9 successful habits to become a billionaire that will change your life
As technology is progressing and obtaining information has become easier, the definition of success has also faced new challenges. Many people are stuck in a vicious cycle of competing to meet basic needs while trying to find the true formula for success .to obtain By simply searching the internet for practical tips, you will come across tools, methods and theories that will cause you more distress. With each click, you will see many articles that offer suggestions for achieving overnight success. Training classes, videos, articles and books will also be available to you on how to achieve financial success; But if we say that achieving this success is not as complicated as some people make it look, how will you react? In the following, we will introduce you to 9 successful habits to become a billionaire.1. Study for your personal development
Daily reading is one of the habits that most billionaires adhere to; For example, if you are an entrepreneur , you must study to become an efficient and productive leader. This will help you learn new things and grow, most of the time without having to enroll in business classes.
Study including the habits of millionaires
A study found that about 85% of self-made billionaires read at least two books per month. Warren Buffett , an American investor and economist, is a clear example of one of these people. He spends 80% of his time a day studying. Warren Buffett read about 600 to 1000 pages a day in his first days of investing .
While rich people sometimes study just for fun , they are also focused on improving themselves. They choose topics to study about leadership , how to get things done, self-help, biographies , techniques, and current events.
Check out the best-selling success books
- Have several different sources to earn money
Another habit of successful people is that they don't settle for one source of income and have several sources of income. Billionaires also have multiple sources of income. This will help them better manage their financial challenges and earn more money. The rich love passive income.
They earn interest on loans, receive monthly rent on their properties, have royalties on their properties, and receive dividends on their investments . They also create a side business, start a website or sell their knowledge and information to others.
Whether people's income is passive or dynamic is what differentiates successful people from newbies. They are constantly learning new ways to generate income.
Be sure to read: Introducing the package of 9 business ideas; Wealth creation with little capital
- Have a specific monthly budget
Billionaires usually do not believe in luck . They have an account of their income and expenses; Based on this, they set a rigid monthly budget for themselves.
Minimizing unnecessary expenses is the essence of budgeting. This will help you control the financial part of your life. Budgeting prevents overspending and helps you reach your financial goals.
Be sure to read: 8 effective ways to save more and save on living expenses
- Manage your money and grow it
Managing and increasing money and capital in the way of millionaires
One of the distinguishing characteristics of most billionaires is having financial intelligence . No one can achieve financial freedom without financial intelligence. This is one of the reasons why wealthy people keep their information about finances and taxes up to date.
They are always looking for ways to lower their tax bills; For example, in America, one of the approaches of these people in this field is to register a business and change their place of residence to a state where there is no income tax law.
In 2018, the taxes of about sixty American companies were legally zero. The oil companies "Chevron" and "Halliburton", the internet company Amazon , the automobile company General Motors and the airline company Delta are some of these companies that were able to be exempted from paying income tax. The combined revenue of these companies was $79 billion with an effective tax rate of -5%. The effective tax rate is: a single rate based on which tax is collected from the taxable activity. what's the matter?
Not only do they not pay taxes, they also receive money. how about
According to the report of the Institute of Taxation and Economic Policy (ITEP), it was found that the policy of these companies was to declare a much larger amount to tax experts and also to complicate the tax payment methods (which cost very little) as much as possible; In this way, these companies did not have to worry about paying heavy tax costs and reducing their wealth.
Be sure to read: How can entrepreneurs and self-employed people get through the tax season more easily?
- Do not go under the burden of debt
Not looking for a loan is one of the habits of millionaires
Another thing that sets billionaires apart is how they manage their debt. Their lifestyle is hassle-free; In other words, the rich only buy things they need and can afford. Billionaires pay for plane tickets and hotels directly and do not use credit and installment methods.
They even check the interest rate carefully when they want to get a loan. In many countries, paying with credit cards includes a small interest. Billionaires do their purchases with cash as long as they can to avoid this rule.
- Set daily goals
It doesn't matter if successful wealthy people are dealing with a business, a job or a financial plan; However, one of their good habits is setting short-term goals . They set specific goals for each day and each week as a driving force to achieve their long-term goals .
Do not forget to prioritize in setting daily goals. This will help you to do many important tasks of your day. Prioritizing helps focus your attention on the most valuable activities. If you want to achieve financial freedom, it is better to look for activities that will bring you more profit in a certain working time compared to other activities.
Be sure to read: self-discipline; How not to sacrifice our long-term goals for short-term pleasures?
- Don't pretend to be rich
Not removing the riches from the habits of the billions
The goal is to be efficient and productive, not to pay off the rich! Did you know that about 86% of the most expensive cars of famous brands are some kind of toys for non-billionaires? Most people think that rich people want to buy the most amazing cars; While in fact the consumers of these expensive cars are those who wish to be billionaires.
Reports show that 61% of people who earned at least $250,000 are less likely to buy luxury car brands. Instead, billionaires go to brands like Honda, Toyota and Ford to buy cars. Unlike Iran, where buying a car is considered a long-term investment, this is the opposite in most parts of the world; That's why billionaires are reluctant to pay exorbitant fees for cars that depreciate in value after a few years. One of the successful habits of billionaires is investing in assets that will grow and increase in value over time.
Be sure to read: The complete guide to investing in the stock market
- Own your own business or buy a business
Robert Kiyosaki, an American-Japanese investor and the author of the book Rich Dad, Poor Dad , has introduced how to receive income in the CASHFLOW Quadrant. These four parts include:
employee (who has a job);
self-employed (who owns a job);
employer and employer (for whom more than 500 employees work);
Investors (like Warren Buffett, their money rises from the oar).
The first two items are on the left side of the table and the other two items are on the right side. According to Kiyosaki, it is possible to be placed in any quadrant; But billionaires don't do that.
Your goal is to come from the house on the left to the houses on the right: where you have your own big business or have a lot of wealth.
It is possible to achieve financial success by following the work you are interested in; For example, if you love to write , imagine yourself as a best-selling author . Wealth and passion are perfect complements.
Be sure to read: How to earn money by doing what we love?
- Don't look for a get-rich-quick scheme
Don't look for ways to become a millionaire overnight
Patience is a fundamental advantage for a billionaire. You have to be patient to be successful both in the financial field and in other aspects of life. Becoming a billionaire at a young age is also possible; But most billionaires reach such a position around the age of fifty. They live a mediocre life, investing for their future and becoming rich when they retire.
Key points: How to cultivate successful habits of becoming a billionaire?
The next question after learning these 9 successful habits to become a billionaire is how to cultivate them in ourselves? In the following, we will explain to you the six values that you need to cultivate these habits.
Define your life vision
You need to be clear about what you want in life so that you can plan for a successful life . More than thinking about becoming a billionaire, you should think about why you want to become a billionaire at all. When you see successful entrepreneurs , you will realize that they have a clear mindset and have followed a specific goal in life.
Understanding why you chose your current career will guide you towards becoming a successful person.
