A lot of people want to profit. Few become billionaires. Why is that the case? Some would say there is only a limited number of billionaires that the world can sustain. Others would say that there are only a few gifted people who know how to become a billionaire. If there is a common law of becoming a billionaire, then it should be able to be discovered. What common law holds true for those who hold gigantic quantities of wealth?
One thing that studies conclude is that billionaires are frequently rational. Rational is someone who lives by pros/cons. They do not make decisions based on how they or those around them feel. Billionaires are unusually rational. According to a research study, 45% of billionaires are also in the top 1% for intelligence.
If you want to become a billionaire, it is necessary to think like one. Billionaires exhibit the following characteristics, according to Psychology Today:
Billionaires do the opposite of what the majority of us who are not billionaires do. When others are hungrily selling, the billionaire is hungrily buying. When others are hungrily buying, the billionaire is hungrily selling. Being a billionaire requires doing the opposite thing that the herd is doing. It requires ignoring mainstream media and the advice of those who have not made it big (including yourself). In order to know what the herd is addicted to, you have to observe those around you. Once you know what they are obsessed with, you do the opposite.
Billionaires are far more patient than average. When others greedily grab for the cookies, the billionaire quietly makes and then sells them. The billionaire does not consume them. Delaying instant gratification is one of the attributes of those who make it big. Be the farmer who thinks of the long term apricot harvest when others are easily buying apricots on credit from the millionaire store owner. Once you have an apricot tree, you will be the one smiling.
Albert Einstein once observed that the highest level of intelligence is simplicity. Those who make it big often are those who have a simple business model that meets the popular cravings of their market. Think of Apple, Facebook, Google, or eBay. All of them simplify common things that people like to do daily. Things like using the web, shopping, friendship, and entertainment. Understand the common values that humans share. Sell them to increase your customer loyalty.
Many people who hire home builders think that their job is done once they have the home. They do not realize that the home can be used as an investment asset or entertainment center. Similarly, we often have a lot of skills and property that we are just letting lay waste. Examine what it might be. You could be missing out on high profits by letting a valuable idea go to waste in your mental cupboard.
That is why Buffett recommends spending a great deal of time just thinking. Time spent thinking and reading is time that you spend improving the likelihood that you will strike it rich. Examine the needs that the people in your area have. Analysis of Google search results show that Calgary dentist SW is a term that people search in Calgary, Canada. If everyone has a toothache, then sell toothache curing services. Examine what the people around you are willing to pay excessively for.
The ideal is to buy something that is unpopular and ignored, and transform it into something that is very popular and adored. The efficiency of the transformation process is what separates the mediocre investor from the billionaire.
Think of your competitive advantages. What do you do that others are not so good at? What market eagerly craves your services? Finding the market, or adapting to meet the market is the challenge of the wealthy. Be wise, and you will be on the path to wealth.