
Having a healthy work ethic is key to building your wealth. One way to make even more money is to continue working at home or by working from home in general. This provides a space to make money outside of your usual career. However, if your home is a bit too hectic to work in, consider renting a desk at a cowork space. There is even a cowork space in Beverly Hills, known as the Studio at Beverly Hills. With coworking, people can rent desks to work outside of the house, which gives an office-like feel. Many successful businesses use coworking spaces, like Uber.
Find a Niche
Similar to innovating, finding a niche market that isn’t already saturated by the competition is a great way to grow your wealth. Find something that people want or need and do what you can to fill that void. One recently added member to the billionaire’s club is Kylie Jenner, who increased her wealth by creating her own make-up line, inspired by her own sense of style. Customers wanted to buy make-up worn by celebrities, and she made that accessible to the public, which helped to make her one of the youngest billionaires on earth.
Follow Your Dreams
If there’s one thing billionaires don’t do, it’s think small. After all, you’re never going to be wealthy if you think of small-scale things. Let your dreams get crazy! Dream big! Chase your dreams; it’s the only way you’ll accomplish them. Sometimes following your dreams takes risks. However, if you’re committed and willing to work hard, then you may just be able to accomplish your dream after all, like Bill Gates, the richest person in the world.
Final Thoughts
Unless you’ve got a hefty inheritance coming your way, it’s unlikely that you’ll become a billionaire overnight, or even in your lifetime. However, if you follow these seven tips, then you will be very likely to increase your wealth and be well on your way to becoming one of the elite.