I read an article on MarketWatch (the Wall Street Journal) titled “10 things billionaires won’t tell you” and some things struck me again even though they are not entirely new to me. Find them below as we think through them together.
• There are more men billionaires than women. Why is that? As a woman I believe more women need to rise up to living for something. Most of the people who are billionaires never did it for money but alas they are billionaires today. All they set out to do was good and it paid them off. What’s your dream? What do you want to be remembered for? What is that thing taking all your time now? Remember success doesn’t come from that big break but taking time daily to work on that which matters.
• Many of the billionaires didn’t have any financial advantages while growing up. A number of them were school drop outs while some had to struggle when they were young. This didn’t deter them but rather it propelled them through life and now they are where they are. What’s background? Like someone says, “Don’t put your back on the ground because of your back ground”. You deserve the very best so dream again and begin to move in the direction of your dreams. Stop making excuses!
• Billionaires can be weird with their money. Many of them ensure they make a profit on every transaction and won’t let go of receipts or change. They ensure that they are accountable for every penny. They are not wasteful because they believe they have a lot. The principle, “He who is faithful with little will get more” stands true. That also doesn’t stop them from getting jets or some other very expensive things. I believe efficiency and accountability rule their decisions. What about you?
• Most of the billionaires didn’t make it from investing in stocks and shares. They did from building their own companies from the scratch and then preserved their wealth by investing in stocks and shares. That goes to say you need to be a business owner to make good money. What have you been doing about that?
• Very wealthy people avoid but don’t evade tax. They are able to pay smaller percentage of their income as taxes because most of their income is from investments and not wages and salary. That confirms again that they are on the right side of the cashflow quadrant where their money and systems they have put in place makes money for them.
• Most of the billionaires are givers. For them their legacy is more important than their money. In 2009, at least 30 billionaires chose to sign the “Giving Pledge,” an initiative started to encourage the ultrawealthy to give away half of their wealth. Warren Buffett pledged to give away 99% of his wealth. What are you about? Are all your goals self centered? Begin today to set goals that are above and beyond you today and be sure that you’ll get your reward as givers never lack. That is what life is about.
By Gbonjubola Sanni ACA