People who are working towards their financial goals each day will often wonder what it takes to be a billionaire. We are often led to believe that billionaires are differentRead More
The post 7 Successful Attributes Of A Billionaire appeared first on The Entrepreneurs Library.
]]>People who are working towards their financial goals each day will often wonder what it takes to be a billionaire. We are often led to believe that billionaires are different types of people, who are only wealthy because they inherited generational wealth or knew high powered investors during the early stages of their career.
What these people do not know is that billionaires are normal, everyday people just like the rest of us. While some may have inherent advantages, there are several attributes of a billionaire that can be ascribed to most, as well as normal, working class people.
Here are 7 successful attributes of a billionaire shared by many expert authors on The Entrepreneurs Library:
When you research any billionaire’s life story, a common theme emerges. They were willing to outwork everyone else and remained focus, even in the face on extreme adversity. Some would like to believe that becoming a billionaire is the product of luck and genetics, but those who have actually done their homework know that this is not true.
A billionaire does not sleep in until noon. They are up before their competitors and constantly seek out new advantages, so that they can remain ahead of those who are pursuing the same goals. Everyone wants to be a billionaire, but very few are willing to put in the work necessary to do so.
Great book on building work ethics: 13 Things Mentally Strong People Don’t Do by Amy Morin
Once a person decides that their goal is to accrue a billion dollars, they know that this is a long term goal, not a short term pursuit. Being able to keep their eyes on the prize and not be deterred by setbacks is what separates a billionaire from the pack. They know that there will be issues that arise along the way and they do not allow themselves to become frazzled by them.
Without patience, it is incredibly difficult to become a billionaire. No one ever has a smooth path to their goals and financial pursuits are no different. Being blessed with the patience to realize that there is a solution to every problem and knowing whether you need to stay the course is incredibly crucial when you are on the road to riches.
Great book on managing patience and stress: Performing Under Pressure by Hendrie Weisinger
This is the attribute that confuses those who are not already billionaires themselves. Since someone has more money than they can spend, it seems somewhat foolish to let it sit in a bank account. But it is more crucial for a billionaire to have assets on hand to make transactions that can boost their financial status even further.
It takes money to make money in the modern business world. While it may be fun to blow your new earnings on a mansion, a fleet of luxury cars and a private jet, these are all items that depreciate in value the moment they are purchased. A billionaire is focused on remaining a billionaire does not make these types of purchases. They realize the importance of having liquid assets at the ready.
Great book on building wealth: Get Rich with Dividends by Marc Lichtenfeld
In order to become a billionaire, you need a new and interesting idea, a fresh take on things. One person’s route to earning a billion dollars is not going to be the same as the next person’s. To capture the attention the public, you need to think about the voids that exist in everyday life and find a way to fill them.
A person cannot come up with an inventive plan by thinking just like everyone else. They need to think outside of the box, which is an attribute shared by most billionaires. They know how to think differently than their peers and will zig when most have decided to zag.
Great book on innovation and creativity: Anticipate by Rob-Jan de Jong
Being insightful is about more than being book smart. Being insightful is all about knowing how to read people and deliver what they want. An insightful billionaire is one who knows that their wealth is not the be all/end all. They are constantly searching for ways to remain in tune with the world around them.
Once a person ceases to be insightful, they are no longer as useful to their clientele. A person with lack of insight is a person who does not have their finger on the pulse of what is currently happening in the world.
Great book on being insightful: Credibility by James Kouzes
Becoming a billionaire does not happen because the person decided to stand pat and stop taking risks of any kind. It happened because they were willing to stick their neck out for a cause that they truly believed in. Billionaires do not sit around and wait for things to happen, they make things happen.
The only way to make things happen is to take risks. This does not mean that a billionaire simply lunges at the first opportunity that comes their way. These risks are typically taken in a calculated manner and considered from every angle. Taking risks is a foolish endeavor when they are not properly considered beforehand.
