It is now more possible than ever to build massive wealth from the scratch.
What some circles peddle, that the notion of going from rags to riches is unfounded and non-existent is a fallacy. This you may already know.
The peddlers constantly inundate us with the sundry obstacles that line our way to amassing a personal fortune and how nothing you do can ever surmount those barriers.
On a personal note, the silver spoon with which I was born got eroded by the demise of my father. Albeit, he amassed a sizable fortune during his life time.
Himself having not been born into fortunes, it followed naturally that he would be the one, his immediate and extended family looked up to.
Besides, I am not sure if he left any inheritance of note, even if he did traces of it did not endure a couple of years after he passed away.
I share that plight or something similar with an awful lot of the world’s population .
What does that even count for when a stark 50% of the rest of us are up against just 8 men. So we get to feast on the leftovers of these 8 wealthiest individuals. And amidst this statistics, some of us still walk around presumptuously, with the peanuts we are served.
The Credit Suisse (2016) Global Wealth Data book has said that "Since 2015, the richest 1% has owned more wealth than the rest of the planet."
Using that data, Oxfam came to the conclusion that "Eight men now own the same amount of wealth as the poorest half of the world." Oxfam is a charitable organisation focus on alleviating global poverty.
Two out of those eight men are the subject of this piece of writing.
In 2014, Forbes declared in an article headline that "there are more self-made billionaires in the Forbes 400 than ever before." Forbes 400 is a list of America’s wealthiest individuals compiled by Forbes since 1982. Comprising of those who inherited all of their fortunes to those who built theirs from the get-go.
Below is specimen of 10 wealthy individuals from Forbes 400.
The number of self-made individuals has jump consistently over the years since the start of the Forbes 400 research. Demonstrating further that upward social mobility is a possibility albeit a difficult one.
A 2016 report of Singapore-based market research company, Wealth-X Corroborates this reality. Using the case study of US Billionaires, 62% of them were found to be self-made.
As you may already know, certain traits enable this self-made individuals to rise above their limiting circumstances to the level of immense wealth.
For instance, in a recent Face book live event broadcast with fellow Billionaire Warren Buffet, Bill Gates shared one traits they both have in common. They both share a burning passion for learning. Bill Gates regularly shares his reading lists on his blog Gates notes.
In the case of these Billionaires, they gained profound satisfaction from solving the world’s most pressing needs, and the wealth and philanthropy that followed.
That satisfaction brought back the cat there curiosity might have killed.
"We both certainly share a curiosity about the world," Buffet says. "You can’t get enough of reading," He continued.
It is common knowledge that the Berkshire Hathaway founder spends between five to six hours of his day reading. For him, reading holds one of the keys to his successes.
Although, the nature of his investment career demands hyper-informed decisions made possible by a voracious consumption of information.
Business success is a function of the problems the entrepreneur solves, the more and bigger the problems, the better. And one way to solve a problem is by uncovering, improving and applying the solution of those who encountered similar problems before you.
Take it from the modernizer of the US economy himself, Abraham Lincoln, when he said
“A capacity, and taste, for reading, gives access to whatever has already been discovered by others. It is the key, or one of the keys, to the already solved problems. And not only so. It gives a relish, and facility, for successfully pursuing the [yet] unsolved ones.” what could be truer?
High quality questions from warren Buffet in the early 1990s stoked the curiosity in Bill Gates that lend to the transformation of Microsoft into the world’s largest company.
In the words of Gates, "One of the first questions he asked me was, ’Hey, Microsoft is a small company, IBM is this huge company, why can you do better? Why can’t they beat you at the software game that you’re playing?"’
"Every day I was thinking about, ’OK, what advantage do we have? What do we do?’"
To satiate his curiosity, Microsoft co-founder Bill Gates continuously educate himself, not by pursuing higher degrees, but by constantly maintaining long reading lists.
"This is a phenomenal time to be a curious person," Gates said. "The information that is out there! My biggest problem is that I stay up too late because I am reading and then I am a little bit tired the next day."
Most wealthy business people devote a portion of their time daily for reading. They read such things as biographies, personal development, history and a host of others.
An indispensable key to succeeding lies in staying abreast of development in your line of business and beyond.
This is what these self-made billionaires and millionaires knew all along. They devote a sizable amount of time, daily, to gathering information that is valuable and relevant to their overarching goals.
They do not read for entertainment but they read to be educated.