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“Child Entrepreneurs”? Ten Things Wealthy People Who Built Their Wealth in One Generation Have in Common

ZUU Online SG logo ZUU Online SG 12/10/2018 ZUU
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John Rampton, a wealthy entrepreneur who used to think that the “dream of becoming a millionaire was inconceivable,” studied articles related to various wealthy people, and observed millionaires. It turned out that there are multiple points that all these millionaires had in common. Rampton is the founder of the startup Due and was ranked third in the “Top 50 Online Influencers in the World” by “Entrepreneur Magazine”. What kind of qualities and experiences are needed to build great wealth from scratch?

Being a child “entrepreneur” and earning from it

The quality of one’s success is said to emerge during childhood.

Warren Buffett was six years old when he started selling gum and Coca-Cola to his neighbors, and Mark Cuban was 12 when he started selling garbage bags door to door to get money to buy the basketball shoes he wanted. Charles Schwab was involved in a wide range of businesses as well, such as selling nuts he found in the forest and selling the eggs of the chickens he raised at home. These self-made billionaires were full of the ideas and energy of entrepreneurs since their childhood.

Aiming to achieve more than the expected results

Many successful people are hard workers who hate losing right from childhood. They always work and surpass expectations in different fields such as studies and sports.

Millionaires are never satisfied. If they earn $1 million, they will aim for $10 million next, then $100 million and so on. Having the characteristic of always looking forward and never looking back is a quality shared by successful people.

Preferring to earn more rather than saving

Saving is a very wonderful thought, but from the perspective of “increasing” assets, there is a limit to only saving them.

Wealthy people dislike waste, but that does not mean they are constantly saving. They steadily increase their assets by actively investing while balancing savings and spending.

The investment methods used by self-made millionaires and billionaires are characterized by making investments into a wide range of things from stocks and real estate, product ideas to businesses and children’s education.

Flexible thinking

Wealthy people who built their own wealth are the owners of a “malleable brain”. They are not biased, or prejudiced and they incorporate new ideas without hesitation. One cannot predict when an opportunity will come.

If you are afraid and think that there is “no precedent”, “no knowledge or experience”, or that “it may fail”, you may miss an opportunity. It is important to look at the positive side and make the best use of these opportunities.

Blessed with a mentor

Many successful people acknowledge the existence of mentors (leaders) who have had a positive influence on their lives. This positive influence later led to great success. Mentors can be parents, bosses, friends, colleagues or even rivals.

If you have not yet met such a person but want to be rich, suggests Rampton, you should actively interact with wealthy people. Not only is your ambition stimulated when you are around wealthy people, but through these encounters, you may meet mentors and investors.

Jeff Bezos, who became the richest man in the world, says that “Life’s too short to hang out with people who aren’t resourceful,” (Brainyquote) and explains that the importance of human relations is a step to becoming successful.

Being Optimistic

When things do not go as planned and when expectations are not met, many people blame their surroundings and not themselves. However, if you aim to become a millionaire or billionaire, instead of advocating complaints, you should make the most of the problem and treat it as a challenging opportunity.

Ray Dario, who is known as the hedge fund emperor, has acquired skills to respond to his own failure positively. “Treating a problem like a puzzle that will result in a prize when you solve it” gets him through his own failures.

Don’t be unnecessarily pessimistic about problems and strive to bring out the best results from the worst situations. Being able to optimally accept failure as a trial is a method from which you can judge the “wealthy characteristics” within you.

Being sensitive to the movements of the world

Self-made wealthy people start their morning by reading the news. Things such as what is going on in the world right now, what society is paying attention to, information that can be useful for business or investment, and what will attract attention in the future can be obtained from reading the news.

Buffett and Gates are billionaires that are fond of reading. It is important not only to read the news but also to read books in various fields and continually gain knowledge.

Do not pay attention to the evaluations or opinions around you

If you care about what people around you think of you when you do something, you won’t be able to demonstrate your abilities to the fullest. Millionaires and billionaires do not care about the opinions and views of those around them and have the mental fortitude to go their own way.

Apple’s founder, Steve Jobs, has left us with the words: “Your time is limited, so don’t waste it living someone else’s life.”

Strong ambition

Another point that wealthy people have in common is that they are highly motivated. They always aim high without compromising their current situation. They maintain high goals and motivation while absorbing knowledge and experience through various challenges.

Drink but don’t smoke

According to Rampton’s survey, “drinking alcohol raises social capital and outstanding market results.” Men who drink alcohol at social occasions have 21% more income, and for women, the value is 8% higher than that of those who do not drink.

He says that many wealthy people do not smoke because they believe that smoking will not provide cost-effective results.

Here are some other interesting articles you should check out:

・The Best Jim Rogers Quotes

・The Best Warren Buffett Quotes

・The Best Ray Dalio Quotes

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