The five strategies that turn a bankrupt into a billionaire
The title might surprise you and make you say: This is nonsense and unreasonable; I can believe that a millionaire turns into a billionaire, but it is very difficult to believe that a bankrupt, who does not twist, can become a billionaire. Although your words seem logical, reality proves that the bankrupt can be a millionaire, or even a billionaire.
There are many examples that we will mention for you of people who went from bankruptcy to the height of wealth, when they believed in their abilities, patience, persevered, developed special skills, learned from their failure and the difficult circumstances they went through, set goals for themselves and proceeded on a plan, and reached what they want from wealth.
In addition, they adopted a specific strategy and adhered to it and continued to work tirelessly or tediously, despite all the difficulties they faced. In this article, we will review five strategies that can have the effect of transforming anyone from broke into a billionaire.
The five strategies that turn a bankrupt into a billionaire
First: Do not introduce a product, but add something of great value:
If we review what the rich have presented to the world, we will find that they have added value to life. Their reward was that people bought what they offered and gained wealth as a result. Therefore, whoever wants to be wealth must first enrich people’s lives in one way or another, by adding something new that helps satisfy a need or solve a problem. It must be emphasized here that this strategy does not achieve its results in the short term. Rather, it requires a relatively long time, during which opportunities are searched for and work to be exploited.
Yvonne Chinard, the founder of the huge clothing retailer known as Patagonia, was able to reap a huge fortune not because he invented a new product, but because he added something new to a well-known product (clothes). It is reported that his company went bankrupt one day as a result of the lawsuits filed against it. However, “Chenard” did not give up, but rather continued his work, not only for his benefit; Rather, it is to raise the quality of its products and continue to provide the same value to people. Today, his company is considered one of the most successful clothing companies in the world. As for him, he not only regained his previous wealth, but also doubled it and became a billionaire again after he was bankrupt.
Second: Develop one good idea in the form of a product people like:
When an idea flashes in your head that you think is good, try to conduct a simple research in which you ask a sample of people what they think about it, and they are sure to give you some guidance or useful advice. If you do this, you will be able to recognize what people like and act on it. If we want to enumerate examples that are consistent with what we say, we may mention dozens of them, but here we will suffice with two examples: In order to avoid prolongation.
In 2010, Howard Bains owed $ 600,000, so he lost his home in an open bargain, and this before he started his business in the production of electronic cigarettes. Within 18 months, his sales rose to $ 100 million. After a few years of this huge jump in the market, he acquired Japan Tobacco International, which employs 27,000 employees and has an estimated annual income of $ 25 billion.
As for “John Paul de Guria”, who was on the verge of a pit of poverty, losing his home; What made him live with his son in a car, he did an incredible thing. He professionally produced cosmetics for beauty salons, knocking on all doors to display his merchandise. He gave preference to the quality of the product and every day was getting closer to his desired goal. When he was 36 years old, he drove out his company, Paul Mitchell Systems, despite the loan and the young son, to the top, becoming one of the richest people in the world.
Third: Look for a promising sector and offer it your service:
You must be able to track the developments that are taking place around you, and the resulting opportunities for you to seize them. The field of services is considered fertile; Every day, new needs appear for many services. For example, there are those who are looking for temporary housing to reside in a country other than their own when they travel for a few days to that country. There are also those looking to rent a car for a specific period to spend their work.
You can take advantage of one of these needs and establish your business through a simple mobile phone application that benefits people. And if we wanted to mention more examples of emerging needs, we would need dozens of articles. As a practical example of success in providing a service in a promising sector, we refer to the story of “Kenny Trott,” founder of Excel Communications, who reached the top of wealth and success after he had nothing, when he became an international commercial broker after lifting restrictions on the economy at the first appearance of the telecommunications sector. It has sold more than 200,000 franchises with its multi-level marketing model.
Fourth: Take advantage of technology:
There are many things you can do online. As long as there are people who think and innovate, the wheel of invention will not stop spinning. And I think we all know who Mark Zuckerberg, the inventor of Facebook, became a billionaire thanks to that invention. Although Mark was not penniless, but the son of an enigmatic family, thanks to his continuous thinking and work, he managed to become a billionaire while he was still in his second decade.
