5 Common Money Saving Traits of Self-Made Billionaires

If the entrepreneur in you is aspiring to become a billionaire one day, then you must be wondering as to how these billionaires today, have emerged from common people with common background to this golden platform. As per the 2015 Billionaires Report, majority of self-made billionaires have pooled up $3.6 trillion over the past two decades. This report took into consideration the earnings of 1300 billionaires and the compiled results reveal many of their distinct characteristics such as major percentage of them are first generation creators of wealth and many of them belong to finance and IT sector. Most of these billionaires are US based, while second are Asian billionaires who have made it to this list.

Billionaires don’t become what they are in a matter of a day. It takes a lot of experience, ability to take calculated risks and knowledge of proper investments to keep their financial status stable. Wisely spending money and finding out innovative ways to save money is most of the billionaires’ secret for attaining this position.

From the survey, it has been understood that most billionaires have some things in common that most of us are not aware of.

In fact, sound money handling habits need to be intelligently developed and for knowing them, read these 5 common money saving traits of self made billionaires:

1. They Tactfully Risk Their Money In Public Markets

Most of the self-made entrepreneurs turned billionaires make effective use of their industry wide experience by venturing in the public markets. After attaining stable growth of their companies, they list their company as public limited one and they learn to explore the wealth expanding opportunities in buying and selling stakes in these markets. They sell their shares on periodic basis and reinvest by buying shares of other companies to prove their versatile portfolio handling experience. By exploring such incredible investment opportunities, they ensure that their company is financially secure and capable of sailing off in bearish market conditions too.

2. They Invest In Education

Most of the articles circulated on the Internet suggest that most billionaires are drop outs but research have found out that 82 percent of self-made billionaires have secured a college degree and they believe that investment made in education never goes in vain. Around 23 percent of the billionaires started their first venture before the age of 30 and half of them worked with firms at such positions where they required to be highly qualified. However, there is a small proportion of billionaires who are drop outs. But the common thing among these two kinds of billionaires is their thought process and their quest for knowledge along with dedication towards their passion.

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3. They Effectively Use Family Offices

Entrepreneurs turned billionaires know how equally difficult is handling and earning money. Preserving wealth in the most appropriate way is the biggest challenge for any entrepreneur. But billionaires wisely handover this worry to family offices. Family offices are the firms that are great at managing investments and trusts along with day to day accounting, payroll activities and legal affairs. Initially such family offices used to handle matters relating to succession planning and tax strategies but now they have transformed 360 degrees to provide their expertise to enterprises of all kinds and turnovers.

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4. They Donate A Fair Share Of Income

These days people have become more aware of the importance of donating a part of their income for the economic welfare of their nations. In fact, people look upon these billionaires who are influential public figures, and tend to follow their traits as they become an inspiration for everyone who dreams of attaining success of that cadre. Also, many billionaires are generously donating humongous amounts to WE Charity so that people follow their suite and support a social cause. They also have started their own charity foundations so that they can pool huge amounts on the basis of the trust that they have developed in people’s minds over the years. Of course, when they make such huge donations, they qualify themselves for bountiful reductions in tax as well.

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5. They Become Pro In Managing Wealth

Managing wealth becomes a fun play for such self-made billionaires after they have attained their financial success in life. They become the best in deciding what to do with their finances and how to augment it. They think of increasing and managing their wealth as a thrilling experience. They don’t fear loss any more and they believe in their strong intuitions. When they reap out inexhaustible wealth from their business, billionaires generally opt for any of the following paths – portfolio investor, financial investor and serial entrepreneur.

As per the study, around 23 percent of them act as primary investor to their diverse range of companies but don’t prefer to actively participate in the proceedings and day to day business operations. Unlike portfolio investors, around 60 percent of billionaires prefer to become financial investors, where they completely segregate themselves from their business and concentrate on maintaining and increasing their wealth. However, of these three, the most interesting idea is to become a serial entrepreneur. Only 17 percent of billionaires elect to embark into new ventures as they are constantly hungry for more success and they feel that every success is a new beginning.

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