To understand how to become a billionaire.
- The world's first billionaire was John D. Rockefeller, who built his wealth on the petroleum business.
- There are an estimated 536 American billionaires and 1,826 worldwide.
- Not all billionaires live luxurious lives with flashy cars and giant houses. Warren Buffet still lives in a modest house in Nebraska he bought over 30 years ago, and David Green (CEO of Hobby Lobby) flies coach class on commercial airlines.
- An overview of billionaires suggests that building this level of wealth takes time. The average billionaire is 63 years old. Education can factor but is not crucial. Some billionaires have PhDs, whereas others dropped out of college.
- Tech, finance and real estate are the top industries creating billionaires.
- Some advice to building wealth includes: find your own niche and do not attempt to copy others, set big goals, be totally committed, don't be afraid to fail, don't overlook the details, build a good team and never forget the customer.
- Innovating and investing well are the main ways entrepreneurs can become wealthy.
- Entrepreneur Magazine has 5 strategies existing billionaires used to gain wealth: 1) Create something that adds an abundant amount of value to the world; 2) Create a consumable product that people love; 3) Insert yourself as a service provider into a high-growth industry; 4) Find a way to improve communications or connection online.; and 5) Invest in real estate and grow your portfolio over time.
- Rafael Badziag published "The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success," where he shares how 21 billionaires made their wealth.
Proposed next steps:
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We propose leveraging and expanding upon these Early Findings to 1) Research and describe common traits, attributes and advice on how one can become a billionaire. We will pull from examples of billionaires who built their wealth through entrepreneurship/business (not inherited, oil/gas or real estate); and 2) Compose a list of 10 billionaires who may be interested in mentoring. These billionaires will be someone who lives life from a place of compassion/care/kindness, built their wealth through entrepreneurship/business (not inherited, oil/gas or real estate), in their 40s and male.
We can also compile a list of 10 top-rated books that are recommended reading for someone who is interested in becoming a billionaire.
We can also build a list of the 10 most philanthropic billionaires in the world. This would also describe/cover how they balance building wealth with helping others.