Success stories of self-made millionaires always will inspire us. And today, we bring you one such story of a person who went from rags to riches, using smart financial planning, the power of consistency, and patience.
This self-made millionaire has networked with many millionaires over the course of his career and has spent years observing their financial planning and habits of money making. It took him 20 years of trial and error, hard work, dedication, and consistency before he achieve the multi-million dollar status.
He wished he could’ve known in his early career stages, how ultra-wealthy people strategize their financial goals and think about money making.
Now, at the age of 72, he has 22 companies and investments in real estate properties and stocks that bring him an annual income of $360,000,000.
Meet John Doe, a self-made Millionaire who’s eager to share his Money secrets which made him build wealth and achieve financial freedom.
Here are his 3 Money Making Secrets
1. Start Early
When it comes to building wealth, John Doe always wishes he could’ve started early which means saving and investing money in his 20s, and by the time he reached his 40s, he would have already been a millionaire and established financial freedom.
Now, let me tell you, starting early isn’t just about saving and investing. It’s also about money making. You’re well aware, money or success doesn’t come easy and if it does, it won’t perhaps stay longer. So, be curious and always learn. Building skills and having a lifetime learning mindset will certainly help you to get a job with high-paying salaries.
Mark Cuban says, When you walk into a room, you need to know your s–t better than anyone else in the room”. That’s when you’ll get control over yourself. So, if you’re in your 20s or 30s, listen up! Start now.
2. Diversify at Right Time
You might think that spreading your investments across a wide range of assets and stocks is the best way to build and protect your wealth. But that’s not necessarily the case every time.
In fact, when you over-diversify, you end up spreading your money too thin. Therefore, it can actually limit the potential returns of your best-performing investments.
Instead, it’s important to focus on building well-researched investments and gradually diversifying your investments over time as your wealth grows. Furthermore, this allows you to focus on your best-performing investments and maximize your returns thereby reducing your risks.
Elon Musk, for example, bet his first $22 million company, an online business directory called Zip2, on his next business X.com, an online banking service. Later X.com merged with Paypal and in 2002, Paypal was acquired by eBay for $1.5 billion in stock, of which Musk was the largest shareholder with 11.72% of shares and received $175.8 million. He then invested the cash in Tesla, SpaceX, and other companies.
So, there you have it. Focus on building a solid core of investments and gradually diversify over time.
3. Building a Strong Network
The crucial element of building wealth is investing in your network. Self-made millionaires know the power of having a strong network of connections.
By expanding your network with like-minded individuals, successful entrepreneurs, and industry experts you get to know how they think, act, work, etc about building wealth. Besides, you’ll have access to a plethora of opportunities, advice, and resources, which help you make smart investment choices and financial decisions, and build wealth.
For example, let’s say John wants to invest in an individual stock. By leveraging his network, he can reach out to business partners, industry experts, and successful entrepreneurs for advice. Doing so increases his chances of a successful investment and helps John grow his wealth even faster. Of course, he can hire a financial advisor and still network with successful entrepreneurs too.
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