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Are you an aspiring billionaire? You better read this.

Are you an aspiring billionaire? You better read this.

Do you want to become a billionaire? Then quit your job and forget your own path. That’s the advice of the second annual Billionaire Census.

According to the census, “Entrepreneurialism and private wealth are key to becoming a billionaire.”

There’s no mention of a lifetime of frugality, 401K, nor working the way up the corporate ladder.

If you didn’t already have the motivation to quit your job and pursue that idea that’s been rattling around in your head, you might have it after reading the report (or watching the video about it).

The census, conducted by Singapore-based ultra high net worth firm Wealth X, reveals that 81 percent of the world’s billionaires made the majority of their fortunes themselves.

Broken down further, it’s seen that 55 percent made all their wealth themselves, and 26 percent inherited a portion of their wealth and converted it into billions.

The other biologically blessed 19 percent of billionaires inherited their entire fortune (You’re the best, mom and dad!).

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    One-hundred and fifty five folks joined the illustrious billionaire ranks over the past year, swelling numbers to 2,325.

    Wealth X predicts that by 2020 there will be 3,873.

    So get crackin’, that’s 1,548 spots waiting to be filled!

    Like a mirror of an Olympic medals table, the USA sits atop the list of billionaires with 571, well clear of China in second place.

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      The census comes with no specific directives about which industry to deploy your plan in to reach that elusive billion.

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      It suggests that there are billions to be made in most areas; though there is a predisposition for the finance, banking and investment industries.

      What is clear is that working for “The Man” for a lifetime is almost guaranteed not to reward you with billionaire-scale riches.

      It shows that entrepreneurial grinding and hustling is the best road to a billion dollars. A little startup cash doesn’t go astray, either, as 26% of billionaires will attest.

      Combined, the world’s billionaires are worth $7.3 trillion. The top four are each worth more than $50 billion.

      world map

        That’s a hell of a lot of money even they couldn’t afford to complete construction of the Death Star.

        On average, the members of the Billionaire’s Club keep $600 million of their assets in cash. You know, just in case.

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        Shaking the newfound perception of youthful tech billionaires, the census shows the average age of billionaires is 63, and it typically took around 45 years for each of them to reach a billion dollars.

        So don’t be so down on yourself if you’ve reached 30 without making your first billion.

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          A college degree isn’t mandatory to reach the billionaire level, according to the census, but it does help.

          Thirty-five percent have no degree, compared to 65% who completed their studies.

          Just over one-fifth of the world’s billionaires hold an MBA.

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            The University of Pennsylvania (Go Quakers!) is responsible for the most billionaires, making their founder Benjamin Franklin proud and further justifying his place on the $100 bill, by churning out 25 billionaires.

            The super wealthy have a tendency to give, on average they each donate $100 million to charity over the course of their lifetime.

            A billion dollars is a long way off for most entrepreneurs, especially those starting out.

            It is a goal that sneakily creeps into the mind of any budding business owner. But be careful not to become to enamoured with this distant monetary halo.

            Focus on providing value now, that can bring the fortunes later.

            Alternatively, if you’re not planning to start your own business and don’t have any billionaire relatives nearing the end, there’s always the, ahem, “other” way to make yourself a billion: 3.1 percent of billionaires are single.

            Check out the full report here: http://www.billionairecensus.com/home.php

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            Published on November 20, 2018

            The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

            The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

            The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

            Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

            In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

            Why Your Past Prevents You from Saving Money

            Are you constantly thinking about your financial mistakes?

            If so, these thoughts are holding you back from saving.

            I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

            It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

            For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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            How to Effortlessly Track Your Spending

            Stop manually tracking your spending.

            Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

            When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

            Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

            The Truth on Why You Keep Failing

            Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

            Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

            Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

            If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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            Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

            Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

            1. Save more than 50% of your available money (after expenses)
            2. Only buy nice things after saving
            3. Automate your savings with automatic bank transfers

            These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

            How to Foolproof Yourself out of Debt

            Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

            So how can you separate yourself from the 60%?

            By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

            This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

            For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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            Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

            A Proven Formula to Skyrocket Your Savings

            Having proven systems in place to help you save more is important, but they’re not the best way to save money.

            You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

            What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

            Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

            Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

            During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

            Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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            Transform Yourself into a Saving Money Machine

            Saving money isn’t complicated but it’s one of the hardest things you’ll do.

            By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

            The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

            Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

            Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

            What are you waiting for? Go and start saving money, the sky is your limit.

            Featured photo credit: rawpixel via unsplash.com

            Reference

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