Wouldn’t you love to wake up one day and find out some great uncle you visited a handful of times has left you millions in his will? Way to become an instant millionaire! We come across such stories in the papers and news often and are left wondering, why doesn’t it happen to us? After all, some of the wealthiest men in the world with humble beginnings have had millions bequeathed upon them by some relative or parents!
Here’s how some of the rich and famous (or not so famous) have acquired wealth:
As mentioned above, inheriting millions or billions have put many individuals into the crème de la crème bracket. Some have managed to squander their share by gambling or making poor investments while others have channeled the money and their business acumen and built successful empires, thereby multiplying the initial inheritance manifold.
While many might disagree by saying that investing in stocks is overrated, this method has greatly profited many wealthy people all over the world. The trick is to take calculated risks and invest at the right time. If someone puts money on the wrong commodity, they are probably going to end up with huge losses, which is why financial advisors exist. They offer their services to the rich, and provide advice as to how they should build a lucrative investment portfolio. They tell them which commodities are going strong, which ones are likely to show mediocre profits, and which ones could fall. Yes, their predictions might not be 100% accurate every time, but dabbling in the stock market has generated significant returns for many, and continues to do so with each passing day.
A few years back, the real estate market hit a huge slump. Some experts went on to predict that it might never recover from this particular downfall. How wrong they were, because real estate made a brilliant comeback. Even if bad economy has impacted the market, it has not undergone a massive collapse, which is why the wealthy have chosen to invest in real estate. Those who made successful investments in the past are reaping benefits and looking for newer properties to keep on filling their coffers. Even newbies who don’t have prior experience are hitting it big in real estate.
Of course there are other ways to acquire wealth, but these are the most frequent methods used by the wealthy.