Millionaires vs Billionaires - What's the Difference? - The Billion Dollar Secret
On this channel I talk about the billionaire mindset. It's a completely different league from the millionaires. Yet many people use the words millionaire and billionaire interchangeably. In this video I explain what the difference is and I give some powerful examples.
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Get free chapter of my upcoming book about billionaire thinking: http://TheBillionDollarSecret.com
Follow me on twitter: http://twitter.com/BillionairePal
Follow me on steemit: https://steemit.com/@billionairepal
And read the blog where I test the limits of human capabilities: http://nolimits.co
Buy the book "Ready, Set, Go!" that I have co-authored with Brian Tracy:
E-Book: https://www.amazon.com/Ready-Set-Special-Entrepreneurs-Professionals-ebook/dp/B078WZXJDW/
Hardcover: https://www.amazon.com/Ready-Set-Go-Nick-Nanton/dp/0999171402/
Get free chapter of my upcoming book about billionaire thinking: http://TheBillionDollarSecret.com
VIDEO TRANSCRIPTION
Hi! Today from Kauai, most exotic Hawaian island of Kauai.
Today I will tell you about the difference between the millionaires and the billionaires.
Stay with me till the end of this video. There will be a contest and something to win.
[Music]
I'm recording this video because I notice in the comments, in emails many people just use the terms millionaire and billionaire interchangeably.
They don't see much difference between these two and they seem to confuse these two terms but the difference is humongous.
This is a huge difference and I'm talking here on this channel about billionaires with "B", not about millionaires.
And I want to tell you once again and I hope for the last time the difference between millionaires and billionaires.
And please don't confuse them in the future.
So, first of all, how do we define what is a millionaire and a billionaire?
We look at the net worth of these people. Net worth is the value you have created in your business career in your life.
It is the value of your assets generally. Be it a real estate, be it your shares in your company or in other companies.
Be it some monetary assets. So, all your assets put togehter what is the value of them.
If the value is $1,000,000 or more, then you are called a millionaire. With "M".
If the value is 1 billion dollar or more, then you are called a billionaire. With "B".
So, this is generally the difference but comparing these 2 is like comparing an ant with an elephant.
The difference between them is 3 orders of magnitude. You could say "millionaires are average, maybe even mediocre entrepreneurs".
It's not a big deal to become a millionaire in business nowadays. Especially with the value of money we have today.
We are talking about dollar millionaires and dollar billionaires.
So, for example in the States 1 in 20 people in business are millionaires.
In the broad society, among all people on average in the world 1 in 500 people are millionaires.
So, millionaires aren't that rare. You probably know yourself or maybe you are a millionaire or you know somebody who is a millionaire.
It's not that rare. But billionaires is a completely different species.
On average in the world only 1 in 5 million people is a billionaire. So, it is a very rare species.
To meet a billionaire on a street by chance is like striking the main part in the national lottery.
So, it is really rare event. And of course, the difference in scale is 1000 or 3 orders of magnitude.
To make it clear for you I will give you some examples.
Let's say, we talk about hotels. You have a nice hotel - you usually are millionaire. Of course, if you don't have a huge debt on top of that.
But if you own a hotel without much debt, you are a millionaire.
But a friend of mine - a scandinavian billionaire Petter Stordalen. He owns 200 hotels.
And these are the very best hotels in Scandinavia. He owns the largest hotel chain in Scandinavia. It's called Nordic Choice.
So, this is the difference. Or if you own a factory, you are multi-millionaire.
Because alone to construct a factory, to build a factory it takes several millions, maybe even 10 to 50 millions - depends on the factory.
But a Canadian billionaire Frank Stronach, that I've interviewed, that will be included in my book. He owns 400 factories in his company Magna.
Magna is one of the largest auto-parts manufactures in the world. 400 factories. Can you imagine this?
Now, if you have a restaurant, if you have a good restaurant or maybe 2, 3, 5 restaurants you are for sure a millionaire.
But my good friend, Australian billionaire, Jack Cowin - he owns 3000 restaurants in his chains Domino's Pizza and Hungry Jack's in Australia.
