Currently, the world has over a thousand billionaires and there are even more millionaires. In the US alone, there are over sixty million millionaires. If like me, you have ever wondered how they amassed their wealth, then you are in the right place!
Did the money just fall into their laps? Millionaires are easily found, but the same can’t be said for billionaires. Why is this so? What is the science of their wealth?
When I come across billionaires such as the likes of Elon Musk and Bill Gates, one thing that I always want to know is how they did it. What is the science of their wealth and would it really be that great to grace the Forbes list as the worlds next billionaire?
Have you ever noticed that some people become enraged and not motivated when witnessing wealth?
Do they feel that capitalism is the reason few people are wealthy, and a lot are poor?
Is it not important that we learn from them?
What do you feel when you see a wealthy person?
Do you feel envious?
Do you want to emulate them?
What is the science of their wealth?
Ok, ok, this is A LOT of questions I know. But as you have likely gathered, money fascinates me!
In this article I will look at the science of the wealth that has been amassed from the lifestyles of the rich and famous.
You have to create something that provides value to the world
Millionaires and billionaires didn’t merely find their money on the ground. They worked for it, and HARD. More to the point, they created something of value. This is something that I have always emulated as I believe it is the one true way to grow your net worth. Read my recent blog to learn more about how to make money now!
I doubt if there is any billionaire or millionaire that hasn’t created something of value, except the lucky few that inherited their money.
Before you can be wealthy, you need to create a large amount of worth, and a number of people should need what you have. ‘Need’ is the key word here! I might not fall into the most successful people in the world, but I have certainly learned a lot of things from millionaires and billionaires. This is providing value to others.
Let’s take the case of Facebook. When Facebook started, it allowed people to network effortlessly online. It didn’t start with the intention of monetizing, it started with the goal of enriching people’s lives and growing a huge network. I likely don’t need to outline what happened next…
Do you want to be wealthy?
If you want to be wealthy, ask yourself this, ‘What value can you add to the world?’Tweet
What do people want in your industry? This should be something that you ask immediately. There are a number of things that those in your niche/market may want.
Search around and look for services that will add a lot of value to your clients/readers/customers. You can either create a new product that adds value. Or you can try and improve what is already in existence.
An example of a wealthy person that amassed his wealth by improving something on the ground is the owner of Patagonia. Yvon Chouinard, as the owner of this clothing company, he decided to improve the clothes that were already out there. All of his clothes are incredibly durable and 1% of every purchase goes towards saving the planet.
If you can’t create a new product or service that adds value, you should consider improving an existing product or service.
You can manufacture a consumable product that a lot of people like or want. The likes of Starbucks have shown that coffee can become a multinational business. Or the recent rise of electronic cigarettes. Offering customers intriguing foods, drinks, and other consumables can earn a LOT of money.
When Howard Panes started his e-cigarettes company, he was completely broke. That changed after only eighteen months, as he was said to have made sales of over a hundred million dollars. You may think I am joking. Read the whole story here.
Become a service provider in an industry that is experiencing rapid growth
This is a smart way to apply the science of wealth. We all know that some industries are a hot cake for growing rapidly? If I had been told in 2008 that AirBnB would grow to where it is now, I would have scoffed at the mere suggestion. Now, the once broke founders of AirBnB are billionaires.
But how did they come about? In fact, AirBnB wasn’t the first company of its kind – just the most successful. Vacation rentals were the first, but it didn’t succeed as was expected. Why did Airbnb succeed where Vacation Rentals couldn’t? It is simple.
Airbnb looked for a high-growth industry and immersed itself in it. They tried to provide what Vacation Rental offered but in a better way. It doesn’t matter what service you want to offer; it is important that you seek a smart method of offering that same service. You want your clients to think of efficiency and good customer service when they think of you.
The key here, is to offer value. Read my blog that outlines exactly how to make money fast!
You can consider improving how communication works
Communication is a lucrative industry and has made a lot of people billionaires. One of them is Mark Zuckerberg. Creating a smarter way to communicate, contact, and advertise has turned Mark into a wealthy man.
Let’s look at the case of the owner of WhatsApp. We all know that Mark Zuckerberg currently owns WhatsApp, but he bought it off its owners for a whopping price of $19 billion. Did you know that one of the founders of WhatsApp was passed over for a job on Facebook before he created the app? In the end, Facebook ended up paying $19 billion for his production!
The communication world is always changing, meaning that you have to look for a way to introduce intriguing communication methods.
Go for Real Estate
As we are all aware, real estate has turned a lot of people to millionaires and billionaires. If you want to succeed in real estate, the goal should be to grow a positive cash flow. Learn what assets are and what liabilities are. I learned a lot about assets and liabilities from Robert Kiyosaki’s book, ‘Rich Dad, Poor Dad.’
The key to real estate however is to ensure that you do your research. I cannot stress this enough. Although it may be seen as low risk, by way of investment strategies. There is no quicker way to lose your money than to purchase a bad property and a weak area and end up stuck with it for the next 5 years swallowing cash.
What does all of this mean?
Millionaires and Billionaires are just like you and me. They eat and sh*t from the same holes, however, they have a different mentality. They grow valuable businesses and they don’t spend their money in depreciating assets. They reinvest intelligently and grow their wealth over time.
So what are you waiting for. Close your computer, turn off your phone and build that business you have been waiting for.