From expensive vacations to lavish homes and vehicles, you can probably think of numerous ways to spend your hypothetical riches. However, some celebrity purchases are a little less traditional. See: From dental decorations to doggie mansions, you have to see what it costs to live like the extremely wealthy.
Money doesn't give you happiness; it allows you to make different choices. This is something that can help billionaires feel that elevated happiness. They are able to choose how to spend their time, and they can choose things they are passionate about, such as focusing on relationships or travel.
But when it comes to hobbies, a few of them are just like us. While some of the world's billionaires spend handsomely on their passions, others just need a good book, a deck of cards or a gym membership to unwind away from the office. Here's a look at how 10 of the wealthiest people spend their precious free time.
Being a billionaire takes an extreme work ethic and for many, quite a bit of patience. Billionaires are always learning and if you have the chance to ask them, they will almost always say they are the student, not the teacher. The most common traits among billionaires are work ethic and refusing to give up.
Bill Gates and Melinda French Gates, through their foundation, have given away US$38.4 billion over their lifetime, adding more than US$5 billion in 2022. Bill Gates ranked the second richest person in the U.S. with a net worth of US$102 billion. Melinda was estimated to be worth US$6.6 billion on her own.
On average, most billionaires wake up around 5:30 am, according to interviews conducted by Rafael Badziag. Billionaires swear that it makes them more productive throughout the day and more energetic to take on their tasks. Many also choose to go for a run or some other form of exercise when they wake up.
Many practice meditation or stick to a nutritious diet. Of the 21 billionaires I interviewed, only one was a smoker; the rest were either previous smokers who eventually dropped the unhealthy habit or have never smoked before.
Invest in yourself first
One of the biggest secrets of the rich is that they invest in themselves first. They understand that their success depends on their effort and ability, so they always look for ways to improve their skills and knowledge. As business owners, you should be doing the same thing.
In the same vein, many of the millionaires told me that given the option, they preferred to spend money on completely replacing things like old roofs, washing machines, dishwashers, refrigerators, furnaces, and even vehicles, rather than putting their hard-earned funds towards expensive repairs.
Secret Lives of the Super Rich is an American television series, hosted by Robert Frank (X)', airing on CNBC. The series explores how wealthy people live, what they buy and how they travel. It regularly features mansions, luxury cars and aircraft and expensive jewelry.
The billionaire morning routine list typically includes waking up early, exercising, meditation, reading, and goal-setting. These habits have been found to increase productivity, enhance focus, and promote a positive mindset, leading to better decision-making and success.
22% of their free time was spent moving around, playing sports, pursuing hobbies, or doing volunteer work. For all the others, just under 16% of their free time was spent actively. It means the millionaires spent 29 minutes, or a good half hour, much more actively than everyone else.
Spend time with friends and family.
Even though he's running both Tesla and SpaceX, and apparently works an insane 80 plus hours per week, Elon Musk hangs out with his fives sons on the weekend. Mark Cuban does as well. “On the weekends we have someone in the morning so Tiff and I go workout Saturday mornings.
Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.
Philanthropy is the most popular hobby among billionaires, according to Wealth-X's 2019 Billionaire Census. Sports, boating, and travel are also popular pastimes among the richest people in the world, according to Wealth-X.
There are times when people have no choice but to seek financial help out there, and perhaps one of the best ways to do so is to ask a billionaire for financial aid. Contrary to popular belief, the world's richest people are philanthropic and interested in helping others (they do so daily).
Billionaires establish and maintain direct eye contact, demonstrating their focus, engagement and assertiveness. They also often radiate a relaxed and composed demeanor, displaying their ability to handle stress and make clear-headed decisions.
A billionaire has a net worth of at least one billion units in their native currency. Billionaires can have a variety of assets, including cash and cash equivalents, real estate, and business and personal property.