3000 restaurants. Can you imagine that? This is just unimaginable. It is also not manageable personally. I doubt he has been to 1/10 of his restaurants.
He wasn't even there but he owns them.
But let me give you this one last example. If you own a grocery store - a big door grocery store like let's say Safeway, you are a millionaire.
You are probably a multimillionaire.
But a Russian billionaire that I've interviewed, that will be included in my book, Sergey Galitkiy - he owns 15,000 grocery stores.
15,000 supermarkets in his chain Magnit. Stores huge like football field... maybe bigger. 15,000 - it's just out of this world.
This is the largest supermarkt chain in Russia and probably also the largest in Europe right now.
So, this is the difference in magnitude. Difference in scale between millionaires and billionaires.
And the art or the level of business they do.
And to make it more tangible for you what it means - the diffrence between the millionaire and billionaire.
Because these are just numbers. So, for you to understand it better I will tell you about the friend of mine.
Who 2 years ago was maybe not bragging, but told me he made $500,000 a year in that particular year and since then he is making that amount more or less.
So, he is for sure a dollar millionaire. For many people that amount of money is big money. $500,000 a year.
Of course, he is a millionaire meanwhile but you have to understand, you have to realize that for him in order to become a billionaire...
He would have needed to be born before Christ. Before Jesus Christ. And be earning that money since then.
And putting away all the money without paying any taxes and without any inflation.
He would have needed to do that in order for him to become a billionaire today.
So, he would have needed over 2000 years; he would have needed to be born before Christ. And imagine this!
And billionaires - the self-made people that I research - they do it just in 1 lifetime.
This is amazing! This is just crazy how fast they grow their companies; how quickly they create value.
And how quickly they become extremely, extremely rich.
But the largest difference between millionaires and billionaires is not the numbers. Because numbers are just the manifestation of what they do.
How they act and first of all how they think.
So, the main difference between them is the difference is psychology; the difference in their mentality.
In their attitude towards business, towards money - how they approach things, how they approach business, how they approach problems.
And how they act. And this is exactly the difference I've been researching for the last, more or less, 4 years.
Traveling around the world and interviewing self-made billionaires around the world to find out what in their psychology
What in their personalities make them so extremely successful in business.
And about these differences, about my results I talk here on this youtube channel but first of all I'm finishing a book about this topic.
It's called "The Billion Dollar Secret", where I desribe this difference in detail.
The difference between average entrepreneurs and the world champions, the most successful entrepreneurs - the self-made billionaires of our world.
So, if you are generally interested in that topic, you can get a free chapter here below this video for that book.
Ad get updates about the writing process, about the publishing process so you will be informed as soon as the book is published.
I want to show you now here Westin in Kauai in Hawaii, how it looks like. So, you see an ocean here, Pacific Ocean.
I hope you liked this video. If yes, give me thumb up, subscribe below and don't forget to hit the bell button.
I invite you to comment on that video here below. Let's discuss about this topic. What is your perspective? What is your experience?
What is your opinion about the topics in this video?
Please share this video with your loved ones, with your friends. One day they will thank you for that.
I talk here a lot about the billionaires. About the best entrepreneurs in the world. How they think and act.
I've interviewed 28 self-made billionaires around the world and here I share the unique wisdom.
I talk also a lot about cryptocurrencies, about my investment in cryptocurrencies and about doing the impossible.
About my experiences in doing outrageous things and reaching seemingly impossible goals.
I promised you a contest in the beginning. Let's do the following. Share this video on your social media with the hashtag
And add your comment to that or maybe a quote from this video. We will monitor social media and I will choose one share among the shares.
Maybe the most creative, the most effective share. And the winner will get one copy of the best-selling book, of the special edition of the book
"Ready, set, go!" that I've written with Brian Tracy. It looks like this.
Brian Tracy is the greatest business teacher in the world, the greatest personal performance trainer.
And the winner will get this book together with my dedication, with my personal dedication for him.
So, please share this video. If you enjoyed this video, you will certainly like my other videos.
I invite you to watch them. That's it from Hawaii. I wish you a fantastic day.
Let's do something extraordinary today!
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