“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” – Warren Buffett
There are currently 2,755 billionaires all over the world, with India boasting of 140 billionaires and being ranked third in the list of countries with most billionaires, revealed Forbes 35th Annual World’s Billionaires List (2021).
How do some people end up becoming a billionaire? What do they do differently?
- Dreaming big: If you look closely at any billionaire, they ensured that their vision was big enough to bring something unique or compelling to the world. Consider Elon Musk, for example. He envisioned a future market for electric cars, and Tesla came into being. Billionaires know the worth of a brilliant idea.
- Attention to detail: This is a very rare trait that billionaires possess – not overlooking even the smallest detail. If you need inspiration, Steve Jobs is your man. The founder of Apple was known to be obsessed with detail and would often be criticised for being too much of a perfectionist.
- Be eager to invent: Inventions do not work on copying others’ ideas. They are simply born out of a need. For example, Uber was founded on the back of a problem that one of its founders faced in 2008 in Paris when he could not find a cab. Uber was first tested in 2010 in San Francisco and is a popular name across the world today.
- Staying focused: According to some billionaires, like Mark Cuban, being passionate is not enough. It is important to be obsessed with your idea or your company. Cuban, a self-made American billionaire, didn’t have robust finances in his 20s. In an interview, he had shared that when he was building his company, he did not have a girlfriend, took no vacation for seven consecutive years and did not even read a fiction book.
- Taking calculated risks: Warren Buffett is a self-made billionaire, also one of the most successful investors of all time. His strategy? An investment plan that takes into account the performance of companies as a whole rather than solely focusing on the demand and supply trends in the stock market.
As an investor, you can also benefit from this strategy or come up with your own investment plan that is in line with your aspirations, financial limitations and appetite for risk. Exploring stock or mutual fund investment options through a financial expert could aid your investment objective.
A one-size-fits-all approach rarely works when it comes to investing. And an expert specialises in curating investment plans that are unique to your financial goals, post assessment of your investor profile.