7 Reasons Why You Have No Excuse To Become A Billionaire
First off I wanted to wish you a Happy Thanksgiving!
Thanksgiving is all about being thankful for what you have. Personally I’m thankful for the time we live in and how if your financially literate there is no excuse to make and have cash flow.
Keep that billionaire mindset!
Once I set my goal to become a billionaire, I began to find reasons you can become a billionaire today more easily than ever before.
- The Internet is making a world of customers available to most of us.
- The Internet is creating more business beyond the Internet. Just as Henry Ford created more business because his mass-produced cars had a ripple effect, the Internet will likewise magnify its effect. The Internet makes it possible for 6 billion of us to each become a Henry Ford or Bill Gates.
- In the past, the rich and the powerful controlled the media. Now with the Internet, each of us has the power to control our own media sites.
- New inventions breed more new inventions. An explosion of new technology will make other areas of our lives better. Each new technological change will allow more people to develop more new and innovative products.
- As more people become more prosperous, they will want to invest more and more money into new start-up businesses, not only to help the new business, but also to share in the profits. Today, it is hard for most people to grasp the reality that there are literally tens of billions of dollars looking for new innovative companies to invest in every year.
- It does not have to be high tech to be a new product. Starbucks made a lot of people rich with just a cup of coffee, and McDonald’s became the largest holder of real estate with just a hamburger and fries.
- The key word is “ephemeral.” In my opinion, that word is one of the most important words for anyone who desires to become rich or super-rich. Webster’s defines the word as “lasting only a day or lasting only a short time.”
One of my teachers, Dr. R. Buckminster Fuller, often used the word “ephemeralization.” I understood him to use the word in the context of “the ability to do so much more with so much less.” A more common term is the word “leverage,” or the ability to do a lot with just a little. Dr. Fuller said that humans were able to provide more and more wealth for more and more people, while using less and less resources.
In other words, with all the new technological inventions, inventions that actually use very little raw material, each of us can now make a lot of money with very little time and effort. On the flip side of ephemeral, the people who use the most in raw materials and physically work the hardest in the process of earning their money will make less and less in the future. In other words, the financial future belongs to those who do the most with the least effort.
So, What Is My Plan to Become a Billionaire?
The answer is found in the word “ephemeral.” To become a billionaire, I need to provide a lot for many, for very little. I need to find an area of business that today is fat, bloated, and inefficient, an area where people are dissatisfied with the current system and whose products need improving.
The industry I have the most opportunity in is the biggest industry of all: education. If you take a moment and think about all the money that is spent on education and training, the dollar amount will stagger you. This goes beyond counting the money for public schools, colleges, and so on. When you look at the amount of education that goes on in business, the military, homes, and professional seminars, the dollar amount is the biggest of all. Yet education is the one industry that has remained the most mired in the past. Education as we know it is obsolete, expensive, and ready for change.
Some years ago, a friend of mine, an international foreign exchange trader, sent me an article from The Economist website.
The following are excerpts from that article:
Michael Milken, the junk-bond king who once earned $500 million in a single year, is now building one of the world’s biggest education companies, Knowledge Universe. Kohlberg, Kravis and Roberts, a buyout firm that strikes fear into managers the world over, also owns an education company called Kindercare. In Wall Street firms, analysts have taken to issuing breathless reports making such assertions as the education industry is undergoing a paradigm shift toward privatization and rationalization. Why is everyone suddenly so excited? Because of the parallels they see between education and healthcare. Twenty-five years ago, healthcare was mostly stuck in the public and voluntary sectors. Today it is a multi-billion-dollar, largely private industry. A lot of rich people, not just Mr. Milken and Henry Kravis, but also Warren Buffett, Paul Allen, John Doerr, and Sam Zell, are all betting that education is moving in the same direction. Companies from a range of conventional industries are investing in the business, including Sun, Microsoft, Oracle, Apple, Sony, Harcourt General, and the Washington Post Group. The U.S. government says that the country spends a total of $635 billion a year on education, more than it devotes to pensions or defense, and predicts that spending per pupil will rise by 40 percent over the next decade. Private companies currently have only 13 percent of the market, mostly in the area of training, and most of them are mom-and-pop companies, ripe for consolidation. International Data Corporation, a trends consultancy, reckons that this share will expand to 25 percent over the next two decades.
The article continues by saying:
America’s public schools are increasingly frustrating parents and falling behind international standards. America spends more of its GDP on education than most countries, yet it gets mediocre results. Children in Asia and Europe often trounce their American counterparts in standardized scholastic tests. More than 40 percent of American ten-year-olds cannot pass a basic reading test; as many as 42 million adults are functionally illiterate. Part of the reason for this dismal performance is that close to half of the $6,500 spent on each child is eaten up by non-instructional services, mostly administration.
Now the barriers between public and private sectors are eroding, allowing entrepreneurs into the state system. The 1,128 (and growing) charter schools are free to experiment with private management without losing public money.
Not surprisingly, there is plenty of opposition to creeping privatization. The teachers’ unions have an impressive record of crushing the challenges to their power…
So will I ever become a billionaire? I don’t know. I am continuing to go for the goal.
How will I do it if I do it? I don’t know that either.
It has yet to be figured out. But I do know this: For years, I grumbled and complained that school never taught me anything about money, business, or becoming rich.
Quit Your Complaining, and Do Something About It
I often wondered why they did not teach subjects I could use once I left school rather than teach subjects I knew I would never use. Then one day someone said to me, “Quit your complaining, and do something about it.” And today I am. I figure that if I am unhappy about not learning much about money, business, and becoming rich, other people probably have the same complaint.
Editor, Rich Dad Poor Dad Daily