Billionaires are not like other people. They have an excess of ambition and instinct and ability to network that have helped them amass their amazing fortunes. Many share similar habits like rising early, knowing how important saving money is, and taking calculated risks that could deliver big payoffs. However, there are a number of other habits of billionaires you may want to understand if you would like to join their ranks. Below we take a look at 10 habits of billionaires. How many of them do you currently do?
#1. Fear comes with the package
Billionaires become billionaires because they aren't afraid to take chances. However, having a healthy dose of fear or pessimism will help you spot flaws in your business plan before it is too late.
#2. They make their health as big a priority as their wealth
Taking care of yourself is an essential ingredient in success. Reducing stress keeps you from getting sick. If you're stressed out all of the time and sick — how can you focus on building your billion dollar idea/business?
#3. They recognize opportunity but also know they don't have all the answers
Even if your business plan is perfect—it doesn't mean it is going to work. It is impossible to predict when opportunity will strike. Fortunately, the same odds apply to predicting a disaster will happen.
#4. They aren't afraid to borrow money before they need it
We don't typically think of billionaires as having cash flow issues, but this one is particularly helpful to budding billionaires. It is harder to borrow money when you're struggling and cash helps you have liquidity. Borrowing money when times are good ensures that you'll have cash when times are tough.
#5. Having a head start helps
The easiest way to become a billionaire is to be born a millionaire. Unfortunately, many of us don't have that luxury. That doesn't rule things out for you. Bill Gates came from a middle class family. Larry Ellison worked his butt off to pull himself out of poverty. Having a head start helps, but 65% of billionaires are self-made.
#6.Think like a hacker
Hackers aren't always up to no good. Facebook's Mark Zuckerberg wrote in a letter to Facebook investors that "The Hacker Way" is about continuous improvement. Hackers believe that things can always be better and that a job is never fully done
#7. Making sacrifices is part of the life
To launch GoPro, billionaire Nick Woodman moved back in with his parents and worked 20 hours a day, seven days a week. He gave up his personal life to make his business a reality.
#8. You've got to embrace the crazy
When you're a disruptor building the next hot new startup, you've got to be prepared to hear that you're nuts. That means you're onto something, according to Larry Ellison.
#9. It helps to be a man
More and more women are joining the billionaires club but the simple fact is that 88% of the world's billionaires are men
#10. They know how to delegate
Without their team—be it spouses or employees, billionaires could not get to their heights of ultra high net worth circles without them.