We spend a lot of time thinking about, talking about, and writing about billionaires at Celebrity Net Worth. There are seven billion people in the world and only 1,810 of them are billionaires. That means only 0.00002585% are billionaires. Those aren't good odds.
Becoming a billionaire takes a lot of hard work, obviously. However, it also takes a certain mindset. Vikas Shah, a professor who has interviewed and worked with some of the wealthiest people in the world, has noticed some commonality amongst people with great wealth, like Sir Richard Branson and Steve Ballmer.
There are 10 shared traits on the path to becoming a billionaire. They are pretty much common sense, but also, things that a lot of people lose sight of. So, if you want to become a billionaire someday, start with these 10 things.
#1. Find your passion.
Most of the people who've amassed 10-figure fortunes didn't set out saying "I'm doing this to become a billionaire." Rather, they found a profession that they were passionate about and threw themselves into it. They worked hard, they benefited from good timing, and they made great wealth. If you hate your job, chances are it is not going to be a big wealth generator.
#2. Be resilient
No one becomes a billionaire without suffering a few setbacks along the way. Resiliency is key to building wealth. You have to get back up after a failure. You have to get used to working outside of your comfort zone. You have to learn from your setbacks.
#3. Don't chase wealth
If you took a poll of billionaires, you'd find that none of them started their business with the sole intent of making a fortune. Bill Gates, Mark Zuckerberg, Larry Ellison—they all started their companies to change the world. Sara Blakely wanted to eliminate pantyhose in the hot Florida heat and invented Spanx. Back when she was looking for someone to manufacture her prototype, she wasn't thinking about the money it would make for her.
#4. Look after your health
Sure, billionaires work hard and sometimes long hours, especially in the early days of their careers. But they also make sure that they sleep enough, eat healthy, and take much needed breaks. When you ignore your health, you're not at peak performance. That is true of everyone, not just billionaires. We take our health for granted until we don't have it anymore.
#5. Be charitable
One thing we love about the billionaires we write about here at Celebrity Net Worth is their sense of philanthropy. They set out to change the world with their businesses and they try to change the world for good with charitable donations.
#6. Have a long-term plan
Another common thread among billionaires is the fact that few, if any, of them are focused on the short-term. They focus on how to make their business flourish long after they are gone.
#7. It's all in the execution
Of course, everything starts with an idea, but everyone has a good idea from time to time. It's executing that idea that starts the ball rolling.
#8. You have to like people
Billionaires rarely, if ever, do it all alone. They have a team working with them towards the goal. And your team needs to be motivated and inspired by your vision. You will need a high emotional intelligence. You need to be a people person.
#9. Be approachable and find a mentor
Every billionaire has someone they can confide in whether it is a mentor, a coach, a friend, or a family member. You don't have all the answers and having someone to challenge you is important.
#10. Be yourself
This is a life rule for every human being whether you have $7, $700, $7,000, or $7,000,000,000 in the bank. Be who you are.