Secrets of the Millionaire Mind

Warren Buffett has overtaken Bill Gates as the world richest man according to the 2008 report from Forbes. As we know that, Gates has been get on the top of the 10 world’s richest billionaire for the last 13 years.

Let us have a quick view who are the top 10 richest billionaires in the world below :-

#1 Warren Buffett
Berkshire Hathaway - life insurance, annuity sales and sales of jewelry
Net Worth: $62.0 billion

#2 Carlos Slim Helu
America Movil - Wireless telephone company
Net Worth: $60.0 billion

#3 Bill Gates
Microsoft - Software developers
Net Worth: $58.0 billion

#4 Lakshmi Mittal
Net Worth: $45.0 billion
ArcelorMittal- World’s largest steelmaker

#5 Mukesh Ambani
Net Worth: $43.0 billion
Petrochemicals giant Reliance Industries

#6 Anil Ambani
Net Worth: $42.0 billion
Telecom venture Reliance Communications

#7 Ingvar Kamprad
Net Worth: $31.0 billion
Ikea - furniture and accessories

#8 KP Singh
Net Worth: $30.0 billion
DLF - Real estate development company

#9 Oleg Deripaska
Net Worth: $28.0 billion
United Company Rusal - the world’s largest aluminum producer

#10 Karl Albrecht
Net Worth: $27.0 billion
Retailing Industry

What is the common theme among the billionaires? that’s they involving in the industries which serve large amount of people .One of my millionaire mentor has taught me that, the bigger volume of people you serve = how rich you are!

Let us look at the 7-Eleven. Let say there have 10,000 of the 7-Eleven shops in your state, each shops sells the same item with the same price at 1 dollar each per hour, now we make some simple calculation:

10,000 shops x $1 = $10,000 / hour
$10,000 x 24 hours = $240,000 / day !!

Do you see the different?

If let say you do not have a huge capital to own 10k 7-eleven shops, you can start investing in small budget but with the same business model. But one thing we need to consider is, please go into the markets which have high numbers of request but low numbers of suppliers ( if no suppliers,you are the next millionaire :P). Do not go into high competitive markets, for example - if your area have 20 furniture’s suppliers serving the population of 2000 people, would you go into that market? Of course NO!

Before you start any kind of businesses, below are the 5 skills you need to learn in order to become successful:-

1) Goal Setting
2) Sales and Marketing
3) Leadership
4) Time Management
5) Money Management

Success is a journey, see you at the top!