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7 Things That Self-Made Billionaires Do Differently

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https://medium.com/accelerated-intelligence/8-things-that-self-made-billionaires-do-differently-26399196feb3

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7 Things That Self-Made Billionaires Do Differently
Fascinated by this question for my whole career as a serial entrepreneur and writer, I've read more billionaire entrepreneur biographies than I can count, researched what they have in common, and met and interviewed several. Without a doubt, luck plays a central role.

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Using Decision Trees

  • Understand the different outcomes that could happen (both positive and negative)
  • Calculate the expected return or loss of each outcome
  • Attach a probability to each outcome
  • ...

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Checklist To Avoid Stupid Mistakes

  • Brainstorm as much as you can to avoid availability bias (choosing the first solution that comes to mind rather than the best solution).
  • Test as many potential solutio...

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SIMILAR ARTICLES & IDEAS:

“If something is important enough, even if the odds are stacked against you, you should still do it.”

Elon Musk

Hustle Early In Life

Elon Musk (Founder Of Spacex, Tesla Motors And Contributor To Paypal): Musk, at 12 years old, taught himself to code and sold a game he made for $500. When he moved to Canada, he worked odd jobs including tending vegetables, shoveling out grain bins, and cleaning out gunk from a boiler room in a lumber mill.

In university, Elon sold computer parts to make extra cash and turned his 10 bedroom fraternity home into a nightclub on the weekends and charged a cover. Since then, he’s built several companies, including SpaceX, Tesla Motors, PayPal, and zip2.

“It’s important to be willing to make mistakes. The worst thing that can happen is you become more memorable.”

“It’s important to be willing to make mistakes. The worst thing that can happen is you become more memorable.”

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5. Read For Immediate Rewards

Studies show that there’s correlation between human behavior change and immediate rewards. Receiving immediate rewards releases dopamine in our brains, which compels us to seek more of the a...

4. Use Triggers to Your Advantage

We often start habits and drop them a few days later. To combat this, you can use triggers to remind you to practice the habit. Examples of triggers:

  • Reading at the same time everyday will prime your brain to automatically trigger itself to begin reading.
  • Leaving your books in places you will easily see is another trigger. If you read books digitally you could pin your tab so it’s always in your visual perspective.

3. Stop Before You’re Finished

Studies indicate that the Zeigarnik Effect is real. It says you are more likely to recall uncompleted tasks than completed ones.

Knowing this pattern of our brains, we can trick it by forcing cliffhangers when we’re reading books. It’s hard to stop reading in the most interesting part but it will make you want to start reading again.

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Never Lose Money

  • Rule No 1: Never lose money.
  • Rule No 2: Never forget rule No. 1.

If you work from a loss, it's much harder to get back to where you started, not to mention ea...

High Value at a Low Price

  • Price = what you pay.
  • Value = what you get.

You lose money when the price you pay does not match the value you're getting. For example, when you're paying high interest on credit card debt or spending on stuff you hardly use.

You gain money when you look for opportunities to get more value at a lower price: For example, buying quality merchandise when it is marked down.

Form Healthy Money Habits

Most of your behavior is habitual. You can change your habits and the earlier you start, the better.

Saving is a habit. Learn the habits of saving properly early. Pay attention to your money habits. Strengthen those habits that help your finances, and break the habits that hurt your finances.

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Charlie Munger
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time ..."

Charlie Munger

Learning is an investment

Benjamin Franklin said, “An investment in knowledge pays the best interest.”  It's the reason Warren Buffett (& other successful individuals) spends 80% of his time reading. 

Intellectual Capital

Knowledge is the new money. While goods and services are becoming demonetized and replaced by machines, knowledge is becoming increasingly valuable.

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The Secret Sauce: Motivation

Successful and rising entrepreneurs have a key behavior trait that propels them towards their goals: Motivation towards that goal, the constant fixation in their minds to what they want to achieve....

Define your Purpose

Successful entrepreneurs know what they want in life, and what is the purpose of their existence. They have chosen a destiny and defined their purpose of living.

Everyday Motivation

Successful entrepreneurs have a system, a daily set of habits, a power routine that defines their work ethic, eventually defining the course of their lives.

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Practice Discipline

Billionaires are often highly disciplined and set extraordinarily high standards for themselves and the people around them. Of course, they have lazy and unmotivated days but they don’t allow thems...

Commit To Routines

Routines and rituals are sets of habits that, when practiced consistently, lead to profound, long-term results. Most billionaire routines start early in the day and include exercising, reading and contemplating.

It doesn’t matter when you do your routine activities. What counts is that you commit to doing them — even when you don’t feel like it.

Contemplate

Billionaires love setting aside alone time. .. To think. They might do this by meditating or some other relaxing activity they enjoy.

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“The one easy way to become worth 50 percent more than you are now — at least — is to hone your communication skills — both written and verbal” - Warren Buffett.

 “....Of course, it is no use being a good storyteller if your product or idea is rubbish. But it is not enough to create a great product; you also have to work out how to let people know a...

 “....Of course, it is no use being a good storyteller if your product or idea is rubbish. But it is not enough to create a great product; you also have to work out how to let people know about it.”  - Richard Branson

The five-hour rule

No matter how busy successful people are, they always spend at least an hour a day (thus five hours a week) learning or practicing. And they do this across their entire career.

Bara...

Read

Besides expanding your knowledge, reading can give you a good head start; this is often what your peers cannot obtain. 

Even if you can't commit to an hour or more of reading every day, start with 20 to 30 minutes.

Reflect

The five-hour rule also includes reflecting and thinking. This could be just staring at the wall or jotting down your thoughts.

Focusing on the past gives you a chance to learn from mistakes you've made, as well as assess what you did correctly. As a result, you’ll be better suited to achieve your goals and improve your life.

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