Saturday, April 28, 2007

Why You and I are not a Billionaire

People always are wondering, why am I not rich? Or, why can’t I make as much money as so-and-so? The answer is, that being rich is merely a state of mind. The excuse to why you are not yet a millionaire is really not because you don’t make enough money, its the way you use your money that determines why you are not yet a millionaire. I would highly recommend reading Donald Trump’s book, Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life, and everything he says really does make sense.

The reason that you do not yet have millions in the bank is because you do not think like a millionaire/billionaire. Here are ten ways to think more like a millionaire, according to Donald Trump (with some additional inputs from me):

1. Don’t take vacations. As Trump says, if you have a job that makes you feel as if you need to take vacations, you’re obviously doing the wrong job. I think there’s an adage that perfectly describes this concept: “The man who loves his job never labors.” If you find the perfect job, you won’t really be working, and you won’t have to take vacations. I would like to add on the concept of playing in working. Why just work, work and play like how we used to when we were kids. We never felt tired and bored from playing. We never wanted to stop playing, we just kept going on. There was no vacation, it was joy and fun everyday.

2. Sleep is for the weak. Donald Trump says that he only sleeps four hours a night (from 1am to 5am). If you are awake longer than you’re competitors, you already have an upper hand over them. Someone who is sleeping 10 hours a night is much less likely to do better than someone who sleeps around half of that amount of time. Plus, it gives off the aurora that you are omniscient (everywhere). If you’re an owner of a business and you always seem to be awake, even at the late hours of the night and the early hours of the morning, you’re a lot more likely to gain the respect and admiration of your employees.

3. Have a short attention span. People are prone to talk a lot of fluff, especially if you are in a position of power. If you have a short attention span, you’re very likely to get done with interactions with people much faster. Donald Trump says, regarding his interactions with people: “I’ll know what they’re going to say before they say it. After the first three words are out of their mouth, I can tell what the next forty are going to be, so I try to pick up the pace and move it along.” Keep things short and precise and always think ahead.

4. Don’t depend on technology. This is kind of ironic for me to say, since I have been in the internet industry for 10 years and currently working in a mobile advertising startup and posting blogs, but Trump makes a valid point. An email is not as effective as paying someone a personal visit or at least giving them a phone call. Emails lack intonation, and it is very hard to convey emotions through an email. Donald Trump doesn’t even have an ATM card! And my dad even mentioned in his blog that successful people are less likely to even carry mobile phones. You should count how many types of devices you are dependent on and start planning how to be less dependent on them. Life just get more complex with better technology right?

5. Being underestimated is a good thing. When your opponents and competitors underestimate you, it allows you to take advantage of their mistakes and surprise them. Being underestimated is most always a good thing, for example, if you’re playing poker with a bunch of poker veterans, chances are, they’ll underestimate you and never think you’re capable of taking their money. Also, when you’re underestimated by people, and they hear of your accomplishments from other sources, their admiration and respect for you will multiply almost immediately. Its always the best policy to be humble. In your quest of acquiring more wealth, your real challenge is to continue to remain humble. Wealth could certainly change a person and most of the time its for the worst. Keep your head up and never lose sight on who you are.

6. You are a one-man army. You not only have to plan everything in your life like a general or commander-in-chief would do, but you have to get down and dirty and execute your plans as a soldier would do. If you keep thinking yourself as just the general of your one-man army, well, your just never going to get anything done, are you? You have to be a very smart one-man army also.

7. Success Leads to More Success. As you’ve probably heard: Actions speak louder than words. You’re going to impress people much more by results and your success rather than anything that you can possibly said. If you are still young and have not yet had a success, Trump says you have to “create the impression of success”. Its much easier to make deals with people once they see that you are successful. It is said that everything that Donald Trump touches turns to gold. If you have a reputation like that, who wouldn’t want to do business with you?

8. Ponder each decision carefully. The only way your going to make bucket loads of money is through a vast number of decisions throughout your career. Donald Trump says that people should “treat each decision like a lover”. He calls the decisions that people can decide upon immediately “love at first sight”. He goes on to say that when you have a meeting to hear different opinions before taking a decision is like asking all your friends what you think of the person you are currently dating. Decision making is a crucial part of making money, and you have to learn how to trust your instincts and your gut, because they are usually always right.

9. Trust your family. Friends are good to have, but you have to trust your family. If you have good relationships with all your family members, you’ll be successful. You need your family, and a healthy relationship with your family members will help you out in the long run. Blood runs thicker than water, and if you have treated your family members right, they will be much more trustworthy than any friend you can possibly have and I can definitely be an authority on this having experienced and winessed it many times in my life.

10. Curiosity didn’t kill the cat. Successful people throughout history have always been curious. Curiosity and innovation has always lead to the best ways people make money. They see a problem in the way things currently are, and then they improve them. If you are trying to understand everything in the world, you’ll be more alive to your surroundings, making you much sharper. It has been said that every piece of knowledge you learn will always be used.

I hope you found this post informative, and if you liked it, I really recommend you buy some of Donald Trump’s books, they are quite informative as well as an easy read.

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