Ever dreamed about becoming a self-made billionaire… Well, you first need to know what sets these self-made billionaires apart from the rest of us. While it may seem like billionaires are classified by their high IQs and a pinch of luck, there’s more than just that. Here are 3 five-minute tricks of some self-made billionaires.
Research by Thomas C. Corley entailed studying the habits of 177 self-made millionaires for a period of five years. The research indicates that consistent five-minute actions resulted in long-term wealth. Perhaps the secret to being a billionaire lies in simple habits and discipline.
1. Be specific of financial goals
Something as basic as setting a specific financial goal can become the foundation of earning much wealth. As stated by self-made millionaire T. Harv Eker, penning down a precise income goal and net worth goal is perhaps the most integral steps to building future wealth. Rich people make it clear that they are after wealth and they specify how much wealth they wish to earn without leaving it to chance. Writing down specific financial goals will allow you to plan your financial goals, track them and adjust your goals when reality makes it clear what is attainable and what is not attainable.
By simply devoting five minutes to penning down your financial goal on a paper, you are setting your first target in your journey to becoming a billionaire. When writing down your financial goal, be intentional and specific. State exactly how rich you want to be, how much you wish to earn and when you wish to earn your desired earnings by. A specific goal gives you something to work on.
2. Show gratitude and express it
One of the most strategic and powerful moves that billionaires make is that of showing gratitude. Corley’s research pointed out that many successful people take time out to express gratitude and their appreciation in personal and tangible ways. A simple gesture like a handwritten card or a note to someone assisting you on your journey to success can surely deepen your relationship and sets you apart from other philanthropists and businessmen.
Show gratitude to someone who refers a new client to you, to someone who gives you sound financial advice on deductions to consider when filing your taxes or to the person who goes the extra mile to help you. A heartfelt note of thanks or expression of gratitude goes a long way in solidifying both professional and personal bonds. When people notice you are grateful for the help, they will choose to help more. Gratitude is linked to building relationships and surely is a lucrative return on investment (ROI).
3. Success is defined by a “to-don’t” list
Success does not come by when you dream of success, but it is seen in what you do to obtain success. Drawing inspiration from Corley’s study, it was found that self-made millionaires wasted precious time on self-sabotaging habits or on deliberating more than acting on what they were deliberating. The best way to achieve financial success is to have a “to-don’t” list which as opposed to stipulating what you need to do during the day, outlines what you don’t need to do in the day.
Suggestions like, “Don’t spend hours scrolling through social media during work hours,” or “Don’t waste time procrastinating,” should be at the top of this “to-don’t” list. Setting aside a few minutes to pen down what you should avoid doing during the workday could be as valuable as ticking off items from your “to-do” list. The “to-don’t” list is part and parcel of setting boundaries for yourself. Most of us already have “to-do” lists so it’s time we add a “to-don’t” list to the mix.
Key takeaways in the journey to becoming a self-made billionaire
Aiming to be a billionaire does not mean changing your life overnight but simply changing smaller habits to ones proven to lead to financial success. Cut down on distractions, build a strong but powerful network and work towards the realistic and specific financial goals that you set. For now, you can start by considering PayPal’s boosting of your balances and remember, the top 1% don’t sit and wait, they act!
