5 essential skills you need to become a billionaire

5 essential skills you need to become a billionaire

Are you an ambitious person looking to make a billion dollars in your life? here are 5 essential skills you need to become a billionaire.

It’s been a long time since I set my personal goal of becoming a billionaire. If you read this corporate blog regularly, you should be aware of my goal and how I plan to achieve it. If not, let me give you a quick idea of ​​my goal. In 2010, I set myself a personal goal of becoming a billionaire and then explained in detail how to become a billionaire, why I want to be a billionaire and how I will achieve my goal.

“Most people think little, because most people are afraid of success, afraid of making decisions, afraid of winning. And that gives people like me a big advantage. “- Donald Trump

Now, for those of you who are big thinkers and driven to achieve big financial goals, I think it’s worth sharing with you some of the essential skills you need to achieve your goal, even if your goal is to retire with a million or a billion dollars. you will definitely need these skills.

Before I get into today’s topic, I want you to know that the path to achieving my goal has been a great learning experience. To be honest with you, it was not an easy trip so I do my best to focus on my professional and personal goals; I try not to hang on to the goals.

“Money has never been a big motivation for me, other than a way to score points. The real thrill is playing the game. “- Donald Trump

“Create wealth as a by-product of your business success. If wealth is your only goal in business, you will likely fail. “- J. Paul Getty

Now, to reach great financial heights, you definitely need a certain type of mindset and skill. To develop the mindset of a billionaire, I suggest you read the articles “How to think like a billionaire” and “17 unusual traits of billionaires”. After developing the right mindset, develop your skills further.

“Skills make you rich, theories don’t.” – Robert Kiyosaki

As I pursue my goals and grow my business, I have also taken proactive steps to improve my skills. I attended seminars, read books, listened to tapes and organized one-on-one consultations with experts. I also get mentoring advice from other entrepreneurs and investors who are ahead of me in the game. Now what skills do I intend to develop? ? You will find your answers below.

“One of the dumbest things is pretending to be smart. When you pretend to be smart, you are at the height of stupidity. “- Rich dad

“Seek risk advice from the rich who still take risks, not from friends who dare nothing other than betting on football.” – J. Paul Getty

5 essential skills you need to become a billionaire

1. Financial management skills

“The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left. “- Rich dad

The first and essential skill you need to achieve your financial goals is financial management. Without financial management skills, forget about becoming a millionaire or billionaire. Business and investing is a game, and money is how we account in a game. To be financially successful, you must know how to manage your money; You should also know how to control your income and expenses.

“Your money should be a good bird. This will help you find a bird, catch a bird, and then chase another bird. Most people’s money acts like a flying bird. “- Rich dad

Another important element that you need to effectively control is your debt ratio. To achieve great financial goals, you need to know how to take on debt wisely and use debt to your advantage. Debt in the world of money is a form of leverage, but you need to have money management skills to control and use debt to your advantage.

“Be careful when you take on debt. If you are in debt, make sure it is small. If you have a lot of debt, make sure someone else pays it. “- Rich dad

“The most important word in the world of money is cash. The second most important word is leverage. “- Rich dad

2. Sales skills

“Selling is the number one skill in business. If you can’t sell, don’t consider becoming a business owner. “- Rich Dad

One of the most important jobs of an entrepreneur is to sell; but unfortunately most people hate to sell. Why? People hate to sell because they are afraid of rejection. If you want to be a successful entrepreneur, you need to hone your sales skills.

“I never felt like I was in the cookie business. I was always in a good mood. My job is to sell joy, my job is to sell happiness, and my job is to sell experience. “- Champs Debbie

3. Leadership skills

“Great leaders go out of their way to increase the self-esteem of their staff. If people believe in them, it’s amazing what they can accomplish. “- Sam Walton

One of the challenges of being a big thinker and having big financial goals is that you have to be responsible; You have to be at the forefront. People are naturally afraid to step out of their comfort zone, so they will stand out from you. No one will do the dirty work for you; since you’ve set a goal, you need to get the job done. This puts you at the forefront of the quest.

“I’ve been an engineer since my first day at Oracle and I’m still in engineering. I have meetings every week with the database development team, the middleware team, and the application team. I’m doing engineering and will do it until the board chooses me out of there. – Larry Ellison

Second, if you want to be a billionaire alone; then you can also drop the goal now. Why? The reason is that business and investing are team sports; You can play alone to win, but you cannot play alone to win big. Just as money management involves effective cash management; leadership involves effective management of human resources. To become a billionaire, you must have the ability to attract smart people and build great business teams.

4. Accounting skills

“Accounting is the language of business.” – Warren Buffett

Lack of accounting skills is the reason why most successful people become poor again. To be successful in life and business, you need to at least know the basics of accounting. You need to know the difference between an asset and a liability, gross profit and net profit. Most importantly, you need to know when to spend more and also know when to cut back.

“If you’re strapped for cash, you need to cut your cash flow. Leaders must make and live with these decisions, no matter how painful they are. You must act and act now; and to act in the best interests of the company as a whole, even if that means that some of the people in the company who are your best friends have to work elsewhere. – Larry Ellison

“Managers who think about accounting should never forget Abraham Lincoln’s favorite puzzles: ‘How many legs does a dog have if you call it a tail? The answer is four, because calling the tail a leg does not make a leg. “- Warren Buffett

5. Invest the skills

“The rich invest in time, the poor in.” – Warren Buffett

It doesn’t matter how smart you are and how smart your team is; You can never take advantage of all the opportunities that come your way. So sometimes you just need to give your money to other entrepreneurs and investors; and hope they do a good job with your money. Now the problem is to identify the right investment opportunities?

“Never invest in a business that you cannot understand.” – Warren Buffett

How do you distinguish a good investment opportunity from a bad one? How do you define a competent management team from an incompetent team? How to assess the risk of return on investment? What is the best investment vehicle? When is the right time to buy and when is the right time to sell? How to spot trends ? This is where your need for investment skills comes in.

“Buy when everyone else is selling and keep when everyone else is buying. It’s not just a catchy slogan. This is the essence of successful investments. – J. Paul Getty

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