Recently, I've been spending a lot of time obsessing over the wealth aspect of self
improvement. I've watched hundreds of interviews with some of the wealthiest people in the world.
People who made hundreds of millions and even billions of dollars. And over
time I started to realize that the large majority
of them shared certain traits. These are the 5 signs that you will become rich one day.
Starting off at
Number #1 – you are skeptical of the status quo. The status quo consists of all the beliefs that
society has drilled into you. Things like “oh you need to get a degree in order to succeed in life.”
or “just invest in a mutual fund and everything will be alright”
or even “don't start a business it's too risky”.
The problem with the status quo is that we live in a world that is constantly changing.
Which means that the best way to succeed in life nowadays was not the best way to
succeed in life last century. Think about it. Getting a degree wasn't something that the
average person really considered until a hundred years ago. Mutual funds were
invented only half (edit: cut out the word half)a century ago. And thousands of years
ago – for all of human history - literally every family had a business – yet we tell
people that it's too risky to try to start one now. The status quo changes all the time.
Those that become rich, question everything that they are taught. They realize that half of those
things are simply not true anymore. And this allows them to spot and jump into opportunities
way before other people. Which gives them a huge first movers advantage and also a
huge payoff if they are right. Because you make the most money
betting on things that very few people are currently betting on.
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Which actually brings us to Sign Number #2 - You like taking BIG BETS. Having conflicting
beliefs with the current status quo will not make you rich unless you bet on this belief.
And it can't just be a little toe dip in the water bet, it needs to be a BIG BET.
Warren Buffet's mentor – Benjamin Graham, who is also the author of the Intelligent Investor
(probably the most well known investing book in the world today) made a BIG BET on Geico
in 1948. He invested 700 thousand dollars into the company which eventually grew to
400 million dollars by 1972. This single BIG BET produced more gains for Graham
than all of his other investments throughout his entire life combined.
See contrary to popular belief. The large majority of the wealthiest people in the world
became wealthy by placing a few big bets. They didn't initially make their fortune by
diversifying and betting on 50 different things. They found an opportunity that
challenged the status quo. And put their money where their mouth is
by either betting a huge percentage of their time or their money on this idea.
BIG BET's are bets that can make you 10x to 100x your initial investment.
Something that is simply not possible by betting on things that lie within the status quo.
However, as with all bets there is a lot of risk involved.
Which brings us to Sign Number 3 – which is that the rich are paranoid.
See making big bets on things that challenge the status quo
has a pretty high chance of failure. So you need to have some degree of paranoia
in order to think critically about the things that can go wrong.
The large majority of the rich don't become rich right off the bat by making the perfect call
their very first time. The large majority of them
had to bet big a couple of times often failing and failing until they hit the jackpot.
You need to be paranoid so that you can control your emotions and only bet
what you can afford to lose. Those that are not paranoid enough will often go
all in and bet 100% or even more than 100% of what they own,
and if they are wrong – it completely wipes them out. They have little to no chance to recover.
The rich don't play the game of life like this. They understand that no bet is for certain,
and their paranoia allows them to dive deep into the many many possible things that can go wrong
which gives them clearer vision. With this knowledge they end up
only betting what they can afford to lose so that if they are wrong,
they can save up again and make another big bet a couple of years down the line when they spot the
next opportunity. Getting rich is not about making the right bet everytime. It's about surviving long
enough so you that can make enough big bets to eventually hit the jackpot of a lifetime.
Being paranoid also helps when it comes to running businesses. The large majority
of working businesses fail due to unexpected obstacles. These are things that people have a
very hard time predicting like a pandemic. But if you are paranoid enough - you end
up taking precautions (such as having enough cash to last for an entire year)
which protects your business from getting wiped out even in worst case scenarios.
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The fourth sign that you will be rich one day
is – if you are someone who takes action within seconds.
If you see an opportunity to make a big bet, you need to start taking action immediately.
And that's because if you wait 6 months it might not be that big of a bet anymore.
Others might have already found out about it. The rich understand this and make
quick moves when they spot opportunities.
When I first had the idea to start a YouTube channel I immediately started
thinking about a name. Within a day I had selected a name and created the channel.
The following day I wrote my first script. The day after that I revised it and recorded it.
And within a week I uploaded my very first video onto YouTube.
Had I waited years like most people do, I honestly don't think I would had as much success.
The number one reason why people don't take quick action is because they are scared of failure. The
rich, on the other hand, understand that failure is a good thing. They have what's called an
anti-fragility mindset – which basically means that failure and pain only makes them stronger.
If my first video did not do well on Youtube I would have simply learned
from it and tried to improve my next one. I want to fail fast so I can succeed fast.
And finally the fifth sign that you will become rich one day is that you are not
too sensitive. Emotions are good. They make us feel alive and they add color to life,
but they can also really screw up your ability to make the right moves when it comes to your wealth.
People who are too sensitive don't think with their brain. They act
with their heart. These are the people who sell their stocks when the markets are crashing
knowing that statistically it's usually the best time to buy.
These are people who give up on their business when they come across their first big obstacle
because the negative emotions that come with failure are too much for them.
You need to be able to turn off your emotions so that you can see clearly and stick to your plan.
In 2005 Michael Burry went against the status quo and found an opportunity
in the United States housing market. He made a big bet, a 1 billion dollar bet,
that the market would crash. And for the first couple of months – he was losing money.
Naturally, he was met with a lot of anger. His clients were calling him up demanding that he
sell. He was called an idiot, he was even sued. But through all of it he pushed the emotions
aside and stuck to the plan. When the market finally collapsed he 5x'ed his initial bet
making a profit of close to 3 billion dollars for his clients – and 500 million for himself.
This what happens when you learn to turn off your emotions and look at the world clearly.
And that's it – these are the 5 signs that you will become rich one day. Which one's
do you agree with or disagree with? Let me know in the comments down below, I'd love