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Lessons From Self Made Billionaires
We bring you lessons from self-made billionaires to point you in the right direction
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
- Understanding the magnitude of the return or loss
- Multiply the probability by the magnitude (probability of winning * value of win) — (probability of losing * cost of the loss)
- Add up and subtract all of the expected returns and losses
- To get started you don’t need to know the exact probabilities. Just following the process will give you unique insights you wouldn’t have had otherwise.
Use Decision Trees
Elon Musk uses decision trees to make big decisions (a tool that uses a tree-like graph or model of decisions and their possible consequences, outcomes, and resources). They are particularly useful for avoiding stupid risks and big bets that aren’t likely to succeed.
Most became a billionaire by making unlikely big bets, as their expected return statistically was much higher than safer bets.
Build Deep, Long-Term Relationships
One of the best ways to get information is not from just being better at searching Google, it’s from learning how to build a network and get the information you need through that network.
This network should include people’s lessons learned and hacks, topics that are too sensitive to talk about because they make someone look bad, and tacit knowledge (knowledge that people have but aren’t able to articulate).
“Number one: Sales cures all. There has never been a company in the history of companies that has ever succeeded without sales. Anybody who has ever told you, ‘Don’t worry about sales, you can grow it and worry about sales later,’ they are lying to you. They will fail, you will fail. You have to be able to sell and do you know who the biggest salesperson in your company has to be? You.”
MARK CUBAN
“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”
JEFF BEZOS
“What I love doing is creating things I can be proud of, and if you create things that you can be proud of, the byproduct of that can be that you become a millionaire or you become a billionaire, because people like what you’ve created.”
RICHARD BRANSON
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 themselves to slack off.
You can’t be successful if you don’t hone your skills. Limit the distractions and temptations that hinder your progress, show up and be eager to grow your skills.
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.
“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.”
SARA BLAKELY
Everybody wants to be successful — however, not many actually make it a reality.
The difference between self-made billionaires and the rest of the pack is that they don’t leave their achievements up to chance. Instead of waiting for success or wealth to fall in their lap, they take actionable steps every single day to inch closer to the finish line.Becoming a billionaire might seem like an impossible pipe dream, but the amount of self-made ones is increasing every year.
1) They’re frugal
If you take a look at self-made billionaires, you’ll notice they aren’t constantly pursuing fancy handbags or shiny sports cars. Take Mark Zuckerberg, for instance, who has over 50 billion dollars and drives a Volkswagen Getta.Really successful individuals know that true luxury is being able to pursue their dreams, instead of being shackled to their spending. So they make a daily effort to grow their wealth and use it on future endeavors, instead of blowing it on the latest “must have” purchase.
2) They’re lifelong learners.
Self-made billionaires take time to study the trends, concepts, and financial news each day to become an expert in their field and stay up to date on what’s current. Many trade publications and blogs exist to help keep you current on what’s important so you can get ahead.
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