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What It Takes To Become a Billionaire – 5 Quick Tips

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If you are fascinated by the luxurious and posh lifestyles of affluent entrepreneurs – the likes of Richard Branson, Mark Cuban etc – then this article is suitable for you.

We are sharing some realistic tips and ideas that might help you join the billionaires’ club fast…this could be an interesting experience for you, so keep reading.

(1)Start Building Your Reputation Now

It makes no sense to strive to make it big in life when your reputation is questionable. If you have a good reputation in the marketplace, customers will have a preference for your products and services even if there are similar businesses offering the same for different prices.

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Work on building your reputation

In fact, they’ll even be willing to pay more for your services simply because they trust you. This essentially means that you’ll be able to make more sales and bigger profits and hence achieve your dreams faster.

So what makes a person reputable? Three things: HONESTY, transparency and the ability to deliver on promises made to customers and vendors.

Tip: Good reputation = Bigger opportunities = More Wealth

 

(2)Stop Comparing Yourself With People Who Make Less Money Than You

For a minute, think about your five closest friends. Take each of their salaries, add them up and then divide that figure by five.

The answer you’ve gotten is going to be (roughly) how much you’ll make each year. If you think that amount is enough to make you a billionaire, that’s great…you can save yourself the trouble of reading this article.

But if you are not happy with the answer you’ve gotten, the best thing you can do is to start hanging out with richer people. And NO, we are not telling you to ditch your broke friends, but you should start making friends who dream bigger than you.

Tip: The more you stick around those successful friends the more you’ll become tempted to think like them

 

(3)Avoid Time Consuming Jobs

If you are going to look for employment (you would probably need to do this as a way to raise some start-up capital), don’t take jobs that consume too much of your time.

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Don’t spend too much of your time in that boring day job.

Why? Because such jobs leave you with little or no time to think about your life. It’s actually better to work in a job that pays you less and leaves you with maximum time for personal use than one that pays you a lot and demands your attention the whole day.

Tip: You really can’t become a billionaire story working for someone else 24/7.

 

(4)Make A 5 Year Plan And Stick To It

We would like to urge you to create an open-ended plan that will guide you through the paces from now till 2019 (or 2020 depending on the time you read this article).

Think of where you want to be in five years to come. Do you want to be an employer or employee? Do you want to be a billionaire or millionaire?

Depending on where you want to see yourself in the next five years, write down your yearly goals and stick by them. Indeed, there is a lot you can do in 5 years with good planning.

Tip: According to research, people who write down their goals are 33% more likely to achieve them. Want to become a billionaire? Write down your 5 year plan today.

 

(5)Start Investing Early

The earlier you start investing your money, the better. To help you understand the importance of investing early, here’s an example:

Twenty-five year old Otieno invests $2000 at 10 percent annual interest over 10 years. When he retires, at the age of 65, his investment would have grown to $556,197 ($1=Ksh86).

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The earlier you start investing your money, the better

On the other hand consider Mr. Githinji, age 34, who invests $2000 annually into the same scheme over 30 years. At age 65, Githinji will have $328,988.

In this example, Otieno, who began investing early has $225,000 more than Githinji during retirement having saved only for 10 years as compared to his friend who saved for 30 years.

Tip: Investing early allows you to develop disciplined spending habits by focusing on your budget and cutting expenses when needed. Moreover, you can take advantage of compound interest rate to grow faster.

Examples of good investment options: Stocks, Real Estate, Ecommerce…retirement schemes would also be an ideal bet.

 

Finally;

It feels good being a billionaire, so dream big. But don’t spend too much of your time dreaming. Get up and start working hard and smart.



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