wealthymatters

Are You Born To Be A Billionaire ? Self Assessment Tool

January 27, 2011 Leave a comment

If you weren’t born a billionaire and are not banking on marrying a billionaire or thinking of taking to crime or plunder in a big way, your best chance of becoming a billionaire is through business. So do you have it in you to become a self-made billionaire through business?

1. CAN YOU QUIT SWEATING THE SMALL STUFF?

Can you quit spending an inordinate amount of time on perfecting your product or service ? Can you instead focus on building your business and its systems ? Do you need to attend to every little thing that goes on in your business or can you delegate?If you can focus on the big picture,you are one step closer to building a big business.

2. ARE YOU A VISIONARY ? CAN YOU SEE THINGS BEFORE ANYONE ELSE DOES ?

Self-made billionaires like Dhirubhai Ambani and L.N.Mittal were or are not just great businessmen. They don’t just dominate industries–they transform them and spawn new ones. This requires great vision. Billionaire entrepreneurs do not just work within the confines of the current market, they anticipate things much further afield. They see things that no one else does.

3. DO YOU HAVE A FIRM BELIEF IN YOURSELF AND YOUR VISION ?

To crack the $1 billion barrier, you need total, unwavering belief in your vision–and an immutable will to pull it off.

4. CAN YOU HANDLE RISKS ?

Do you have the courage and confidence to check fear and doubt and stay the long course.Can you think clearly in the face of danger?Can you stay cool?Can you find ways of managing risk? Read more of this post

Filed under Entrepreneurship, Tool Kit Tagged with billionaire, billonaire entrapreneur, Dhirubhai Ambani, L.N.Mittal, RandomBlog2011, Self Assessment Tool, self-made billionaire

The Definition of Income and Wealth

January 26, 2011 8 Comments

Wealth consists of those items of economic value that an individual owns, while income is an inflow of items of economic value.

wealth = assets − liabilities

Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.

A liability is an obligation arising from past transactions , the settlement of which may result in expenses or transfer of assets.

The relation between wealth, income, and expenses is:

change of wealth = income − expense

Filed under Tool Kit Tagged with Income and Wealth

Target Crorepati — Goal Setter

January 26, 2011 3 Comments

To be a dollar millionaire we need about 4.6 crores in assets, excluding the value of our primary residence.If the goal seems so far away why not aim for one crore first ? Here is a calculator to help set your goals. http://www.religaremf.com/crorepati.aspx .

Filed under Tool Kit Tagged with Become a Crorepati, Becoming a Crorepati, Calculator, Crorepati

Want to be a Millionaire ? Calculator.

January 26, 2011 3 Comments

A million dollars is about 4.6 crore rupees.It is still not such a small amount but then again it’s not a figure we can’t wrap our minds around.A millionaire has a net worth of a million dollars not including the price of his/her primary residence.These days helped by inflation and the vast universe of opportunities available many many people are joining the Millionaire Club.So why be left behind?Here is a calculator to show just what you need to do to become a millionaire. http://www.religaremf.com/want-millionare-calculator.aspx .Just clarify your goals,work out the exact course of action you need to follow and stick to the plan.Voila, one fine day you will be a millionaire!

Filed under Tool Kit Tagged with Becoming a Millionaire, Calculator, Millionaire

Distribution of Millionaires by Country

January 26, 2011 6 Comments

Number of millionaires by country

HNWIs (more than US$1 million, in 2009)
Rank	Country	Number
—	World	10,000,000
1	United States	2,886,200
2	Japan	1,650,000
3	Germany	861,500
4	China	477,400
5	UK	448,100
6	France	383,000
7	Canada	251,300
8	Switzerland	222,000
9	Italy	179,000
10	Australia	173,600
11	Brazil	146,700
12	Spain	143,000
13	India	139,835

This is some interesting data I came across today.I did some basic math with the figures.Apparently 0.167% of the world’s population are millionaires.About 0.013% of Indians are millionaires.1.4% of the world’s millionaires are in India. Do you know some or any of them?Who are they?What sort of people are they?How did they get to this position ? By any chance are you one of these people ? How did you make your first million?Or are you someone who would like to be a millionaire? Here is a tool to help you on your way – https://wealthymatters.com/2011/01/26/want-to-be-a-millionaire-calculator/ .Or if 4.6 crores seems a long way off, here is a tool to help you get started – https://wealthymatters.com/2011/01/26/target-crorepati/

PS:Here are some updated figures,thanks to blog reader RC

Top 10 Countries (Net worth of US $1 million, as of May 2011)
Rank	Country	Number of (USD) millionaire households
*Rank*	World	37,978,000
1.	United States	10,541,000
2.	Japan	5,705,000
3.	Germany	3,485,000
4.	United Kingdom	2,904,000
5.	France	2,653,000
6.	Italy	2,476,000
7.	Canada	1,745,000
8.	China	1,312,000
9.	Spain	1,022,000
10.	Taiwan	719,000