The Three Components of Billionaire Intelligence
A few caveats as you assess your level of billionaire intelligence:
- Not all of the self-made Super Rich think the same way or take the same actions. But there are clearly discernible trends and patterns that are instrumental in many of them becoming astoundingly wealthy.
- The same mindset and behaviors are also often characteristic of extremely successful people who are not exceptionally wealthy. Instead, they have applied themselves in areas outside the line of money—such as politics and philanthropic endeavors.
- Knowing the thought patterns of the extremely wealthy and what to do to amass a substantial personal fortune is woefully insufficient. Doing must accompany the knowing. We can divide what it takes to amass a substantial personal fortune into three components of billionaire intelligence.
Component #1: Know-How
Although essential, this is the easiest aspect of becoming very Super Rich (or even moderately wealthy). The information and insights are available in many places, and many of the concepts and ideas, processes, and methodologies are applicable in various aspects of life beyond making lots of money. Still, you have to know what works and what does not work in different scenarios—such as negotiating deals, maximizing the value of your relationships with others, and using moments of failure to refine your focus.
Component #2: Proficiency
Proficiency can be learned in many ways. Some people learn by trial and error, some by observing others, and still others learn in instructional environments (including mastermind groups and coaching sessions). We see that many of the most successful people become proficient using a combination of all three methods.
Important: To get good, you have to do! You cannot become proficient unless you take action, which can be much more difficult than gaining the know-how. Not only do you have to take action, but those actions also must be effective. Part of the proficiency-building process is the feedback you get when you act.
Component #3: Drive
How committed are you really to becoming extremely wealthy? Drive is almost always foundational to becoming Super Rich. Indeed, it’s usually the underlying driver of the self-made Super Rich’s success.
If you are a capable business owner or professional, for instance, you can potentially become a millionaire by doing what you do capably. The nature of your business or profession can make you moderately wealthy. You don’t have to be especially driven to become affluent, as it can happen during the course of your career. On the other hand, if you want to maximize your probability of becoming extremely wealthy, you have to devote a disproportionate amount of time and energy to building a truly sizable personal fortune. Being committed to becoming extremely wealthy does not guarantee it will happen. But without the commitment, the odds of you amassing great wealth fall precipitously. Drive can take a number of forms. For example, your primary motivator can be building a truly exceptional company. Most driven entrepreneurs understand, appreciate and even rejoice in the fact their business success is accompanied by substantial personal wealth.
Note: Being driven entails making considerable trade-offs in your life. As such, it is the hardest aspect of becoming seriously wealthy. A serious commitment to building great wealth can mean reducing or even forsaking commitments to other people whom you value and who value you.
Upon reflection, you might decide you don’t have all the elements required to build serious wealth. For example, you might decide that you want to prioritize your family over extreme wealth creation—either by choice or because of a family need. That’s okay! We find that most people—even successful ones—don’t possess what it takes to reach Super Rich or billionaire status. If they did, there would be a lot more billionaires in the world.
If you do believe you have what it takes, you have a lot of work ahead of you—so get prepared to take on those tasks with gusto. Your efforts to achieve great wealth may be strengthened by working with one or more financial professionals who can help you position your assets optimally for growth.
Like what you read? Be sure to check out Molly on the following social media and give her a follow!