1. Start your own companyNo billionaire is an employee unless they are an employee of their own company. Starting your own company offers additional tax benefits in addition to creating equity in an entity that can be sold later or employ others so to free up your time to do other things in life that only you can do.
2. Join a club
Billionaire’s love exclusivity. By joining a club or creating one you become a member of something exclusive. Clubs are where likeminded people meet, network, relax and do business.
3. Give to charity, donating your time and money
A study recently found the good feeling we feel when giving is not actually determined by the dollar amount given but more by the action of giving. So even by donating a small amount or volunteering you’ll benefit just as much as a larger donor. Better still donating to a charity often comes with tax deductibility. And if you believe your charities spending is savvier and more specific than the government’s you have the opportunity to refocus where your tax dollars are spent by donating to your chosen charity rather than the government deciding for you.
4. Never retire
Have you ever heard of Billionaire retiring? They may step down from managing their business however they remain on the board. Billionaires love what they have built, employment of others, their contribution to society and ensuring a legacy remains.
5. Visit art galleries and museums
There is no need to establish a personal art collection when one can get appreciate priceless art and sculptures in our cities museums and art galleries. Also appreciation of art communicates with the soul and mind offering different perspectives whist challenging our beliefs.
6. Own an iPhone
IPhones are simply the best technology one can buy. Bill Gates is known to use one. For a small cost you can own and access the same technology as Billionaire’s today.
7. Dine with friends regularly
Humans are social creatures, therefore spending time with those who accept us and enjoy our company is essential to renewing ourselves, exchanging ideas, debating as well as experiencing the “Joie de vie” the Joy of Life!, while partaking over a meal with friends.
8. Invest your time and money into appreciating assets i.e. people and companies
The main reason why the wealthier are getting wealth is because they continue to invest and reinvest their time and money into appreciating assets. Think compound interest. This is opposite to what most other do i.e. depreciating assets such as car’s, fancy clothes, holiday souvenirs etc.…
9. Be absolutely passionate about what you do
Passion is the glue that holds together three other essential ingredients for one’s success. These essential ingredients are Knowledge and Skills, Mental and Psychological Strength and Physical Stamina. Ensure your passion is succinct, compelling and all about you!
10. Support a political party
Politicians are elected to represent the people. Politicians also legislate laws that effect businesses and individuals in our communities. Keeping abreast of these changes whilst also having an open door to the political parties on any side of politics makes for better informed business decisions and opportunities.
11. Spend less on yourself than your investments earn
The secret to great wealth is simple. Spend less than you earn and invest everything else. True financial freedom is attained when your investment income exceeds your lifestyle expenses (full stop).
12. Sleep on crisp clean bed sheets
Sports coaches attest to the fact the better you rest the better you perform. There’s just something luxurious (and attainable to us all) about sleeping in crisp clean bed sheets which also aids a good night’s rest ensuring you wake up on the right side of the bed in the morning.
13. Exercise regularly
Billionaires need to exercise just as much as the rest of us. Regardless of how much money you have in your bank, we all know the importance of exercise combined with a good diet as well as the positive impact these have regarding our choices and decision making process.
14. Know your business i.e. your financials
Billionaires are known to make decisions quickly. The reason they have the confidence to do so is because they know their finances i.e. their assets, debts, incomes and expenses. Knowing where you stand financially is essential for both peace of mind and being in the box seat to take advantage of opportunities when they come your way.
15. Be trust worthy and trust others
Unless you inherit, marry, or win a billion dollars chances are you are going to have to engage others on your journey towards financial independence. Building trust has two essential ingredients character and competence, without both of these ingredients inefficiency and headwind will continue to dog you and be a roadblock to your success. With these your success will be efficient as well as your chances heightened of keeping it.
16. Be innovative. Think outside the square when solving problems
Money flows to where it’s most valued. By creating and delivering more value to others you increase your own chance of success. Innovate first and if your innovation adds sufficient value to others, then the money will come.
17. Regularly challenge yourself
Learn to work harder on yourself than you do on your job. “If you work hard on your job you can make a living, but if you work hard on yourself you’ll make a fortune” – Jim Rohn
18. Do it i.e. take action
Without action good intentions and goals are but dreams. “Life is not a dress rehearsal. This is your life”. Pastor Lawrence T. Holman
19. Learn to say no.
Any fool can say yes or buy what they want, however it takes courage to say no, to make choices and make personal sacrifices for ones greater success. I remember the John West ad. “It’s what John West rejects, that makes John West the best!” If you want to be the best then learn to say no, be you a billionaire or anyone else.
20. Delegate low payoff activities.
The one thing we all have in common is time. 24x7=168hrs per week. Be you a Billionaire, a man, woman, child or adult. Investing your time doing activates having the highest direct payoff is essential for a life of fullness and contentment. Do only that which advances your relationships, spirit, health, career/business and community everything else can and should be delegated. If you can’t do this look back to No.15. We only have 168hrs a week.
About Peter Horsfield
Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsefield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.
General Advice Disclosure
Sources of this information are considered to be reliable but are not guaranteed. Information published in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs.
Before making an investment decision based on this advice you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances.