[toptemp]

I'm curious... I'm sure many individuals here believe they can become millionaires, but how many think that it's quite possible to become a billionaire?

If you don't think achieving billionaire status via sound ideas and proper action is probable, why isn't it?

[tbeer22]

Billionaires a rare commodity my friend, a rare commodity.

[toptemp]

Originally Posted by tbeer22

Billionaires a rare commodity my friend, a rare commodity.

True, True. But tell me why you or I could not become one? Besides statistics, if you really wanted to become one, if, what would be stopping you?

[akula]

Interesting question.

A billionaire, by definition is an extreme statistical outlier.

Such outliers are always the product of randomness (i.e. random error). In other words, pretty much in all situations, vast self made wealth is the result of luck (random availability of opportunity) more than skill (i.e. the difference after the point of skill is equlibrium....for every billionaire there is a thousand people who are just as smart and who've attempted the same ventures.).

Direct answer to your question: what would be stopping [me]? It's the draw of life's cards [i.e. bad luck] which would be the first and foremost obstacle...it's either that or not going to enough parties to hook up with the daughter of a billionaire.

In that sense, because luck plays an important role. It's important to be in situations where it's easier to get lucky (compared to other situations). These environmental issues would also get in the way of someone wanting to make a billion dollars.

[Talphin]

One step at a time my friend!

You have to become a millionaire before you can become a billionaire.

I would imagine that once you are actually a multi millionaire, it is a lot easier to imagine becoming a billionaire.

[adamg]

I think that it is possible but very unlikely, you will have to take least one massive risk in my opinon to get billionaire status, look at trump(buying buildings), bill gates(selling software he didn't own then buying it from the guy that owned it) and Branson (setting up an airline).

[NeeJam]

There is no reason you can't become one, you just have to spot a good business deal when it comes and know when to pull the plug on a deal.

[Bscivolette]

Billionaires are rare, in comparison to the rest of the world. However, as inflation rises and the economy grows, more and more people find themselves in the "billionaire" status.

According to Forbes, in 2003 there were 476 billionaires world wide, in 2006 there are a record high 793 worldwide (that's a 60% change). As to confirm my statement in paragraph 1...with the economy growing and a typical inflation of 3%/yr the billionaires worldwide will continue to grow.

[Jerimi]

first off ---
No, outliers are not always the result of randomness in -- even assuming the distribution of wealth is a normal (or able to be normalized through the z score) distribution. Regardless of distribution, outliers are either measurement errors, part of a different type of distribution, or a simply novel measurement that may be of interest. SOME may be from randomness... but not "always" -- example


Anyway, my thoughts are there is nothing other than skill and will stopping someone from becoming a billoinaire.

I say "will" because I think of it like this -- Once you have say 100$ million in the bank, for some this is almost too much to spend. Do you just get bored with accumulating wealth, and just focus on whatever? That might happen unless you are freakin determined as hell to be a billionaire! lol

[toptemp]

Originally Posted by adamg

I think that it is possible but very unlikely, you will have to take least one massive risk in my opinon to get billionaire status, look at trump(buying buildings), bill gates(selling software he didn't own then buying it from the guy that owned it) and Branson (setting up an airline).

Branson would be my best argument for becoming a billionaire. His airline took his life away... he spent just about every waking hour to keep that thing going against his competitor British Airlines. Not to mention, it sqeezed his cash flow and harmed his other businesses. The bulk of his beginning wealth came from Virgin Records which was eventually sold which gave him the opportunity to pursue other joint ventures, many of which were very successful because he did it with companies that knew what they were doing. Throw some proper investing in there, create a business system, and put some well thought out plans to make it to the high cash mark, and billionaire status isn't too far away. In fact, it's right there.

[toptemp]

Originally Posted by Jerimi

first off ---
No, outliers are not always the result of randomness in -- even assuming the distribution of wealth is a normal (or able to be normalized through the z score) distribution. Regardless of distribution, outliers are either measurement errors, part of a different type of distribution, or a simply novel measurement that may be of interest. SOME may be from randomness... but not "always" -- example


Anyway, my thoughts are there is nothing other than skill and will stopping someone from becoming a billoinaire.

I say "will" because I think of it like this -- Once you have say 100$ million in the bank, for some this is almost too much to spend. Do you just get bored with accumulating wealth, and just focus on whatever? That might happen unless you are freakin determined as hell to be a billionaire! lol

It's not about the money. It's all fun... and there's more to the game than focusing on accumulating wealth; it's what you do to accumulate it that makes it fun. Also, you can do a lot more good with it... my as well if making money is your strong suit.