What Does It Take To Become A Billionaire?

The world's population is approximately 7.046 billion and according to Forbes there are 1,645 billionaires in the world. A tiny percentage of the world's population have that title. To put the number into perspective, there are approximately 13 million millionaires in the world, this is a massive gap between the number of millionaires and billionaires.


Perenna Kei is the youngest billionaire in the world at just 24 years old. She owns an 85% stake in Logan Property Holdings through different companies and a family trust. Logan’s chairman and CEO, Ji Haipeng, is her father.

So what does it take to become a billionaire, one of the world's most recognisable billionaires, Bill Gates shared some tips?

• Get Smart ~ People don't become billionaires by accident. Take every opportunity you have to ask questions, never stop learning, knowledge is power. Assess all the variables you can before making a plan ie – interest rates, tax brackets, dividends and so on.
• Start Saving ~ It takes money to make money. Make an effort to take a percentage of your pay check each week/month and put it into a savings account, accruing interest for future investments.

• Make a 5 year plan ~ Having a written plan is important as it help to focus on your goals and gives you something to aim for.

• Buy Real Estate ~ Owning property is always looked upon as a good investment as it generally appreciates in value over time.

• Invest In a business ~ Starting your own business or choosing one to invest in can be a solid way to make money . Create or choose a company with a product you are interested in and will spend time and money to improve it.

• Be Prepared to Gamble ~ you've heard the saying fortune favours the brave, sometimes you have to be wiling to take a risk for a great reward.

“Most people think small because most people are afraid of success, afraid of making decisions, afraid of winning. And that gives people like me a great advantage.” – Donald Trump

A common trait many billionaires share is that they think big. What may sound ludicrous and unachievable to some people is what turns others into Billionaires. You've heard the Brian Littrell quote “ Shoot for the moon. Even

if you miss, you'll land among the stars” If you dream big but don't quite achieve billionaire status maybe you'll make it into the millionaire category.  

The Importance of Emotional Intelligence

Emotional Intelligence is defined as; the capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.

According to leading author Daniel Goleman, what separates the the general population from the top performers is emotional intelligence.  Goleman groups emotional intelligence into 5 categories; 


Self-awareness


The ability to recognise and understand personal moods and emotions and drives, as well as their effect on others. It is often portrayed through self-confidence, self-assessment, and a self-deprecating sense of humour. And the ability to be realistic.


Self-regulation


Being able to control or redirect disruptive impulses and moods, and to suspend judgement and think before acting. Hallmarks include trustworthiness and integrity; comfort with ambiguity; and openness to change.


Internal Motivation


A passion to work for reasons that go beyond money or status. A propensity to pursue goals with energy and persistence. Hallmarks include a strong drive to achieve optimism even in the face of failure, and organizational commitment.


Empathy


The ability to understand the emotional make-up of other people. A skill in treating people according to their emotional reactions. Hallmarks include expertise in building and retaining talent, cross-cultural sensitivity, and service to clients and customers.


Social Skills


Proficiency in managing relationships and building networks, and an ability to find common ground and build rapport. Hallmarks of social skills include effectiveness in leading change, persuasiveness, and expertise building and leading teams.






Goleman has derived that it is these 5 defining factor that are most influential on an individuals ability to succeed and reach the top of their profession.  In a career spanning 30 years Goleman written and co-written 20 books, including the best seller Emotional Intelligence: Why It Can Matter More Than IQ. His research has led him to conclude that it isn't the high achievers who make the most successful business owners, while IQ does have a pivotal part to play, determining what jobs people are sufficiently skilled to do, it is ultimately their emotional intelligence that will be the main contributing factor in their success in that role.

"As a business owner I am constantly learning and was unaware of the literature on emotional intelligence until I stumbled across an article on Goleman in "Success" magazine.  Having read his study I  found myself ticking a lot of the boxes of what emotional intelligence was and found it to be a really interesting read" ~ MD at Complete One, Glen Lowes