TLDR;
The speaker shares six key lessons learned from working with 94 billionaires, focusing on their communication habits, time management, approach to trust, spending habits, focus on core competencies, and the nature of their problems. These insights provide a unique perspective on how the ultra-wealthy operate and can be applied to personal and professional growth.
- Billionaires prefer texting over calls to save time.
- They are experts at not wasting time, making quick decisions.
- They are always on guard against being taken advantage of and value loyalty.
- They differentiate between possessions and growth, investing heavily in opportunities for future success.
- They focus on their unique strengths and delegate everything else.
- Billionaires are still people with problems, albeit high-quality ones, and solving these problems can be a way to connect with them.
Texting Habits of Billionaires [0:57]
Billionaires prioritize their time and prefer texting over phone calls due to its efficiency. Unlike less wealthy individuals who may prefer in-person meetings or calls, billionaires understand that time is their most valuable asset. They often use apps like Signal for secure communication, especially during high-stakes negotiations. The speaker has negotiated deals worth millions via text, highlighting the importance of respecting a billionaire's time by communicating concisely and efficiently.
Time Management Strategies [2:50]
Billionaires are experts at time management and avoid wasting any time. They make quick decisions, such as ordering immediately at restaurants without reviewing the menu extensively. Some even instruct the waiter to surprise them, trusting the restaurant's quality. This approach reflects their understanding of the value of time, not only their own but also that of others, such as the waiter. Billionaires apply this principle to all aspects of their lives, making big decisions swiftly to maximize their productivity.
Trust and Loyalty [3:56]
Billionaires are always cautious of being taken advantage of, making it difficult to gain their trust. They value loyalty and are quick to end relationships if trust is broken. The speaker shares that one way to gain their trust early in his career was to offer his services for free, demonstrating that he wasn't motivated by financial gain. Building trust with their inner circle, such as their landscaper or attorney, can also help. Billionaires prioritize relationships that are mutually beneficial and do not hesitate to move on from those that aren't.
Possessions vs. Growth [5:26]
Billionaires understand the difference between possessions and growth, and they prioritize investments that will lead to future success. While they may be frugal when it comes to material possessions, they are willing to spend significant amounts on opportunities that promise a return. For example, they might negotiate aggressively over small expenses but invest millions in ventures that will drive growth. Possessions like yachts and castles are often seen as investments in future business, providing venues for networking and deal-making.
Focus on Core Competencies [7:30]
Billionaires focus on what they are uniquely qualified to do and delegate everything else. They understand the importance of leveraging other people's skills to maximize their own productivity. By concentrating on their core competencies and outsourcing tasks, they can operate at a higher level and make the most impactful decisions. This mindset shift involves using other people to leverage their work, which is a massive tool for success.
Billionaires Are Just Like Us [8:18]
Billionaires are still people with regular problems, albeit higher quality ones. The speaker shares an anecdote about a billionaire client frustrated with a mechanical issue on his private plane, highlighting that even the ultra-wealthy face everyday challenges. Solving these high-quality problems can be a way to connect with billionaires and gain access to their world. They still experience emotions and seek happiness, just like everyone else.
