5 Billionaire Habits That Can Make You Richer


1. Entrepreneurism

Seven of the Top 10 billionaires from Forbes' 2010
list are self-made. This club of clever elites,
includes Bill Gates (net worth, $53 billion), who
started the Microsoft (Nasdaq:MSFT) company in
1975 while still in his junior year in college at
Harvard University.
Gates may have been in the right place at the right
time in terms of developing computer software,
but he also made the decision to strike right away,
rather waiting even to graduate. His timing and
hard-driving pursuit of success in his business
helped plant the seed for what would become one
of the world's largest and most successful
companies. (For more on this company, read
Microsoft: By The Numbers.)


2. Frugality

You might assume that a billionaire's drive stems
from the for a luxurious lifestyle. However, some
of the world's richest people ascended to their
positions thanks to their ability to watch the
bottom line.
Take Warren Buffett, for example. His $47 billion
fortune put him at No.3 on Forbes' 2010 list of
billionaires, but this ultra-rich investor investor's
success can be partly credited to his frugal
lifestyle. From a very young age, Buffett was
making and investing his money. By the time he
was 26 years old, he had already made and saved
the modern-day equivalent of more than $1
million. This allowed him to start his own
investment partnership, which eventually allowed
him to invest in and take control of Berkshire
Hathaway (NYSE:BRK.A). And the rest, as they say,
is history! (For related reading, see 5 Billionaires
Who Live Below Their Means.)


3. Vision

Most billionaires have a vision of what they think
the world will be like in the future - and how they
can capitalize on it. Take Sergey Brin and Larry
Page, cofounders of Google (NYSE: GOOG). They
(fittingly) tied for 24th place on the Forbes' 2010
billionaire list, with $17.5 billion each to their
names. This pair saw the possibilities for the
internet as a tool for opening up the world of
information to people, so they started a company,
Google, based on a superior search engine that
would help this vision become a reality.
Launched in 1998, the company has since become
the world's most popular search engine and has
radically expanded the internet's scope; the
cofounders' wealth has expanded right along with
it. (Find out where Google's been headed lately, in
Google Takes Aim At Microsoft.)


4. Risk-Taking

One thing virtually all billionaires have in common
is that they are willing to take a leap of faith in
their pursuit of success. For some billionaires
such as Bill Gates or Lawrence Ellison (software
giant Oracle (Nasdaq: ORCL) founder), this might
be dropping out of college to pursue a business
opportunity. But some billionaires have been
known to push the stakes even higher - like
George Soros (net worth $14 billion).
This renowned investor and hedge fund manager
is known as the man who "broke" the Bank of
England by making a multibillion-dollar bet that
the British pound would decline in value. It did,
earning Soros more than $1 billion in a single day.
(To read more about Soros, see George Soros: The
Philosophy Of An Elite Investor and Stocks Soros
Is Holding.)


5. Patience

Not only do billionaires tend to be able to pounce
when the moment's right, they also make patience
a habit. After all, sometimes it takes a while for a
good idea to pay off.
Ever heard of Amazon.com (Nasdaq: AMZN)? It
was founded by former Wall Street executive Jeff
Bezos in 1994. The now-major company started in
Bezos' garage, with only a few employees. Bezos is
now the CEO of the largest online retailer in the
U.S., with a net worth of $12.3 billion in 2010.
However, it took seven years before the company
turned a profit, which it eventually did in fourth
quarter of 2001. It was a major coup after the
dotcom crash, which left many wondering
whether an online business model was viable at
all. Bezos believed it to be so, and persevered until
the world was ready to embrace online shopping.


The Bottom Line
No one said that creating a billion-dollar fortune was
easy. In fact, many of the world's billionaires share
key qualities such as vision, patience and an
incredible fortitude in the face of risk. Luckily, these
billionaire habits are tools that are available to
everyone, free of charge, and could help you move
take a few more steps up your own wealth ladder.

Move to Frontpage ASAP

I love No 4 Risk Taking- this is what separates those who are just Comfortable and live for themselves and family and those who have in Abundance blessing others and having a fulfilled life.

great list. I'm already a self made trillonaire, so I'm good to go

I think another thing you need to have is PERSISTENCE, like Steve Jobs said.

These people didn't have immediate success, they had to try and try again, failing many times

Many people give up after the first attempt or first few attempts.

Also, developing yourself and hard work.

Yh... Agreed!!

SleekReek:
I love No 4 Risk Taking- this is what separates those who are just Comfortable and live for themselves and family and those who have in Abundance blessing others and having a fulfilled life.

The " Risk Taking" is not about playing nairabet oo

jaybee104:

The " Risk Taking" is not about playing nairabet oo

Brilliant article