Great book on taking smart risks: The Metronome Effect by Shannon Susko
What gets a billionaire through the hard times? Their unwavering belief in themselves. A person who has an unshakable belief in themselves can conquer any problem that comes along and reach any goal that they set for themselves. They do not wait for pep talks from close friends or read self help books.
They simply dig down deep within and find courage in places that they did not even know existed. They do not allow naysayers to deter them in any way and they know that everything they are doing is done with a purpose in mind.
Great book on confidence: Top Dog: Impress and Influence Everyone Around You by Andy Bounds
The post 7 Successful Attributes Of A Billionaire appeared first on The Entrepreneurs Library.
]]>A summary of things you should know about Get Rich with Dividends according to Marc Lichtenfeld: Introduction In this episode Marc Lichtenfeld takes a deep dive into his book GetRead More
The post A Preview of Get Rich With Dividends with Marc Lichtenfeld appeared first on The Entrepreneurs Library.
]]>In this episode Marc Lichtenfeld takes a deep dive into his book Get Rich with Dividends, where he shares his investing strategy for achieving double-digit returns.
In his book Lichtenfeld provides a systematic approach to finding stocks with high returns, structuring your investments for better financial security, and setting up your investments with little maintenance. The goal of the book is to help you achieve double-digit returns annually, become worry-free about your investments, and increase your returns even when the market is low.
This book is perfect for entrepreneurs who are interested in dividend investing, but are searching for low risk investments that require very little maintenance.
This book was really written for novice to medium level investors. If you are a very active investor and an expert in it, it will certainly open your eyes to some new ideas but it’s really written for the person that doesn’t have a lot of time. It gives you actionable items that people can take in order to setup portfolios that will keep up with and beat inflammation over the long-term.
If you have the basic understanding of what dividends are and why they are important than you can start in the middle of the book where I talk about how to go over a portfolio and how to setup the system. The first part of the book is a basic understanding of dividends, landscaping, and how it all works.
It would be that if you invest in these stocks for the long-term using this strategy you are going to get to where you want to be financially. It’s not just a theory but rather a system that works.
In the beginning of the book we start off talking about all you need to know about dividends. I talk about how much these stocks have outperformed over history. You are taking a long-term look at the stock market so it’s not just 10 to 15 years but really looking back over almost 100 years. I give example stories of companies that have raised their dividend every single year no matter what is going on.
I also talk about how boring dividends can be but how they do consistently outperform the market year after year because they are increasing the dividend.
I talk about the system and the portfolio, how to setup, the kinds of stocks we are looking for, what the variables are for these stocks. You will know how to look at the market and different variables and find out if that particular stock will qualify for that system.
Towards the end of the book I go into other topics like dividends reinvestment plans and how you can do it directly through the company, foreign stocks, and taxes.
I also have a glossary for anybody who isn’t too familiar with investing. But Like I said it’s written for novice to medium level investors so it’s not going to be too difficult even if you have very little experience in investing.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 07:50
“A bear market can be your best friend.” – Marc Lichtenfeld
I am the Chief Income Strategist at The Oxford Club and the Editor of The Oxford Income Letter. I am a former Wall Street Analyst, left the dark side and came over to work with subscribers and individual investors rather than Wall Street.
There were a few; one of them was the great reception in 2008-2009 and seeing people get hurt so badly in the markets. They were getting out at the wrong time and not getting back in at the right time. I wanted to help investors find a way that they could sleep at night even during difficult market periods and continue to make money. I also wanted to create a system where not only could they invest well but also find a way to ensure that their lifestyle that they worked so hard for does not deteriorate due to inflation.
Contrarian Investment Strategies by David Dreman
Buy Get Rich with Dividends by Marc Lichtenfeld on Amazon today
Visit GetRichWithDividends.com to learn more about Marc and his book
Visit OxfordClub.com to read all about the Oxford newsletter
Follow Marc Lichtenfeld on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
The 3% Signal by Jason Kelly
Buy, Hold, and Sell by Ken Moraif
Get What’s Yours by Larry Kotlikoff
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