8 FYIs Every Undecided Should Know Re: Billionaires
If you’re an undecided major, the idea of one day being a billionaire may seem as foreign to you as the ability to speak Klingon. After all, they’re jet-setting across the world while you are worried about graduating without borrowing your life away.
But before you dismiss the commonalities (and the differences) that you have with this group of rich people, there are some things you need to understand about them. Grasping these eight things can help you take control of your future, see the world with a more well-rounded perspective, and — who know? — maybe even one day join their ranks.
Let’s get started.
1. They love what they do.
Divorce yourself from your preconceived notions about what a billionaire does. You may think their one intensive purpose is to keep you poor and horde up all the wealth, but the reality is that billionaires got to where they got — more often than not — because they excelled in some aspect of business.
Maybe they got a foothold in technology or came up with some valuable invention. Few simply inherited their wealth, and they were able to grow their wealth because they went all-in, eating, sleeping, drinking, and breathing their businesses.
That takes a lot of love and passion. If you want to join them and you’re an undecided major, it’s time to take a hard look at what you like to do and figure out a way to create a business around it.
2. You would probably hate it.
Most people would love it if you walked up to them and gave them a billion dollars, but the reality is that isn’t how it works. Getting there and maintaining it takes a lot of time — often more time than what is in a typical day.
Billionaires are able to exponentially increase their access to time by building the right people to help grow their businesses. Until that happens — and even afterward — they are unable to disconnect from their businesses.
There are no holidays. No days off. Simply 14- to 16-hour days and working vacations. The truth is that most people value their time more than their money, and becoming a billionaire doesn’t lend itself to that mindset.
When you understand that you would probably hate being a billionaire, you can let go of a lot of the pressure that comes with being an undecided major. Embrace the fact that you don’t want to be there, and it will free you up to focus on what you do instead of how much money you make.
Before you know it, you will discover a passion and be able to pursue it with a clear head.
3. Many still have limited abilities to go shopping and buy out a store.
Yes, when you are a billionaire, you have a lot more money than other people, but many of those assets are not liquid. In other words, you don’t have a billion dollars sitting in a bank for easy access.
Your billions are instead tied up in properties, buildings, systems, and other entities that create revenue or value. While it’s a good problem to have, it does not take away from the fact that all that requires upkeep, attention, and stress. (See No. 2.)
4. Whether deserving or not, they get sued … a lot.
Money can make you feel invincible, and a number of rich people engage in less than noble behaviors simply because they can. If the justice system has taught us anything over the last 100 years, it’s that you really can buy your way out of trouble, and you really do play by another set of rules.
That said, many billionaires — and other rich people for that matter — can become targets whether they’ve done anything wrong or not. And when you’re a target, you get sued. That simple.
If you can handle the stress of lawsuits, settlements, and media attention, then go ahead: pine away for the wealth.
5. They are more generous than the government would have you believe.
There is a lot of talk these days about the rich paying their fair share when the narrative should probably be the government needs to start doing its fair share. See, the vast majority of taxes in this country are paid by rich people.
Those payments allow social programs like welfare, healthcare, and Social Security to exist. In addition to this, many are charitable in other ways, giving to a number of people and causes in addition to the monies paid into the system.
6. Billionaires are often self-made.
Success is hard to achieve, but easy to lose. Just look at the number of heirs and lottery winners, who blow their money because they don’t know how to be successful.
If you did a statistical breakdown of billionaires, you would find very few inherited their wealth. Most took what little they had and grew it into something.
As an undecided major — or a college student in general — you’ve probably been fed the narrative of the silver spoon billionaire. Tell that to Mark Cuban or Robert Herjavec or Daymond John or anyone on Shark Tank.
7. Billionaires have a vested interest in you.
While billionaires may seem untouchable and uncaring if you follow certain media narratives, the reality is that all of them want you to succeed. That’s because they are team builders, and they need your knowledge, expertise, and work ethic to continue growing their businesses.
That’s why you will see a lot of business leaders getting involved with education these days. They want a direct relationship with educators, so schools will teach and graduate a valuable workforce.
And the Final Thing Every Undecided Major Needs to Know About Billionaires … Many have been where you are.
Going back to No. 6, because billionaires are often self-made people, that means they’ve been where you are, and they’ve figured out a way to go from undecided to unstoppable.
Rather than looking at them as adversaries, start looking for what they’ve done to get where they are. You won’t agree with everything, but you can learn valuable tips, techniques, and training to get you from where you are to where you want to be.
As a former undecided major myself, I know it can be overwhelming. Avoid the temptation toward negativity, though, and see in each person — no matter who they are — a learning opportunity filled with the potential for personal growth. Good luck!
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