There are not as many billionaires as they are millionaires. Do you know why? Well, it’s because billionaires have mastered great habits, in which they are very consistent at. Which explains their success. Billionaires have learned from their mistakes and failures, and they keep on learning new things.
In this article i will talk about 5 shocking habits of billionaires citing examples from world renowned billionaires.
- Frugal When interviewing billionaires, one thing you’ll find in common is their view on money. They built their businesses and companies from aspirations and they credit their success from their drive. Their view of money is as a way of making their goals and dreams come true. It’s not about having the fanciest and most expensive cars or designers collections. It’s a fact that some billionaires are flashy and luxurious with their spending habits. Such that whatever’s trending they’ve got it. But what will shock you about most billionaires is their frugality. So unexpected and shocking from people making thousands of dollars an hour, a day! Right? What you don’t realize is that they toiled tirelessly to bring their business to what we admire today. They were strategic in how they utilized their resources to achieve each business milestone
Once they got their global empires stabilized in the world, thriving and alive, they were still strategic and mindless about their spending. At the end of it all, on top of being filthy rich, they are still businessmen! I’ll give you examples of some billionaires that despite their massive accounts, still consciously chose to live frugally. They control their money the same way they did before they had too much of it. First, Jeff Bezos, CEO, and founder of
Amazon worth 185.1 Billion USD kept driving his Honda Accord. He told Bob Simon in a 60- minute interview that the car was perfectly fine. Second, Warren Buffet is amongst the most frugal billionaires you’ll ever meet. He still resides in the same house he bought back in 1958. He recognizes how happier he has been. He once said during his Shareholder meetings that he has got all he needs and wouldn’t require more because when it gets to a point, it wouldn’t make a difference. And just so you now how important this is to billionaires, close to 70% of all of them live frugally.
- Focus on Important Decision Making One of the most sought after skills in business and in successful people is decision making.The way you make your decisions determines your success. It’s as simple as that. As you are
building your business from the bottom up, you will be making difficult, important, and complicated decisions that will be the sole determinant of your future. Decisions can make or break you. In such a journey, you’ll need your time and energy focused on what options or thoughts are the best and why? You’ll need to be very thorough in your thought process. To be the best of them all, you have to
keep your eye on the ball, and without fail. With how life is, this isn’t as easy as you may think. Our daily lives are full of distractions that might be the hindrance between you and your desires. When you get up in the morning, you have small decisions to make. Like what time will you wake up, what will you eat, what will you wear, your plans for the day, and so on. This kind of life daily routine, fills up your brain by making small decisions that don’t lead to you achieving your desires. Your mind is already full of meaningless thoughts to process. Such small decisions don’t
directly affect your future goals. How is your choice of color of shirt going to increase your salary, or going to help you set up that business you want. As you think about these things, billionaires have developed a habit where they do not! Billionaires always do better because they know better. Billionaires are expected to run multi-billion dollar companies every single day. They have to
know how to push for a trend, how to reinvent their strategies to keep earning the money they do! They know that their decisions have a ripple effect in the entire world, and so they have to make the best decisions. With all these in your mind, you wouldn’t waste a minute thinking about those small decisions that won’t improve your output scale. These small decisions are insignificant. When Mark Zuckerberg is photographed walking, he is famously in his t-shirt, pants, and hoody. It’s his statement attire. This is a billionaire worth 90 billion USD and that’s what he’s worn for years. I can say the same for other successful people like Steve Jobs. They have a signature look. Their actions speak for themselves not their looks. They found comfortable looks and focused their minds on making bigger and better decisions. With that, their success grew year in year out.
- Lifelong Learning They say we should strive to learning a new thing every day. The world keeps on changing and new and innovative products and trends keep on emerging. With technology, there are new concepts every day. There are also new problems and pandemics occurring. There’s so much about history that not everyone knows.
There are new fossils still being found. There is so much in this world that we still haven’t discovered. What I’ve learned from billionaires is their thirst for new knowledge. They take and set aside time to study something new every day. What’s happening on financial news, what’s trending today, which new concept came up? Their field of interest is their baby! They have to be on par with knowledge from here. Warren Buffet once noted ‘Read 500 pages every day.
That’s how knowledge works. It builds up, like compound interest.’ Warren Buffet reads dozens of newspapers. He also consumes books every day. It’s not just him. Same thing with Mark Cuban, who dedicates a couple of hours a day reading. Bill Gates does the same. He has a maximum number of books he reads a year! An interviewer once asked Elon Musk where he learned how to build rockets and he said he reads.
