If you think it’s too late for you to become a billionaire or mega rich, you are probably wrong.
Let’s say that the average person reading this post is roughly 30 years old. Some of you might be a little younger, some of you might be substantially older. It doesn’t really matter because anyone that is alive and reading this post is physically capable of becoming a billionaire.
That means that you still have a collective 20 years or more to become a billionaire. There’s no rush at all. In fact, rushing might not even be your best move.
A lot of entrepreneurs think that if they hit age 30, 40, 50 or higher that they are beyond the curve and don’t have much of a chance of traditional success (making a lot of money.) They think that they need to be mega rich in their 20s or 30s to have any chance.
Warren Buffet became a billionaire at age 56. George Lucas became a billionaire at age 52. A random sampling of billionaires showed that the vast majority became billionaires well into their 40s, only a handful became billionaires any younger than that. Many of them were in their 50s, 60s, and even 70s by the time they earned their first billion.
It does take hard work and patience. Of the people that became billionaires, it also took them a long time to go from million to billion.
It doesn’t matter if you are young or old, becoming a billionaire is possible at any age.
Take Mark Zuckerberg as an example. Mark earned his first billion at age 23 and was a millionaire at 22. That’s a quick jump from millionaire to billionaire, but it’s the exception, not the rule.
Being younger is not better. In fact, being older might mean that you are closer to becoming a billionaire.
Most people think the exact opposite. They think that if they are older that their opportunity passed them by. That’s not true. In fact, you are probably more likely to become a billionaire sooner if you are a little older than the average reader age of 30.
If you are young, don’t worry, you have plenty of time.
So how do you get to become a billionaire?
I have discovered a lot of interesting things in the billionaires that I’ve studied. One interesting fact is that a lot of billionaires are frugal with money. Warren Buffer lives in the house he bought in the 50s for $31,500 at the time.
I would attribute this to being wise with your money. Instead of spending your first million or even hundred thousand for that matter on outrageous partying, supercars and other things, instead, invest it.
There are countless ways to invest your money to become a millionaire.
A simple investment into something that tracks the S&P 500 done consistently every month, compounded over 20-30 years depending on how much you invest, can easily be worth a million dollars or more in that time frame.
Another option is taking the money in a lump sum and using it to fund or bootstrap your startup idea. There are many ways to come up with great product ideas, and you can always raise additional money to help you along.
Perhaps an obvious step is that you must first become a millionaire before you become a billionaire. Rarely do people jump right from Thousandaire to Billionaire.
A more traditional path is to earn several million, then your company value skyrockets and you are suddenly worth many hundreds of millions and then billions.
What if you have nothing to invest?
The short answer is that if you are living and breathing and able to read this far into the post, then you do have something to invest. Your time. If you don’t think believe me then maybe you need to read this.
Here are a few questions to ask yourself first to figure out how to become a millionaire:
- What’s my risk tolerance: Conservative, middle of the road, aggressive?
- Do I have a great business idea?
- Do I have an established network or do I first need to build one?
- Can I self-fund or bootstrap the business or do I need outside funding?
- Do I truly believe in what I’m doing or do I need to read The Inevitability of Success Mindset?
These are just a few ideas to get you going in the right direction.
Be honest with yourself and don’t suddenly change just for the sake of starting or adjusting your business. If you are an aggressive and optimistic person, don’t convert to conservative all of a sudden. Stay true to who you are and go with that.
And remember that no matter how old or how young you are, it’s never too late. Even if you don’t fit into or are very far from the average age, become the exception, not the rule.
Brian is an Inc. 500 Entrepreneur, who built the 25th fastest growth marketing and advertising agency in America. Brian is an advisor to many startups and mentor to many entrepreneurs. He is a columnist at the world’s top publications. Brian is the Founder of Influencive and the Founder at BDE Ventures.