How To Become A Billionaire In 5 Years
One of the first things people want to understand when learning about how to become a billionaire is how much money it takes to become a billionaire. Unfortunately, there’s no definite answer to this question. There are some studies that determine this figure, but they’re often based on unconfirmed sources. The reality is that it can take as little as $10 million or perhaps as much as $50 billion to become a billionaire. Have you ever asked yourself “how can I become rich?”
If so, this article will help you achieve your goals and objectives when learning about how to become a billionaire in 5 years. This article has been written keeping in mind all the essential factors to becoming a billionaire, such as education, experience
Do billionaires go to college?
The good news is that you don’t need a college degree to become a billionaire. While the majority of billionaires are college-educated, it is not uncommon for them to drop out of college. Some of the richest people in the world dropped out of college before they could collect their degrees. If you need a little convincing about the value of college education, keep in mind that only about 12 percent of billionaires dropped out of school. Even if you don’t become a billionaire, a man with a college education can expect to earn $900,000 more throughout his career than a high-school graduate. And college-educated women can expect to earn $630,000 more. It’s true that this is not billionaire money, but it still shows the value of a college degree.
What it takes to become a billionaire
You’re likely asking yourself what it takes to get rich. But not just rich. Rich at the highest level. How do you go from broke to billionaire? Most people might simply want to have positive cash flow or even a million dollars in the bank. But does a million dollars really cut it these days? I suppose that depends on where you live and what you do.
But billionaires are a different breed. It’s a different world. Spending time with them is more likened to fabled fantasies rather than actual reality. The world truly is their oyster. Now, if you want to get there, or you’re just looking to become a multi-millionaire, there are some strategies that will propel your growth.
In fact, there are five strategies these billionaires have used to go from broke and hopeless, to absolutely on top of the world. If you’re looking to replicate their success, then you need to heed the following strategies and take them to heart. One other thing to keep in mind is that you’re far less likely to attain this type of success without owning your own business.
But if you’re already an entrepreneur or a business owner, then it’s a matter of adapting. Not only do we adapt to survive, but we must also adapt to thrive. Look at the following strategies and see how you can adapt them to your business, or to potentially pivot your business to strike while the proverbial iron is hot in one sector or another.
Most people think that it’s impossible to go from broke to billionaire. But it’s been done repeatedly. Individuals including Roman Abromovich, Francois Pinault, Howard Schultz, Oprah Winfrey, Shahid Khan, Do Won Chang, Ralph Lauren, John Paul DeJoria, Larry Ellison and Mohed Altrad were once flat broke. But they all became billionaires.
How did they do it? First, and foremost, by harboring the following skills. And second, by wielding one of the five strategies that you’ll find below. As you read the list and the strategies, ask yourself the following question. How many of these skills am I employing and how can I adapt these strategies to my business today, right now?
- Leverage an abundance mentality and laser-focus your mindset
- Become an expert at business networking
- Overcome the often-stifling fear of failure
- Effectively manage your time
- Create long-term goals and take daily action towards them
- Never give up no matter how tough things might be
- Focus the power of your thoughts on the positive over the negative
- Never look for shortcuts or try to cut corners
- Understand the underlying principles of sales and marketing
- Become a fervent brand-builder
Create something that adds an abundant amount of value to the world
Today, as it’s been for all our recorded history, getting rich entails building and adding an abundant amount of value to the world. The richest and most successful people have added the most value. That’s how real wealth is attained. Find some way that you can add an excessive amount of value to the world. This is not a short-term strategy. This takes time.
But it also involves seizing opportunities as they arise. Patagonia founder Yvon Chouinard got incredibly rich not by inventing new products, but by improving on existing products. While Patagonia is a giant clothing retailer today, at the age of 50, Chouinard’s company went bankrupt after the fallout from a series of lawsuits.
However, Chouinard stayed the course. He added value. Improved on iterations of products to make them better for the environment, longer lasting, and higher in quality. That’s how Patagonia grew into a behemoth. He added an abundant amount of value.
Create a consumable product that people love
There are a number of industries in consumable products that are simply taking off like wild fire. From cold-brewed coffee to energy shots and drinks and even electronic cigarettes have become industries that have begun to balloon. Manoj Bhargava, founder of the 5-Hour Energy Drink, grew his business from a 2003 startup to over $1 billion in sales by 9 years later.
In 2010, Howard Panes was $600,000 in debt and lost his house to a short sale when he entered into the e-cigarettes industry, ramping it up within 18 months to over $100 million in sales. Several years later, after an astounding exponential growth, Japan Tobacco International, a corporate giant with 27,000 employees and $20 billion in annual revenue acquired the company.
With no experience in the industry, Panes, like Bhargava, did what it took to see things through, traveling and living in Shenzhen, China where the company refined its product and delivery systems. Today, as an avid car collector with a near-$15 million collection of rare and exotic hypercars, Panes has become one of South Florida’s wealthiest residents.
John Paul Dejoria, who was not only once broke, but also homeless and living in his car with his son, also did the unimaginable. He created salon-quality products and went door to door to sell them. He focused on quality and he took action every single day. At the age of 36, with a $700 loan and while living in a car with his son, he grew Paul Mitchell Systems into a behemoth, becoming one of the world’s richest persons in the process.
Digital currency is gaining immense popularity these days. Satoshi Nakamoto started it with the invention of Bitcoin, and now we have hundreds of other currencies. In fact, Facebook is also expected to come up with its own cryptocurrency.
While the potential is there, the crypto market is among the riskiest markets out there since the prices are not regulated. Consider Bitcoin, it hit a high of $19,783 in December but quickly crashed to $6,000. Those who got out at the right time laughed all the way to the bank while some are still repenting.
If you know cryptos, you can start this business. The world is huge. You can make money by investing your own money or investing it for others and earning a commission. You can also start a firm and provide others with tips on how to invest in cryptos.
Square, one of the biggest companies out there, recently entered the crypto space by starting to offer crypto trading on its platform. You, too, can come up with something like this.
Making it big in the world of online marketing with all the social media, blogging, and YouTubeing is an ongoing project for marketers. And most don’t have a clue how to do so, but those who do know how to do so become billionaires very quickly thanks to those “not really” hard skills.