How can I be a billionaire? - The billion dollar question many aspiring young people keep asking.
The world of today moves so fast and anybody can almost be whatever they want to be if they have the right information and put in the work.
Unlike decades ago, where the process of getting rich is more or less proportional to long periods of hardwork, you can get rich (at least comfortable enough) faster today if you know what yields and how to go about it.
But even with that, can you get SUPER RICH easily?
What are the odds of becoming a billionaire?
Let's first establish a truth. The odds of a person rising through the social class/strata especially from the lower class to the top range of the upper class becomes increasingly difficult as we progress through our current civilization.
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Nevertheless, both young and old want to become rich and would most assuredly embrace the chance of becoming a billionaire if given the opportunity on a platter of gold.
But then, platters of gold aside, what are the real odds?
Can everyone become a billionaire today? This answer is No
But does everyone have a chance at becoming a billionaire? Yes.
The very essence of attributing value to people is deeply embedded in the social and financial class, and it must be maintained for the value of the rich to remain relevant. In short, at any given time, there must be poor people, rich people and a host of hustlers in the middle either trying to attain the créme de la créme of the society or avoid the trenches.
The interesting truth is that the majority who expend some effort at getting rich will remain middle class hustlers (or at most upper middle class) for the rest of their life and would never break out. Some will only become rich enough to make a decent living and afford good things of life. Some will become poorer while a few will truly reach the stars.
But how few are these few? And what are the odds of YOU becoming a part of these odds?
So let's look at some figures (for perspective we shall refer to the dollar denomination for all expressions of riches):
There are about 8 billion people in the world as projected for November 2022. Out of this we have about 2668 billionaires according to Forbes.
When you do the math, that means we have 1 billionaire for every 2.9 million people.
And the world population keeps increasing, though at a slower rate now.
The average age of expectancy is also 72.98 years, which is quite some number as compared to a decade ago when it was 66.2 years.
The average working age population is 15 to 64.
It is also true that the majority of the super rich today who broke out into becoming billionaires tend to attain such above the age of 40.
The average age for becoming a millionaire is 37 while the average age for becoming a first time billionaire is 51.
The numbers speak for themselves and enable you see through the odds especially when you observe them through your current position.
Asides the grossly abysmal ratio of billionaires to the population, all these basically show that the workforce age range has a tendency to increase each year and the race to climb the ladder of "success" gets crazier over time. This is especially true for those who were not born into privilege or given opportunity for potential wealth acquisition.
A hard pill to swallow is that if you don't have the leverage to get rich (become a millionaire), it is not likely you'll get rich at an early age (and that's even if you ever reach the million dollar mark in your lifetime). That's just it. Just know that the odds are already counting against you.
Rich parents always set a really high point for their children to get far richer than they were faster. It's not rocket science. The children simply have the access to the best opportunities.
Privilege can also come in other ways asides the "gift" of being born rich. It non exhaustively includes:
- Being born in an enabling environment. If you're born in a struggling country, the odds might just be more difficult, though it doesn't always mean lack of privilege. Problems might be a hiatus for ideas. However, an individual born in a developed world will naturally and generally speaking have a more enabling environment.
- Being born a "savant", or born to super intelligent parents or just having special abilities that might make you marketable.
- Having access to a network of people who can give you leverage and open you up to opportunities.
Asides being privileged, for you to even become a millionaire there are a few things you should know. These things must as of necessity be in place for you to have the best chances.
Taking a cue from the billionaires we have all over the world:
- You should start a business or enterprise (not a side hustle). Only 5% of people do: The billionaires of this world more often than not own an enterprise. It might start as a side hustle, but your plans and aspirations must be bigger than a side hustle mentality.
- Work your butt off. Only 5% of people will give the tenacity for 10+ years: This can't be sugar coated in any way. Hard work is hard work, in whatever form it occurs. You have to push your way up VERY INTENTIONALLY.
- Be in the top 20% of the population as per intelligence: By intelligence I do not speak about just formal education. Formal education does help, but pure intelligence as an ability that makes you a different thinker almost automatically makes you think unlike the majority of the population.
These 3 factors are so key and must almost always be present for an average person's chance at becoming a millionaire, and perhaps a billionaire.
With all 3 in top gear and then having privilege, you might just have a 1 in 100 chance of becoming a billionaire.
These figures from Bloomberg show the odds of becoming a millionaire in America based on some parameters researched:
So herein lies the dilemma of chances and a host of questions... What are the chances that YOU can keep up with all 4 requirements?
Do many even have the means to provide for their basic needs and be at least comfortable?
The average man's desire is to have a good life - food, good shelter, a good car and these other material things that seemingly provide all the comfort. Once he has the purchasing power to afford those, he is most of the time satisfied.
But for those who dream bigger than their minds might afford, the odds might be as feeble as the odds of being struck by a lightning.
As much as there might be exceptions to the odds, such exceptions are usually hugely exceptional to occur without the factors mentioned.
Where are you at now?
Are you already around your peak, in the hustling middle or perhaps you're just trying to survive?
Are you an aspiring billionaire? Or you just wish to live a quiet and peaceful life focusing on What Really Matters The Most to you?
Wherever you are. Think again and be responsible for whatever path you choose. You only have ONE life to live.
Thank you for reading!
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