What Is Ultra Wealthy and How Do You Get There?

Do you dream about being on Forbes’ list of the 400 Richest Americans or World’s Billionaires?  How close are you?  Whether you’re just getting started, halfway there, or still pondering the very idea, you need a game plan.  The specific road to becoming ultra wealthy will be up to you, but the basic principles on how to get there remain the same.

Define Ultra Wealthy

First, you need to define ultra wealthy for yourself.  Do you agree that it means you are worth $30 million or more?  Is the title of billionaire the only acceptable definition?  Is it more simple, such as being able to pay your bills and have plenty leftover to play with?  Does it mean owning property on each side of the country or being able to retire very early?

Set Goals

This one is of utmost importance.  You need to set goals and you MUST write them down.  Don’t leave them floating in your head.  Either you’ll forget them or you’ll start to feel overwhelmed and wind up never reaching your goal.  Chalene Johnson, my favorite motivator, is constantly reminding people to work on their to-do lists.  She claims she is average in every way, but her ability to write down her goals and follow through sets her apart.

Take a few minutes to write down some goals for today, then for the week, the month, and the entire year.  Break down the large tasks (such as “Save $10,000 by the end of the year”) into smaller ones to tackle on your daily or weekly lists.  It will make them more realistic and tangible—you’ll know you’re making progress.  And you’re not too busy to do this—in fact, you’ll either learn that you’re not as busy as you think you are, or you’ll learn better time management.  I guarantee from personal experience that you will feel LESS stress.

Take Action

Now that you have your goals on paper, it’s time to DO SOMETHING.  You will not become ultra wealthy by reading your to-do list.  You have to take action.  When you know you have to accomplish something by the end of the day and it’s staring you down, you’ll actually look for ways to make sure you get it done.  There are few things as satisfying as crossing a goal off of your list.

Once you’re a few months (or maybe years) in, it will still be important to set and go after goals.  To remain ultra wealthy, you have to remain active.  If you started a business, you can delegate responsibilities as much as you want, but you need to know what’s going on and continue to be creative and find ways to keep things running smoothly or even improve.  If you invested your money, you need to stay educated on companies and trends and know what moves to make when.

Maintain Good Money Habits

According to Forbes.com, the main reason people fall off of the Billionaire list is death; the next reason is allowing too much debt to accumulate.  You can’t control the first one, but you can control the second one.  You do this by continuing to set goals, taking action, and maintaining good money habits.  The ultra wealthy who remain on these top lists know how to protect the money they’ve made.  When you reach this point (or even if you’re steadily on your way), your risk of a sudden and dramatic loss increases.  Make sure you have a few safe investments and/or savings set up to avoid this danger.

If you’re still in the “pondering” phase, you’re likely to talk yourself out of taking the first few steps.  There’s no doubt that it’s a little scary to start on such an ambitious path as becoming ultra wealthy.  But don’t let that fear of failure get in the way.  If you don’t write down your goals, break them down into easily digestible steps, and take action now, when will you?  Small steps and small savings are always a positive start.  Aim big, but don’t be afraid to start small.

2 Responses to What Is Ultra Wealthy and How Do You Get There?

  1. Sq says:

    No odds

  2. Hey there! Quick question that’s completely off topic. Do you know how to make your site mobile friendly? My site looks weird when viewing from my iphone4. I’m trying to find a template or plugin that might be able to correct this problem. If you have any recommendations, please share. Thanks!

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