Become a billionaire doesn’t happen overnight, no matter how many lottery tickets you buy or daydreams you have about winning the Powerball jackpot.
In fact, it takes years of hard work and dedication to achieve success on that level, and even then it’s not guaranteed to last forever.
There are plenty of billionaires who are no longer millionaires due to either bad investments or spending so much money on certain things that they essentially threw their money away. With that in mind, here are seven dos and don’ts for becoming a billionaire
7 Dos and Don’ts for Becoming a Billionaire
1) Do have a plan
No one becomes a billionaire by accident. The best way to become one is by having an overarching vision of how you want your company or product to grow, then mapping out steps you can take each day to move it toward that goal.
It might sound cliché, but goals are just dreams with deadlines—so don’t leave your life (and net worth) up to chance.
2) Don’t worry about being normal
You’ll hear a lot of naysayers saying you should be realistic, or that you can’t expect anything from life if you don’t take risks.
In other words, it may not be worth your time (or money) to pursue a dream, because normal people never become billionaires.
However, there are many examples of those who have taken risk after risk in order to make their dreams come true—and then succeeded.
3) Do ask yourself some hard questions
You’re probably thinking, Of course I’d ask myself those questions! But if you think back on every project or major decision you’ve made in your life, you’ll probably realize that you didn’t actually give yourself enough time or space to do so.
Most people say they don’t have enough time (though they somehow find it for Facebook), but chances are they just haven’t created space in their lives for honest reflection.
To become a billionaire, start with clearing your schedule of distractions. Put away your phone, shut down your email—and make sure there aren’t any friends around asking for help with their homework.
4) Do be ethical
If you’re investing other people’s money, you have a responsibility to make sure that investment is made in an ethical way.
By all means, try to get in on tech startups before they go public. Just don’t invest if you think their success will come at the expense of others—that goes for companies who exploit workers or corporations that pollute.
Do follow industry trends: This one should be pretty obvious, but just because an industry is popular doesn’t mean it’s lucrative; look at healthcare
5) Don’t talk about it
What could be worse than talking about how you want to become a billionaire? Actually trying to become one. Making money is part hustle, but it’s also part luck—and there’s no way around that.
You can take calculated risks, but there are plenty of ways for things not to work out for you, so it’s best not to put all your eggs in one basket.
If you know that you want to become a billionaire someday, keep your mouth shut about it because what’s more likely is having people treat you differently once they find out—especially if it doesn’t happen. Plus, speaking of press coverage…
6) Do be generous with your time, money, and expertise
Giving of yourself is one of those things that comes back to you over time. I remember having lunch with Richard Branson years ago, before he was really well known in America, and he said something I’ll never forget.
He said, I’ve been very lucky. But when people ask me how I made it big, there’s only one thing I can say—I give.
He explained that it doesn’t matter how much money you make or how many titles you hold; if you want people to take notice of your success, then give them something they want or need.
7) Do be proud of what you’ve achieved
Whether you’re one of 1,000 millionaires or one of 100 billionaires in your country, that’s still an achievement worth being proud of.
The most important thing is knowing how far you have come. Once you know where you stand on your road to becoming a billionaire, it will be easier for you to focus on what it takes to get ahead rather than obsessing over how many other people are trying to do exactly what you’re doing.
Being proud of where you are now makes it easier for you adjust your goals along your way as well.
Why You need to apply this Step?
It’s important to realize that there are no shortcuts or magic formulas for achieving great wealth. The path is not easy, but it is straightforward. Here are seven real-life ways to become a billionaire.