Seven Money Habits I Learned from Billionaires That Transformed My Wealth and Business
This article explores seven powerful lessons learned from studying billionaires like Jay-Z, Steve Jobs, and George Lucas. Key insights include becoming your own brand, relentlessly raising standards, and envisioning expansive business worlds. These principles helped me build massive wealth and a self-sustaining business by focusing on personal branding, uncompromising quality, and visionary thinking.
Most people believe that working harder is the key to getting richer. However, after studying seven billionaires, I discovered the opposite: success is not about the number of hours you work but about learning the principles and secrets from those far ahead of you. In this article, I share seven lessons I stole from seven billionaires that allowed me to build massive wealth and a business that runs itself.
Lesson 1: You Are the Asset
One of the most profound lessons comes from Jay-Z, who famously said, "I'm not a businessman, I'm a business, man." Jay-Z's journey from drug dealer to billionaire was not just about building companies but about building his own brand. His voice, message, struggle, and story became his ultimate moat.
Jay-Z's personal brand was the foundation for launching billion-dollar ventures like Tidal, alcohol brands, and clothing lines. It was not just the logos or products that made these brands successful but the fact that Jay-Z himself was behind them.
Similarly, in my own career, I realized that my energy, story, grit, and might attracted people more than the companies I built. For example, when my first business, Bitmaker, faced a government raid, I mobilized the Canadian tech community by sending 3,200 emails. Within 24 hours, the story was trending across Canada and the US on Twitter. This led to a unique exemption that allowed us to operate and eventually exit the business for a life-changing sum.
The takeaway here is that your personal brand is your most valuable asset. People follow people, not just brands. Your face is the funnel, and your story is your strategy. Stop hiding behind logos and start sharing your struggles, wins, challenges, and the blueprints you've learned. Be generous with your knowledge and don't worry about being perfect at first—just start and improve over time.
Lesson 2: Raise the Bar or Burn the Bar Down
Steve Jobs is often praised for his genius, but his relentless pursuit of excellence was far from polite. After reading over eight books on Steve Jobs, I learned that he was violent about his standards. Complexity and anything less than beautiful design created a rip in his soul.
Jobs was obsessed with simplicity, quality, and artistry. For instance, when Johnny Ive presented the first iPhone prototype with one button, Jobs immediately asked, "Why is there one button? Can't we do less?" This relentless drive for simplicity became a core value of Apple and helped it become one of the most beloved brands ever.
In my own journey, I initially compromised on design and quality but learned that maintaining high standards is crucial. Your culture is what you do and what you tolerate. If you allow mediocrity, you revert to the mean. Surround yourself with people who raise your standards and habits that push you to excel.
Ask yourself:
- Are the people around you raising your standards or causing them to drop?
