How some rich people, including Warren Buffett and Oprah Winfrey, think and invest their money.
Reaching the pinnacles of the super rich rarely happens overnight. It requires years and years of hard work, determination and the drive to never give up.
For a select few people, their luck changed in a matter of a few seconds.
For others, they worked hard over the years to build up their empires and get on the list of the world’s wealthiest people.
It seems the secrets to becoming part of the élite and wealthy have been well guarded.
The likes of Warren Buffet, Mark Zuckerberg, Amancio Ortega, and Nick Woodman are ready to show their secrets about what made them some of the wealthiest people in modern times.
As most of them have said, becoming a billionaire is not about the money, but about the psychology.
- If you are looking to earn much more money, start hanging around rich people. While this might seem extreme, it makes sense once you think about it. Hanging around seriously rich people is an easy way to see how they make the big decisions. If you want to be like them, take direct lessons and copy their positive behaviours.
- Be not afraid. If there is a solid business idea you want to invest in, yet everyone runs away, follow your gut instincts. There are no real failures in business. There are experiences that you learn from it. Every successful person has a period of lows to go along with the highs. Inaction and letting fear drive is the only way you really lose.
- One of the best kept secrets is that of owning copyrights and is widely shared by some of the world’s wealthiest people. The help of intellectual-property, which are also commonly called “wealth secrets”, you can defeat the forces of market competition. Seriously tying the hands of competition legally gives you a wider market to pursue. Copyrights can be given for names, product designs or service processes. Protecting your investment and ingenuity is critical to staying on top in any market.
- Saving is something which all of us may have been taught to do from an early age, but small amounts will just not cut it. If you can increase your earnings every year, place money into tax-free investments for later use, there will be a huge improvement on the bottom line amount you can save over the years.
- Amancio Ortega is the owner of the hugely popular fashion brand Zara. The company has been taken to new financial heights recently. Everyone from normal people to the Duchess of Cambridge has been seen wearing Zara. What does she have to say about her secrets? She concludes it is about appealing to a broader range of people. The desire for Zara fashion has become so fierce that even a few designs that have been similar to competing designers have continued generated millions in cash. Branding has been so successful for Zara that a certain amount of “buying for the label” is happening.
- If you are looking to be a ‘unicorn‘ in the technology industry, it is necessary to take the time and do all the requirements to get a patent. This way you protect the rights of reproducing similar items for several years and stomp your competition. You will be able to keep top financial position from that item and rake in the profits for a long time to come.
- Sara Blakely, founder of the revolutionary Spanx, claims that hiring people you trust and like will get you far. They may not seem to have a wide base of knowledge in the particular business you start, but a little training will make them the loyal team you need for the future.