10 Shocking Differences Between Millionaire and Billionaire
It’s not always easy to tell the difference between a millionaire and a billionaire. A million dollars is an impressive sum of money, but it doesn’t come close to being a billion. In fact, actually becoming a billionaire is incredibly difficult. To understand just what makes someone a billionaire and how that stacks up to being a millionaire, we need to take a closer look at the numbers. for starters, let’s break down the definition of these two terms. millionaire live in households with at least $1 million in investable assets. This is not counting any homes they might own and only considers the money they have and earn interest on. The most common types of investments are stocks, bonds, mutual funds and cash. Billionaire, on the others hand, are those with a net worth of at least $1 billion (that’s 1,000 million). Most billionaire make their money through business or investments and don’t actually work for it directly. To be clear, though, it does take some sizeable assets to become either a millionaire or a billionaire. No surprise there. However, the difference between having $1 million and $1 billion is staggering. 10 Shocking Differences Between millionaire and Billionaire.
1 Billionaire can take risks that millionaire simply couldn’t.
Millionaires are still rich, but billionaires can afford to take risks that millionaire simply couldn’t. They could buy their own island or a baseball team (two common billionaire expenditures) while the average millionaire would never even think of such extravagances. Than there’s travel: most people save up for years to take their family vacation to Disney World, but billionaire just charter their own jet and are there in no time.
2 Billionaire don’t have to work hard – or at all!
If the point of working hard is getting rich, than most billionaires are pretty smart. Rather than spending their days working in a cubicle, they can instead put their energy toward the thing that matter most to them. Sure, this may come at the expense of making a quick million or two, but it also allows billionaire to than focus on the many other opportunities that life has to offer.
3 Billionaire hire managers and investment advisors.
Some billionaires are lucky enough to have their own business, but even those who have inherited their fortune typically hire managers to help them continue building wealth. While millionaire need to learn the ropes about investing, it’s usually a full-time job for billionaire. That being said, they still do the investing because they’re the individuals with the biggest bank accounts.
4 Billionaires have more free time.
Now that they’re billionaires, these individuals can choose to spend their money however they want, or simply let it accumulate interest for them while they play golf every day. This newfound free time has introduced many billionaire to hobbies like yachting, which also separates them from the average millionaire.
5 Billionaires have the power to change the world.
The average millionaire can donate money to poor countries, but billionaires are able to truly make a difference in places that require so much more than just financial help. Some billionaires choose to take on worthy causes as their own pet projects, while others get started by donating billions of dollars to chartable organizations before stepping out of the spotlight.
6 Millionaires have a clock, billionaires have no time clock.
Millionaires still have a day full of responsibilities and tasks to accomplish, but billionaires only work on things that truly interest them. If they had more time, they’d rather spend it focused on solving some of life’s greatest mysteries, like how to travel faster than the speed of light.
7 Billionaires’ names are inscribed on buildings
A billionaire can write a generous check to build anything they want, including an entire building. A millionaire could help with the blueprints and construction, but it’s unlikely that their name would wind up on the side of the structure (unless they donated enough money to make it happen). Some billionaires like to leave on the world in this way, while others prefer to remain anonymous.
8 Millionaires work hard but billionaires think their way to success.
Many millionaires attribute their success to hard work, but billionaires don’t even have to try that hard. Sure, they might have worked just as hard at one point in life, but they’re already so wealthy that it doesn’t matter anymore. Instead of working constantly, many billionaires now focus on the mental aspect of business because it’s what made them so successful to begin with.
9 Billionaires know how to protect their money.
At this point, billionaires have tried every from of currency imaginable, which means they know exactly what works best for them. They also understand the global economy in a way that most people don’t, which allows them to be more strategic with their finances. That begin said, it takes a whole lot of money to become a billionaire in the first place, and they’re not going to go out of their way to lose it.
10 Billionaires have longer life expectancies.
Once a millionaires enters this rarefied air of success, it’ll be another 40-50 years before they ever have to worry about dying On average, millionaires live roughly 20 years less than billionaires because they don’t have as much money to spends on healthcare and other services. In fact, their are some billionaires that have lived will into their 90s without suffering from any major health problems. If you’re looking to become a millionaire, there’s no need to change your life drastically. Just try to live as possible and work hard to obtain as much money as you can before spending it all on whatever you want. However, those that hope to become billionaires should take note of how these people spend their money because it separates them from the rest of the crowd. what other things separate millionaires from billionaires?
Content Creator by Millionaire Traits