See where I’m going with this? There is so much knowledge out there and billionaires of all people, are the most consumers. Billionaires have the most responsibilities and with the same hours of the day as us, yet they are learning way more than we do. It has been scientifically proven that having the best reading habits can uniquely fire up your brain synapses, and improve your learning capabilities. The best way to grasp this habit is to first and foremost read the right things every day.
You have to read for self-improvement, education, and success content. Don’t read just about entertainment! Reading doesn’t have to be monotonous at all. Some books are motivational and inspirational and at the same time self-improvement. It’s also important to read with a plan of action in mind. When you read about something you want to achieve and have set aside a plan of when and where and how you want to achieve it, then reading becomes purposeful. Once you start reading from 20 pages a day to 200 pages a day or more, diversify your knowledge. The more you know the better you’ll get ahead.
- Planning and Scheduling Tasks Most billionaires have completely shifted their lives into a schedule. Considering the number of decisions they make every day, the numerous responsibilities they have, billionaires have a habit of planning their lives in order. If you live a life of a billionaire, where you have meetings, interviews, phone calls, emails with only 24 hours a day plus your family time, you’d probably go crazy. Scheduling everything to fit into your day, is vital. Take an example of Elon Musk. First of all, he is worth 93.4 billion USD. The founder of both SpaceX and Tesla Motors has a myriad of responsibilities to navigate in a day. What he did is divide his projects into pieces.
When you have one big project, it feels overwhelming. But when you take this project and subdivide them to pieces, where you tackle piece by piece, well then, things start feeling a little lighter, right? The pressure is toned down and you are assured of increased productivity. All tasks will be finished on time, as you are maximizing the time scheduled for each task.
This sounds so easy but to truly achieve it, you need to be very disciplined. You need to keep your determination engine running, to see your ambition actualizing so you can finish each task on time. Elon Musk had to get out of his comfort zone to develop this habit. He knows he needs it as his desires and passion are very clear, and are driving him to push further every time.
Elon Musk utilizes a 5-minute block. He sets a task to be done for 5 minutes and when complete, he checks it off his list and then concentrates on something completely new. His approach focuses your thoughts on one task only. For those 5 minutes, you dedicate your attention, energy, creative mind to finding a solution for the task of creating a service or whatever your task is about. This strategy is very powerful.
Our minds are very beautiful but at times, they can wander away into something completely different. When I’m at work writing a report, sometimes a random thought about my favorite song comes to mind, and then the lyrics, and then I begin to hear the song in my head. I can even picture the music video. For some of us, who our minds easily wander, can try the 5- minute interval task management tool.
When our brains are rigorously thinking about a task for 5 minutes, it may not wander at all. This could be the route we should take. Billionaires have scheduled their brains to focus and so can we. 5. Health Physical and mental health are equally important in the life of a billionaire. They have developed a habit that enables them to regulate their mental health. There is so much benefit in clearing your mind and having time for yourself. Our society at times
Become too complex and stressful for our brains to handle. There is so much pressure, responsibilities, and expectations. Be it at work or at home. For a billionaire, the pressure they go through is immeasurable. As we’ve become more aware of having time off, billionaires have made meditation part of their life. Meditation is so helpful in dealing with stress and improving one’s memory. Jack Dorsey, Twitter CEO said that he wakes up at 5 am every day to only meditate. In 2017
Oprah Winfrey together with Deepak Chopra had a twenty-one-day digital audio meditation series. Oprah has always been an advocate for meditation and this series truly encouraged self-reflection. Meditation encourages clarity in thinking, and when your mind is clear, you can come up with better and innovative ideas for your business or career or life.
Everyone needs that for sure. Exercising is also a part of their lives. They have incorporated their favorite sports as part of their work out routine. Using sports as part of exercise teaches you something deeper. Sport is an industry that teaches you fair competition. You have to develop your character and play fair and that’s one thing that billionaires appreciate.
You learn to lose and win, and in business, that’s what can be expected anytime. In life too, we win some and we lose some. These are vital exercises that promote good physical and mental health, and good relationships. Health is wealth, and we have to reap the benefits of our hard work while we are still healthy and alive. These habits may come as a surprise because they seem nothing extraordinary to us. And they are indeed normal, but the discipline of keeping them consistent as part of our lives would lead to us achieving our goals and desires. At the end of the day, we all want to improve our financial situation, and these are the habits we should follow.