The difference between millionaires and billionaires

I never did it for what money brought me, even though money keeps the score; I did it purely for the success.

- PETER HARGREAVES, self made billionaire #BillionDollarGoldNuggets Tweet

I recently read a fantastic book by Rafael Badziag called “The Billion Dollar Secret” which I would highly recommend you read because it shows there’s a gap between the way millionaires and billionaires operate their businesses, go about their daily routines and even how they think.

I had no idea there’d be a noted difference, but Rafael Badziag spent five years interviewing 20 self-made billionaires around the world to discover what that is.

Now before you think this is completely irrelevant to your own life, there are many insights that Mr. Badziag uncovered that rhyme with the same principles other success coaches such as Tony Robbins, Jack Canfield, and Bob Doyle have also discovered help people become more successful with regards to living out their passions and life purpose in an abundance of wealth.

The billionaires in this book cited takeaways I’ve heard before, including taking responsibility for yourself and for who you surround yourself with and to make sure you’re an optimist. As Tim Draper, the legendary Silicon Valley VC investor is quoted as saying in the book: “Optimists are the ones who accomplish everything. Pessimists don’t accomplish anything. Pessimists just give you all the reasons why it’s not going to work.”

Interestingly though, while millionaires typically cite many of same inspirational insights from world leaders as billionaires do, one key difference I felt was that billionaires to me seemed to GO ALL OUT, ALL THE TIME. 

For example, chapter fourteen describes how one of the secrets to these billionaires’ success is to go full speed, to give 100%, to not be lazy, to not take the easy route, which is something I’ve observed that millionaires do. However the difference for billionaires is that they not only do all of these things at full speed, but they actually prefer to take the hard way rather than the easy way and then outwork everyone around them.

I only work half days... from 7 a.m. to 7 p.m.

- FRANK HASENFRATZ, self made billionaire

And it’s easy they say. It’s because they don’t feel like they’re working. They feel like their passions are completely aligned with what they do in business and so the long hours don’t feel quite so long.

If they don’t like to do something though, they ‘eat that frog first’ meaning at the beginning of the day, they ask themselves : “Who do you least want to speak to?” and “What task do you least want to do?”

Those ‘frogs’ become their top priorities for the day. They take care of their irritations first so they aren’t distracting and don’t take up space in their mind all day. It’s one of the ways they say they work more efficiently and faster than most other business people.

Put the interest of the institution and the community ahead of your personal interest.

- NARAYANA MURTHY, self-made billionaire

Surprisingly those interviewed also made sure to mention that if you want to build a billion dollar company, you need to do good for society. It’s not about you, they say. You should be solving a problem for millions of people. And if you can help millions or even billions of people, you can make a lot of money.

When you set out to help millions as part of the mission of your business, you’re also creating additional trust and goodwill with future investors of your business. You don’t do business with companies, these billionaires point out, you do business with people

They say if you’re measuring your success by the positive impact you’re making on society, you’re going to get back what you sow from others. You are truly creating your own abundance.

The author continues to point out that while millionaires have the mindset of scarcity (aka there is not enough money to go around) and sometimes donate to philanthropic organizations run by others, billionaires GO ALL OUT. For example, they build their own philanthropic organizations around the causes they care for, rather than donating amounts to existing not-for-profits. They always have the mindset of abundance – that there is more than enough to go around. 

So if you’re wondering if you’re on the path to billions of dollars rather than millions, ask yourself if you’d prefer to build something like The Bill and Melinda Gates Foundation vs. donating to The Red Cross once you’ve made your fortune. 

That may swiftly answer your question. 🙂

Book link: The Billion Dollar Secret by Rafael Badziag

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