There is also Jan Kum, the inventor of WhatsApp, who turned from a low-income Ukrainian immigrant family to a billionaire after he sold WhatsApp to Facebook.
Fifth: invest in real estate:
This type of investment is not suitable for those looking to get rich quick. It needs patience and patience, but its returns may make you a billionaire. Here we give two examples of people who were almost destitute, but who reaped huge fortunes by investing in real estate.
Leon Charney became a billionaire thanks to his real estate investments. Leon was the child of Abu immigrants, and when his father died, the family had no money. He had nothing at all. But he insisted on building himself and graduating from law school, then his insight led him to invest in real estate, and his situation turned from an orphan child who had nothing to a billionaire.
As for “Karl Berg”, the owner of many billionaires, he was able to achieve enormous wealth thanks to investment in the real estate field, after he grew up as an orphan who lived with his mother, who was a teacher. While working in a hotel there, he met by chance with someone who was one of the largest construction workers in the United States, and offered him a managerial position in his mortgage company, so he set out to get rich from there.
In the end, we showed you the five strategies that turn a bankrupt into a billionaire, we hope you have benefited from this article.
Secrets of financial success, wealth, financial awareness, money and business
How To Negotiate Like A Billionaire (Bobby Axelrod)
Bobby Axelrod from Billions has more money and power than most of us could imagine, and it’s not just because he’s a good investor. Bobby is a brilliant negotiator, capable of getting people to give him almost anything he wants.
In this video, we’re going to cover 5 tactics Bobby uses in almost every negotiation, and how you can use them to negotiate better, whether it’s at work, in your romantic relationships or with friends.
0:27 – # 1: Nail down what people need before negotiating.
2:45 – # 2: He will use his body language to manipulate other people’s emotions (don’t do this in your own life).
4:47 – # 3: He uses an exploding offer to create panic in the other person (don’t do this in your own life).
6:00 – # 4: Always be willing to walk away from the table.
7:44 – # 5: Point.
Gr8 video; my summary of How To Negotiate Like A Billionaire (Bobby Axelrod):
• Nail down what people need before negotiating with them
○ Don’t fall for false consensus bias; do your research & if in dubio: ask!
• Use body language to manipulate other people’s emotions
○ Stand while other people sit to demonstrate dominance
○ If people look physically up to you, they subconsciously feel ur position is stronger (avg. CEO is 2,5 inches taller than avg. Man)
○ Sit relaxed while other people stand to show u don’t feel threatened
○ Get at eye-level & side-by-side to show u’re in the same team
○ Best way to handle 1: 1-negotiations (adjacent sides of a table work, too)
• Use an exploding (temporary) offer to create panic in the other person
○ Scarcity / time pressure -> now-or-never traps
○ Might result in resentments or reactance
○ Risk of adverse selection: might scare off good ppl (who don’t like aggressive style) & get you yesses from the wrong ppl
• Be willing to walk away from the table
○ Never allow anyone to time pressure u or change terms after having already agreed
○ U should line up multiple options in advance
○ Useful mindset: “There are infinite options available to u at all times.”
• Give as little as possible
○ Risk: Maximizing in the short term, but hurting long term relationships
Instead: think of negotiations as iterative instead of one-time games
Most of them are good tips that many people still use during negotiations. However, don’t expect them to always work favorably. This analysis is done on a FICTIONAL character. Any fictional character can succeed if that’s what the author wants, regardless of what he does.
Real life and fiction is very different. This analysis is about as good as learning how to date girls from watching Korean dramas.
Growing up poor and returning to poverty several times was the best thing that happened for my negotiating skills. I’ve traded everything I’ve owned for knowledge several times now, and doing that again doesn’t scare me anymore. If anyone ever tries to give me a short timeframe for a deal, I refuse on principle even if the deal actually matches the bar I set for myself in my head before walking into it. I work with you, not for you.