They say the best way to become a billionaire is to act like one. You can find the secrets of billionaires in their values, beliefs and strategies which, if you study them, can guide you to great wealth. Strange as it may seem, extremely wealthy people are driven not by the pursuit of wealth but by a higher purpose. Take Warren Buffett who has become one of the wealthiest people in the world by investing in shares through his company Berkshire Hathaway. Buffett still lives in the same house he bought when he first married, and continues to live a frugal lifestyle despite having a net worth of around $US87 billion. He has pledged to give away most of his fortune. For him, investing is simply a game of numbers that he excels at and enjoys. The wealth Buffett has created is merely a consequence of this achievement.
Jeff Bezos, founder of Amazon, is the world’s wealthiest person. Highly intelligent and highly ambitious, he is described as being driven by a relentless need to prove himself. He simply doesn’t want to get old and have regrets about what he could have achieved and didn’t.
For Elon Musk, co-founder of PayPal, Tesla and Space-X, the driving forces are his desire for the world to have sustainable energy production and consumption and for humans to be a multi-planet species. He operates on the brink of what could be either financial ruin or the generation of massive wealth because to him, it is not the money that is important, it is the achievement of his goals.
Values, beliefs and strategies are things that allow billionaires to grow their wealth. Deducing what these are by reading their biographies and watching interviews with them is a great way to learn the secrets of wealth creation.
Liz Koh is an Authorised Financial Adviser. The advice given here is general and does not constitute specific advice to any person. A disclosure statement can be obtained free of charge by calling 0800 273 847. For free eBooks, go to www.moneymax.co.nz and www.moneymaxcoach.com