Who doesn’t want to be super rich? If you were to stop 10 people at random on the street and ask them if they’d like to be super rich, we’d be willing to bet that all 10 will say, “Yes.” The fact is that being super rich could be really fun. If you don’t believe us, just check out the mansion that Robin Williams is now selling or the fact that Steve Ballmer can pay $2 billion for a basketball team. For further proof there’s the yacht owned by David Geffen with its five floors, 82 rooms, and a basketball court.
Of course, most of these people did not become super rich overnight. They worked long, hard hours and they had these seven traits.
1. An entrepreneurial spirit
There’s an old saying that you can’t get rich on someone else’s paycheck. And this is basically true. Most of the super wealthy got that way by going into business for themselves. There are plenty of doctors, lawyers and corporate executives who are in the group of $5 million-plus but those who start their own businesses tend to end up being worth even more.
2. Always on the clock
People who have built successful businesses tend to view the 40-hour workweek as a sort of part-time schedule. The typically work 60-to 80-hour workweeks. And working vacations are usually the norm.
3. Very high energy
If you don’t have a high energy level, it’s unlikely that you will ever become super rich. Most very wealthy individuals have a ton of energy, don’t require much sleep and generally have upbeat attitudes.
Most of the super rich are visionaries. These are what are called “force of nature” people. They have the ability to look at situations and see possible futures. Once they spot a possibility they also have an incredible ability to focus their energy and efforts on it.
5. A high level of confidence
One psychologist says that most of his super rich clients got their wealth by possessing an “expansive, healthy grandiosity.” This means they have a sense that they can do anything. These people are also open to creative ways to achieve their goals. They have a great deal of confidence in themselves and others and totally believe that the world will accommodate their business ideas. Also some of the very wealthiest have what’s called a “narcissistic personality disorder.” In other words, they think they’re very special, require a lot of admiration, have a high sense of entitlement and don’t have much empathy for others.
Many of the super rich understand they are not the smartest person in the room on every possible issue. However, they know to surround themselves with people who are and who will help them realize their vision. Here’s an interesting fact — those who do best are those that move past sole proprietorships and partner with others to expand their companies.
Despite what you might see in movies or on television most multi-millionaires actually live very modestly. Some of the very richest have chosen to not increase their lifestyles in lockstep with their growing wealth. Some even continue wearing old plaid shirts – or at least the men do.
8. Tolerant of risk
If you start your own business, by the very nature of things you will need to be a risk taker. However, there’s no need to be an investing gambler. Most of the super rich have short-term investments but a longer time horizon than other investors. Like Warren Buffett, they will invest in a stock or companies then stick with it as long as it makes sense to them. However, they won’t go all in on one bet. Of course, there’s always the one person who bets it all on something, gets lucky and then gets out. However, this is not the recipe that works for most people.
Getting started on the road to being super rich
As noted above if your true goal is to become super rich your best bet is to start your own company. Of course, there is a negative to this and that’s the fact that in most cases you won’t have money to start that venture. As many people have discovered you can have the greatest idea in the world since the Internet but if you don’t have the money to put it into effect, you’re doomed to failure. The good news is that there is now a way to raise money to fund your amazing idea. It’s called crowdfunding.
What is crowdfunding?
This is where you collect money from backers – that’s the “crowd” – to fund your initiative. This is usually done on an Internet platform. Your initiative could be anything from a nonprofit to fund schools or emergency funds for an ill person to creating and selling a new product. It could even be for financing your startup company.
As you might guess, crowdfunding models require a number of participants. This includes the people such as yourself that propose the idea or project to be funded and then the crowd of people who support your proposal.
As of two years ago, there were more than 450 crowdfunding platforms. Of course, if you have a project you want to crowdfund you will need to do your own due diligence in order to determine which platform would be best for you depending on your project. This is because there are some important differences in the services provided by the different crowdfunding platforms. As an example of this, CrowdCube and Seedrs are both designed to help small companies issue shares over the Internet and then receive small investments from registered users in return. However, there is even a difference between these two as CrowdCube is meant for users to invest small amounts and then acquire shares directly in startup companies. On the other hand, Seedrs pools funds to invest in new businesses as what’s called a nominated agent.
Other platforms such as SellaBand and Kickstarter replace traditional intermediaries such as venture capitalists. They link project initiators, designers and new artists with committed supporters who believe strongly in the persons behind the projects and provide monetary support.
Recent Kickstarter projects
As an example of projects that were successfully launched on Kickstarter, there was the Pebble: E-Paper Watch for Android and the iPhone. The total amount pledged by supporters of this project was $10,000,845. A total of $8,596,474 was pledged in a Kickstarter campaign in support of Ouya, a new type of game console. A role-playing game titled Project Eternity raised $3,986,929 and Form 1, an affordable, professional 3-D printer garnered $2,945-885 in crowdfunding.
As you can see from these examples, the initiatives that do best on Kickstarter tend to be those in the technology sector. But don’t despair if your idea does not fit in this category. The movie Gosnell was crowd funded on the platform IndieGogo as was Canary Home Security and the health scanner Scanadu Scout. The movie Road Hard was crowdfunded on the platform FundAnything and the Tesla Museum found its crowdfunds on Indiegogo.
Finally, here’s a video courtesy of National Debt Relief on the Where Next, How Far, and What Are the Limits of Crowdfunding?
But the net/net of this is if you have a brilliant idea and the ability to sell it to others you could get crowdfunding, turn your dream into a reality and be well on your way towards becoming super rich.