E9: How do you level up from millionaire to billionaire? We discuss the 5 mindset differences between a millionaire and a billionaire. By the end, you'll have the playbook for jumping from a millionaire to a billionaire.
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TOPICS:
Impact Over Money (1:40)
Billionaires measure their success in units of impact vs. units of money. They are motivated to hit a certain milestone whether that's feeding a billion people, in the case of motivational speaker Tony Robbins. Or Marc Lore, who is now on a mission to build a new utopian city called Telosa. Or Elon Musk, who wants humanity to colonize Mars through SpaceX.
Constant Learning & Self-Improvement (3:44)
Bill Gates takes an entire week off to read every year. Billionaires are hungry for knowledge. They study historical figures like Benjamin Franklin, Walt Disney, Henry Ford, and others to learn the fundamentals of achieving success. Grant Cardone also believes that there is no such thing as burnout from working too hard. He believes that you're not getting enough unexpected wins in your work which is causing you to feel burnt out.
Thinking Bigger Using Leverage (7:51)
Billionaires are tackling the world's largest problems. So naturally, they use more leverage than anybody else in the world. They are running multiple businesses at the same time, leveraging a great team to make it all happen.
Optimizing for Time (9:35)
Millionaires have a tendency to save money whenever possible. Billionaires optimize for time instead. Billionaires plan out for several decades in advance. Jeff Bezos infamously kept reinvesting Amazon’s profits back into the business for decades despite shareholder pressure to become profitable.
Contrarian Approach to Decision-Making (15:06)
Billionaires are constantly assessing risk vs. reward and limit their downside as much as possible while leaving the upside unbounded. They are calculated in their risk-taking. Yet, once they find an asymmetric risk/reward payout, they go all in. Millionaires diversify their investments into things like index funds to reduce their risk but billionaires put their eggs in a few baskets and watch them very closely.
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LINKS:
Episode 2
Episode 3
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First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc.
Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more.
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