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Article By: AAG Advisor
Multimillionaires and billionaires adopt specific mindsets and attitudes – and take select, focused actions – that help them generate their tremendous wealth. Discover some of their key rules and how to adopt them yourself.
What does it take to become a billionaire – or even a multimillionaire? If you think there’s no single right answer, you’re correct. There are actually seven components to building a pathway to becoming extremely financially successful.
So says Russ Alan Prince, one of the leading authorities and consultants in the area of private wealth. He’s distilled a collection of insights and intelligence he’s identified among the many multimillionaires and billionaires he’s worked with over decades into what he calls the Billionaire Money Rules – and he recently shared with us his perspectives on these important mindsets and action steps.
It probably won’t surprise you to learn that Prince discovered that most successful, wealthy people are interested in becoming even wealthier and more successful. Think about what happens when you reach a goal in your life: Chances are, you get motivated to keep going and see how much more you can accomplish.
But what is it that drives successful, affluent people to keep growing their wealth? It’s not greed, which is the assumption that lots of people make. There are exceptions, but generally speaking, the pursuit of wealth simply for the sake of more wealth is not a key driver.
Instead, we find that the affluent generally are driven by a few key goals: Taking care of their families, and supporting charities and causes that are important to them. Some even want to become extremely wealthy so they can have a big impact on the world at large.
For example, take one group of successful people we’ve studied over the years: entrepreneurs. Among successful business owners who want to be wealthier, 94 percent say it’s because that would enable them to make sure their loved ones were financially taken care of. And more than 70 percent of this group are tremendously charitably inclined. So they see more wealth as a way to do more good. Additionally, about one in eight successful business owners is considering ideas and projects tied to his or her business that will change the world in a very positive way. These possibilities are, at their core, extensions or variations of the owners’ businesses.
And by and large, those same drivers are found among various types of affluent cohorts – they’re not unique to business owners.
So just how driven do you have to be to attain a level of wealth that would make it likely you could achieve those goals? The fact is, there’s no one level or range of net worth that is the right answer for all affluent people. So much depends on how an individual defines terms like “loved ones” and “taken care of” and “change the world.” A wealthy couple with one heir likely has different numbers to hit than a couple with a huge family they want to support.
That said, to make those goals real, a level of personal wealth of at least $20 million is a good target to be thinking about. The reason: That amount is ample to give most successful people the latitude needed to take care of their families, ensure their secure financial future, meaningfully support their chosen causes and maybe even “put a dent in the universe,” as Steve Jobs liked to say. If you reach $20 million, that’s what we call “serious wealth” – and chances are you’re going to have the maximum freedom to do just about anything in life.
Of course, all that raises the issue of how to get there – or at least, how to get to whatever you decide is your own personal amount you need.
It takes discipline and focus to become seriously wealthy. By evaluating the attitudes, behaviors and actions of self-made billionaires and self-made multimillionaires when it comes to private wealth creation, we’ve identified some precise, dominant and persistent patterns – rules, if you will.
This set of seven Money Rules used by the self-made Super Rich -people who earned their wealth as opposed to inheriting it -encapsulates the key mindsets, strategies and tactics that can potentially make you seriously wealthy.
Important: Don’t fret if you don’t feel like adopting these rules en masse. Although these rules will have maximum impact if you implement them all, even following a few of them and implementing them in modest ways can enable you to generate significantly more wealth than you currently possess. The fact is, not everyone wants to make the sacrifices that are required to become Super Rich. Taking only what works for you will still get you on the right path to much greater personal wealth!
You may decide that adopting all these rules is just too much to take on – that doing so would require you to make too many compromises that would throw your life out of balance. That’s okay. The key is to determine what amount of wealth you require in order to live a life of financial freedom and financial meaning. Armed with that number, you can start to incorporate the best practices of the self-made Super Rich that will accelerate your success and get you to where you want to go!