3 differences between you and billionaires, and 1 thing you have in common | Smart Switch: Personal Finance

(Dave Kovaleski)

There are about 724 billionaires in the United States, according to Forbesand more than 2,700 worldwide. They come from diverse backgrounds and made their fortunes in different ways. But when you look at their attitudes and behaviors as a whole, there are some traits that many of them have in common.

While few of us will ever be billionaires, it can be helpful to know what some of those common traits are to set us up for our own journey to success and success. Financial Independence. Here are three key things billionaires do that many of us don’t, in the words of billionaires themselves.

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1. They are frugal

“Don’t save what’s left after spending, but spend what’s left after saving” Berkshire Hathaway Chairman and CEO Warren Buffett once said. This quote sums up a mindset that helped make Buffett one of the richest men in the world. You’ve heard the stories… buffett eat in mcdonald’sHe lives in the same house he bought in Omaha in 1958 for $31,500, buys used cars and used a cheap flip phone until a couple of years ago.

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But these are habits that allowed him to save more and invest more, which boosted his wealth. He is not alone among frugal billionaires. Microsoft Co-founder Bill Gates, who admitted a few years ago to wearing a $10 watch, said his frugal habits were ingrained in him when he was young. “My 20-year-old self is so disgusted with my current self. You know, I was sure I would never fly anything other than economy and you know, now I have a plane,” Gates said a couple of years ago, reflecting on the frugality he made it what it is today.

And Jeff Bezos, founder, former CEO and CEO of Amazon, said that frugality, for him, was the mother of innovation. “I think frugality drives innovation, just like other constraints. One of the only ways to get out of a jam is to invent your way out.”

2. They think big

“Life can be so much broader, once you discover one simple fact, and that is that everything around you that you call ‘life’ was created by people who were no smarter than you. And you can change it, you can influence him. , you can build your own things that other people can use. Once you learn that, you’ll never be the same again,” said the late Steve Jobs, founder of Apple.

Jobs lived this, changing the world with his innovations in Apple. Now, this doesn’t mean we have to go out and invent the next technology that will change the world, but experts say that most billionaires think big and are not deterred in their efforts by perceived limitations, be it their level of education or something else. Obviously, it takes a lot of hard work and strategic thinking to be successful in any company, but it all starts with having a positive mindset and thinking big, as Jobs described.

Or, like Henry Ford, founder of the automaker Ford He once said, “If you think you can do something or you think you can’t do anything, you’re right.”

3. They are not afraid of failure

“My dad encouraged us to fail. Growing up, he would ask us what we failed at that week. If we didn’t have something, he would be disappointed. It changed my thinking at a young age that failure is not the result, failure is not trying.” Don’t be afraid to fail,” said Sara Blakely, founder of women’s underwear and hosiery brand Spanx, who, in 2012, became the world’s youngest self-made billionaire.

This philosophy, ingrained in her from a very young age, constantly pushed her out of her comfort zone to take on new challenges and risks. Many people avoid actions or activities out of fear of failure, but Ella Blakely said that not being afraid of “failing” allowed her the freedom to constantly try new things until she came up with that multi-million dollar idea. She helped her avoid the real failure of not trying.

One thing you have in common with billionaires

These are just a few common traits, but certainly, it takes a lot more to become rich and successful. But it’s not really about becoming a billionaire, it’s about being successful by any definition of success. Many billionaires say they weren’t motivated by money, but rather the result of their passion and purpose.

As for the one thing we all have in common, Richard Branson, founder of virgin galactic, among other companies, said it best: “One thing is certain in business, you and everyone around you will make mistakes.” But it is from those mistakes, whether in business or investment, that you learn, adapt and create new opportunities for success.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. David Kovaleski he owns Ford. The Motley Fool owns and recommends Amazon, Apple, Berkshire Hathaway (B shares), and Microsoft. The Motley Fool recommends the following options: Long January 2023 $200 Call on Berkshire Hathaway (B-stock), Long March 2023 $120 Call on Apple, Short January 2023 $200 Put on Berkshire Hathaway (B-stock), short January 2023 $265 Call on Berkshire Hathaway (B shares) and short $130 March 2023 calls on Apple. The Motley Fool has a disclosure policy.

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