Day 71: How To Be A Billionaire

In How To Be A Billionaire – Proven Strategies from the Titans of Wealth, Martin S. Fridson tells us more about Warren Buffett:

“[He] has used many of the same tools as other self-made billionaires, but he enjoys a special advantage. It is summed up […] “Warren Buffett is smarter than the average bear.”[…] Buffett is renowned for his ability to retain massive amounts of financial data and calculate securities values in his head. His bridge game is close to international standard. When a reporter remarked [in 1990!] that his office contained no computers, Buffett replied, “I am a computer.”

The nine fundamental strategies that self-made billionaires pursued:

· Take Monumental Risks
· Do Business in a New Way
· Dominate Your Market
· Consolidate an Industry
· Buy Low
· Thrive on Deals
· Outmanage the Competition
· Invest in Political Influence
· Resist the Unions

Key principles include:

· Pursue the Money in Ideas
· Rules are Breakable
· Copying Pays Better Than Innovating
· Keep on Growing
· Hold on to Your Equity
· Hard Work is Essential
· Use Financial Leverage
· Keep the Back Door Open
· Make Mistakes, Then Learn From Them
· Frugality Pays
· Enjoy the Pursuit
· Develop a Thick Skin

Self-made billionaires, in short, approach every activity with fervor. While some are remarkably frugal, considering their means, none leads a cramped, miserly existence. Their friends speak of their incredible energy and zest for life. If these phrases do not already describe you, then you should immediately begin developing the habit of welcoming each day as an exciting new adventure. Tenacity is another trait invariably ascribed to the great fortune builders […] More than loving money, the self-made billionaires loved the pursuit of money. To follow in their footsteps, you must adopt their mindset, as well as their strategies, tactics, and principles.

[…]”Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.”
- Franklin D. Roosevelt”