There are tons of prejudices about them and they keep a low profile: For wealth researchers, the richest of the richest are opaque – but how do you actually become a millionaire?
In recent years, the gap between rich and poor has continued to widen worldwide. But how do the super-rich get their wealth? According to wealth researcher Thomas Druyen in an interview with WELT, only around 20 percent of millionaires inherit their wealth. Despite the opacity that well-known wealth researchers like Druyen talk about, every now and then a rich person agrees to reveal his secret on a website or in an interview.
Tips and tricks
So it turns out: First of all, thrift is important, because only the money not spent makes a person a millionaire. The motto is to work as much as possible and sometimes skip your annual vacation, while under no circumstances should you take out a loan. According to experts, loans lead to debt spirals that are difficult to get out of. So for the time being it is better to buy the cheaper car for the way to work and invest money in such a way that it multiplies itself. In contrast to cars, share packages and profit sharing are beneficial – but experts warn against taking too many risks. With a proper financial plan, ideally drawn up with the help of a financial advisor, the investor knows his resources and what happens in the worst case scenario. Incidentally, according to a study, the worst case scenario, namely bankruptcy, occurs quite often: the average millionaire experiences it three times in his life.
It’s all about the right attitude
Wealth research shows that not only people with high starting capital can become millionaires. This goal can also be achieved with just, for example, 100 euros instead of 100,000 euros in starting capital. Apparently it just depends on the right setting. It is therefore advisable to not only keep an eye on the goal but also to make the journey there enjoyable. Because those who enjoy their source of income will voluntarily engage in it more. Liking your work is also essential from another aspect: appearing confident in front of colleagues, competitors and business partners improves your chances of success, so the gray mouse should be replaced by fun and self-confidence – this point is particularly important for women. Because there are currently many more male than female super-rich people, it is an advantage not to be afraid of rich men and to be able to assert yourself. The difficult balancing act in all of this is being able to reward yourself and call it a day despite constant and high effort. Because burnout probably doesn’t make anyone a millionaire.
The most common ways
In 2004, author Tom Corley began surveying millionaires about their path to wealth and found that the easiest way to get rich is the saver-investor strategy, with 22 percent of those surveyed reaching their millions by investing in stock packages and profit sharing. The dreamers, as Corley calls them, founded their own company or are incredibly successful artists. The problem with this strategy: It cannot really be planned. Many also made it through the career ladder and through hard work, working hard for an average of 22 years until they made their first million, Druyen said.
But everyone needs a high willingness to take risks – and the ability to learn from mistakes and setbacks, according to the experts.
Editorial team finanzen.net