Tag: how to be a billionaire

How To Be Wealthy

Disclaimer: Results May Vary

Hey just released the 67 steps to finding health, wealth, love, and happiness.

Forget trying to become a millionaire. Might as well aim higher, because as the saying goes “Shoot for the moon. Even if you miss, you’ll land among the stars.”

Today’s book of the day lets you do precisely that, it’s called: How to be a Billionaire: Proven Strategies from the Titans of Wealth by Martin S. Fridson.

I have read this book more than once. It’s that good.

I am a firm believer in being picky about who you learn from. Because when you first start out, you usually end up a little behind whoever you copy.

If your mentor makes $100,000 a year you’ll probably make $50,000/year in the beginning. If your mentor makes $1,000,000 a year you will end up making $250,000 a year for awhile.

So if you’re going to go through all the trouble of learning – why not go straight to the top and learn from a billionaire – someone who made ONE THOUSAND MILLION DOLLARS?!

The author shares 10 strategies used to create massive, multi billion dollar empires including: consolidation, out managing the competition, buying low, retaining equity, political influence, and more.

In today’s video and article I want to focus on my favorite strategy in the book: the concept of copying vs. innovating.

I am reminded of the quote by Pablo Picasso “Good artists copy, great artists steal.”

One of the biggest mistakes I see new entrepreneurs making is thinking “Hey I have an awesome idea that’s never been done before”.

When I hear that I immediately think, “The fact that no one else has ever done it is a BAD sign, not a good sign.”

It probably means there isn’t any demand.

Sure, there are people who make money with brand new ideas like, Snapchat, Twitter or even Snuggies and the Segway (haha). But if you do the math most billionaires are created using the ‘better mouse trap’ strategy…

….Take an existing idea and improve on it.

In fact, as far as I can tell it’s the THIRD business in every industry that usually makes all the money. For example, Friendster (didnt make any money), then second came Myspace (made decent money), then the third came FACEBOOK (made $100 billion). Same thing with IBM, Microsoft, and Apple. Same thing with airline companies, car companies, and department stores.

It’s a complete myth that coming up with a brand new idea will make you rich.

In reality, the strategy that works is you coming in later and learning from the mistakes of the first innovators.

Bill Gates and Steve Jobs both borrowed most of their ideas from IBM and other little known engineers. Warren Buffet copied Benjamin Graham’s investment strategy to a tee. Kobe Bryant copied Michael Jordan down to the exact way he follows through with his right hand on his jump shot. Mark Zuckerburg copied Tom. Martin Luther King Jr. took ideas from Benjamin Mays. Aristotle built on the earlier works of Plato. Even Einstein used Newtons laws of physics to build his newer, better E=MC2 understanding of the universe.

This copying concept can even be taken beyond learning from other humans. You can learn from Nature and your environment.

So go out and find some ‘giants’ to learn from – stand on their shoulders. Be picky about who you learn from. Only choose amazing mentors, not your buddy or your next door neighbor who you think does pretty well just because he drives a BMW.

Find world changing people, people who will be remembered for centuries, and build off their ideas: Gandhi, Jesus, Freud, Darwin, Oprah, Shakespeare, Michael Jordan, Mandela, Buddha, Steve Jobs, Confucius, Socrates, Stephen Hawking, Warren Buffet, Jack Nicholson…

Remember it’s just as easy to learn from the greatest than from someone average.

Pick and choose from their life story. Make your own special ‘recipe’ from all the amazing things they did and leave out all their mistakes.

Life is short, aim high! Leave me a comment below about who you would like to copy.

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