Achieving a billionaire—or even millionaire—status can sometimes seem like chance; having good luck, being in the right place at the right time, or inheriting some sort of family money.
But self-made billionaires all have certain things in common that make it no coincidence that they’ve achieved such a level of success: they place their healthy habits, routines, and mindset at the forefront and refuse to compromise when it comes to working on their goals.
You don’t need a multi-million dollar bank account or well-to-do connections to harness the exact lifestyle choices that billionaires rely on to achieve their goals (both financially and personally). In fact, most of the habits and mindset techniques that billionaires credit to their success are, well, free.
Below, we’re outlining and examining some of the most impactful habits and mindset hacks that billionaires have been known to harness with extreme confidence and certainty.
Whether you’re hoping to join the billionaire club yourself or you just want to live a life in alignment with your goals and passions, these smart ideologies are almost guaranteed to help you along the way—as long as you’re willing to go all-in and be honest about the habits or mindsets that you need to squash in order to make way for a new way of thinking and going about life..
They’re open to learning from others’ mistakes
Billionaires know it is important to learn from history. We should learn more from other people’s mistakes, not only from their success stories.
Aside from learning from our personal failures, we also learn from others’ failures. We use those learnings to know how to deal with those mistakes and make us do a better implementation.
“We should keep in mind that there is a big chance that our ideas and solutions were already used and executed in the past,” explains Chris Von Wilpert, Founder of Content Mavericks.
“That’s why we have to dig deeper about the idea (research history). Was the idea or solution already used by people before? Did that person fail? What can you learn from their failure?”
They wake up very early—and follow a strict routine
“As we all know, having a ‘billionaire mindset’ is not an easy task, otherwise, nobody would be struggling financially in life right now. However, anyone can try and harness it, as long as you are willing to commit to following a strict morning routine,” says Neil Grant, Director at Dalvey.
Most billionaires commit to waking up early (5 AM) every single day to do some workout, meditation, read and learn new stuff. From there, they plan out everything and stick to it no matter what—year in and year out, every single day.
They recognize that criticism is part of the journey
Billionaires are used to being in challenging situations. They keep in mind that criticisms and mistakes are a normal part of the journey. They understand that there will always be people who will criticize their work, ideas, and decisions. They accept that there are people who will say no to them. They challenge themselves and push forward.
“Billionaires have high tolerance to pain,” says David Stellini, Co-founder atAllFront. “They take bets and risks no matter how many times they fail. When they fail, they get hurt but eventually pick themselves up and experiment more.”
They’re comfortable with taking risks
Taking risks and venturing the chances of failure is not always a bad thing—we opt to learn to continue every day, expanding our wings to explore what we can do to turn our defeats into possible victories.
“Harnessing that mindset is not as easy as it sounds, but staying within the right path makes it more comfortable. Being genuine in your actions and true to yourself is also highly advisable,” shares Marcus Clarke, Founder of Searchant. “It takes months or years to become a billionaire, if you’re lucky, but it’s vital to keep our feet on the ground and our eyes set on our aspirations.”
They only seek mentors whose success they’d like to emulate
“Always seek mentors who will guide you on your goals,” says Michael Hamelburger, CEO of The Bottom Line Group. “Is it a business guru you’ve been following all these years? Is it your organization’s leader who exemplifies leadership? Is it a startup entrepreneur who launched a book on achieving success? Reach out to them, live their ideals, replicate their strategy… but learn to listen to your own voice.”
They know how to manage their mood and mindset
Billionaires manage their mood. Most don’t get to see this, but it’s happening nonstop. They wake up and make sure it’s on the right foot. Something bad happens during the day? They immediately take time to reset or shift gears. An obstacle or frustration crops up? They don’t “push through it”, they adjust their plans and solve it so it never frustrates them again. “They do whatever they have to to elevate their mood,” says ason ‘J-Ryze’ Fonceca, CEO of Ryze. “They do it so often it’d make your head spin.”
They really, truly, believe in themselves
“Most people think they believe. Most people have convinced themselves they believe. But the truth is they’re not even close to the level of belief billionaires have,” shares Fonceca. They believe they have the heart to pull off their dreams. They believe they have a winning product/service/investment. They believe others are hungry for what they offer. They believe in the economy, abundance, and prosperity. They believe their wealth is growing regardless of ups and downs. They believe they attract the right people and get discouraged practically never. “We need to admit we don’t have the belief-level of a billionaire and get to work on ours,” he adds.
They obsess over what they love
According to Fonceca, obsession is just a word for ‘extreme focus.’ Michael Jordan had extreme focus on basketball. Elon Musk had extreme focus on navigating space. If you want to be a billionaire you’ll need to have extreme focus (obsession) as well.
“How can you tell if you’re ‘obsessing’ properly on what you love? If you are, everyone knows about it. Everyone knows you’re obsessed with something. They describe you as hyper-passionate about it, obsessed with it. If everyone isn’t telling you this, you aren’t obsessed enough.”
They are their own cheerleaders
If you could hear the thoughts that run through a billionaire’s mind, what you’d notice is a near-constant stream of self-praise and self-love. A billionaire has to solve a new, unfamiliar problem?
Their self-talk goes something like: Well, I’ve solved many unfamiliar problems in the past. I’m confident I can solve this one too. The internet is full of solutions, and it’s only a few clicks away. I’m sure I’ll figure out the right words to Google. And hey, if that doesn’t work, I’ll at least discover some experts I can reach out to. And I’ll pour my heart into it. I’ll write 25, 50, 100 experts to make sure at least one of them answers me, I’ve got a handle on this, it’s as good as solved…
“Most people do not have self-talk like this when they encounter a roadblock, but billionaires do,” notes Fonceca.