What separates the world’s smartest and wealthiest investors from everyone else?
Joining the ranks of history’s wealthiest and most intelligent names isn’t just a matter of understanding how to buy and sell a piece of real estate. This can be invaluable, and a great tool in wealth creation. Real estate may be responsible for creating more wealth than anything else throughout history, yet only a small percentage of investors go beyond the millionaire mark to real fame and billionaire status. So what does it take to go all the way?
According to the compilation of research data and case studies summarized in a series of info-graphics by Funders and Founders, the following are 8 habits seen consistently among many billionaires and geniuses from Larry Ellison to Richard Branson and Albert Einstein. All can be replicated by today’s real estate investor.
1. They Go to Bed Later
It isn’t clear exactly whether this is because they are tortured geniuses, or they just work harder. However, research has shown that those with the highest IQs go to bed later. Everyone has probably heard that getting up earlier can have its advantages, but what about this? Staying up later may not directly improve your wealth all by itself, but if you feel like a natural night owl, maybe this is your justification to embrace it.
2. They Read
Not everyone, even history’s most wealthy, is born with impressive IQs. We can all learn to read more than we already do. Reading has endless advantages for real estate investors; from learning successful habits like these to improving vocabulary for negotiating and marketing to increasing their real estate knowledge and developing strategy.
3. Run Multiple Businesses
Apparently the overwhelming majority of recent self-made billionaires make their money from multiple businesses, not just one. So if you aren’t in real estate investing yet, get in before it is too late. If you already have a solid real estate investing business, embrace diversifying into different strategies or spinning off additional services that compliment your core business.
4. They Aren’t Afraid to Fail
Most real estate investors have heard this before. Most take it far too lightly. Many give up at the first hint of hard work. Many of today’s most celebrated personalities, entrepreneurs, and CEOs have failed dozens of times, some even thousands. This doesn’t mean that you have to fail miserable before you make it, but you shouldn’t be afraid of adversity.
5. Give Away Their Wealth
Amazingly, contrary to popular opinion, a great percentage of today’s wealthiest billionaires aren’t just hoarding cash to be buried with them in their own modern day pyramids. They are planning to give the bulk of it away to help others.
6. Recognized Trends Early
There is a lot to be said for replicating success and implementing proven systems that investors have already used. Use this to get to your first million. However, if you want to join Forbes’ list, you’ll need to put your own spin on them, and either get good at spotting trends early or creating them.
7. Took Big Risks
Entrepreneurs and legendary investors are credited with taking ‘big risks’ as one of the ways they get ahead. However, while they may take large, well-calculated leaps of faith, this normally isn’t as reckless as most imagine. The most successful often make it big after testing, and learning from others, mostly about how to mitigate risk.
8. Start Young
They may not have started investing in real estate at 12 years old, but many took jobs early, and showed entrepreneurial spirit. You are never too young to start investing in real estate. Given the ripe old age KFC’s Colonel made it at; it’s never too late either.