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Billionaires - September 19, 2022

How the 1% Continues to Be Different from Everyone Else

There are more than 7 billion individuals in the globe, but only approximately 2,200 are billionaires. And about 67% are self-made. This indicates that 1% of the population continues to set itself apart from everyone else while controlling the majority of the global financial flow.

The majority of these self-made billionaires leveraged different means to become successful. For instance, Microsoft was created by billionaire Bill Gates, whose net worth is estimated to be $107 billion.

Through Airbnb, Brian Chesky, whose estimated net worth is $87.3 billion, created a brand-new approach to tackling a housing problem.

There are also astute investors like Warren Buffett who is worth $87.3 billion. Tim Cook, the CEO of Apple, which is worth about $625 million, proves that rising the corporate ladder rarely gets you into the club. Let’s take a look at how 1% still differs from the rest.


Rich vs Wealthy: Understanding the Huge Divide 

1. They work harder than the average man

Elon Musk, a business magnate and investor attributed most of his success to how long he works. 

In an interview, he said “You just have to put in 80- to 100-hour weeks every week, 

“If other people are putting in 40-hour workweeks and you’re putting in 100-hour workweeks, then, even if you’re doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.”

Mark Cuban stayed all night long for seven years without taking a break to learn how to code. For Cuban, who appears to be happy in his life, that appears to have paid off.

To be part of the 1% comes with intense sacrifices you must be willing to make.

2. Rich people believe building wealth takes a team

Billionaires are aware that they cannot accomplish anything alone. And they are well aware that they are not the world’s brightest people.

They require a team they can rely on for this reason. Instead of taking the effort to do their own research, billionaires want their team to provide them with pertinent information.

Thomas Siebel, founder of software company Siebel systems said,  “The world-class knows it takes a team to build wealth, and they focus much of their effort on finding the right people to leverage their actions and ideas.” 

3. They sometimes follow their gut feeling rather than data

The 1% are more likely to be different from everyone else because they are more prone than others to base decisions on intuition. They frequently depend less on the meticulous study and more on intuition.

Warren Buffet, CEO of Berkshire Hathaway, once said, “Always follow your gut. When you have that gut feeling, you have to go with it; don’t go back on it.”

4. They take calculated risks they can control

Seventy-seven percent of the poor in a research gamble every week on lottery. They rely on random good luck to bail them out in life rather than the opportunity luck that the rich rely on. Gambling involves risk you have no control over.

The rich, however, take calculated risks they can control — even if it’s a bit out there.

According to a study, 77% of the poor play the lotto every week. Instead of an opportunity of luck that the wealthy rely on, they wait on  random good fortune to get them through life. You run a danger when you gamble that is beyond your control.

However, the 1% take calculated risks that they can control, even when they are a little out there.

Warren Buffet said, “No one ever made a million bucks by being cautious or timid or reasonable. I was 22 years old and recently married when I had the crazy idea that I should give up my career as a CPA and become a home builder. 

I didn’t know anything about building houses. Sometimes the craziest ideas are the ones that yield the greatest payoffs.” 

5. They identify the causes of setbacks in themselves rather than external circumstances

People prefer to claim credit for their accomplishments while attempting to blame others for losses and setbacks across the board. 

Research has proven that the 1% are different from everyone else in this area. Instead of looking to other people or external forces, they try to figure out what went wrong, they tell themselves, ‘If the fault lies with me, I can change it. I am in control of my own life.’


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