It is beautiful to be a billionaire. The world of billionaires is always strange and tumultuous. Through my studies I have discovered that even the regular forks can become billionaires. I will simply work my way up and become a billionaire. It is possible to become a billionaire from nothing. I will always create opportunities for myself and invest wisely and then hold into my wealth.
Part 1-3
Creating Opportunities
Step 1: Study
Always remember that people do not just become billionaires accidentally. This is a plan that I will follow in becoming a billionaire. There is need to understand variables such as dividends, interest rates and tax brackets.
I will read about investing in order to understand the rules. I will also study entrepreneurship. That way I will learn how to identify markets and consumer needs. I will cultivate in-demand skills such as computer science to enable me get to the front door of new money.
I will read about successful billionaires and how they made their money. This is a sure way of becoming wise with money and hence amassing more of it.
Step 2
Start Saving Money
Always remember that it takes money to make money. Take a specific portion of money out of your monthly pay check immediately you get paid and put that into a savings account. This is the money that you will use for future investments.
Putting aside Ksh. 1,600 per month can be a considerable amount of money after a period of five years.
Individual Retirement Account
This account is available from most financial institutions. This is a good way to start saving for the future. There is no other sure way to end up with savings ending with 9 zeros other than starting immediately. These savings can earn you interest.
Pay your Debts
It is not possible to get a head financially if you have any kind of debts hanging on you. I will start by paying student loans and other forms of loans. This must be done as soon as possible. These loans will keep growing if you do not take a step as soon as possible.
A Five Year Plan
Calculate the amount of money that you can manage to raise in five years. Depending on the amount decide on what will be the best use for that money. It can be investments, starting a business or just allowing the money to continue earning interest.
Make the Plan Urgent: Make sure the plans are written down and are at the front of your mind every day. Refer to them regularly. Write down a reminder about your plan. Put them somewhere you go every day.
Investing
It is a good idea to buy real estate. This is a common way to make money. Property in most cases appreciates in value over a period of time. This will give you a good return for your investment.
Invest in Business
Buying a business or starting one can be a good way to make money in the long term. Put your money into improving your businesses. Be highly knowledgeable about the industry that you are entering into. Investing in computer technology and green energy is the way of future business.
Stock Market
This is a great place for one to grow his or her fortune. Watch the markets very closely before you start the buying and selling process. Find out which stocks are doing well and why. When you gather the information, you will be able to make smart choices in the future. Always understand that most stocks appreciate over the long-term.
You can bypass brokers by purchasing the stocks directly from agents or companies. Here you can invest as little as $30 per month.
Money Market Accounts
These accounts have a higher minimum account requirements when compared to regular savings accounts. The advantage is that it accrues twice the rate of interest. This is a good way to let your money grow by doing nothing.
Invest in Government Bonds
These are interest certificates which are issued by the government agencies. The treasury is the most common department that offers the bonds. There is no risk associated with government bonds. The main reason is that the government controls the printing press and can print any amount of money to cover the principal. This is the best way for you to diversify you money and it is relatively safe.
Always keep your money in different places. You can talk to a trusted broker and discuss you bond-buying plans.
Maintaining Wealth
Always consult competent brokers for quality advice. If you start to accumulate a considerable amount of wealth, there is no need to spend your time in front of a computer watching the changes in the stock market. You will better be out living your life. This is the best time for you to surround yourself with the best financial advisers and brokers. These are the people who will keep your accounts swelling with money.
Diversity in Investments and Portfolio
Never keep all your money in one place. Invest in stocks, real estate, bonds and mutual funds among other investments. This way, if you end up making a risky investment, at least you have a considerable amount of money in other ventures.
Make Smart Financial Decisions
Do your research and commit to a lifetime of making money through investments. There is nothing as an overnight billionaire.
Know when to get out
Know when to get out of something before it collapses. Surround yourself with smart brokers and listen to their advice. If you identify an opportunity to sell and make a huge profit, go for it. Profit is profit. There is no single way to invest.
Act the Part
If you will real become a billionaire, start acting like one now. Associate yourself with cultured and moneyed people. Pick up advice and advice from such people.
Cultivate interest in fine dining, fine art and travel. Consider buying a fine car or any other standard trapping of the rich.
Always be the old money and not the new money. New money is a term used to refer to people who have made millions very fast and are living on the fast lane. They drive flashy cars, and above all live a lavish lifestyle. Learn something from the old money and stay hooked at the stratosphere.
Old money build their houses out of blocks and they do not paint their house conspicuously. Decorate the inside and leave the outside to adopt to the weather.
Old money drives pickups for several decades. They do not buy Mercedes Benz or range rover sports. They can own such cars but they rarely drive them on a daily basis.
Old money made their money from tea farming, buying land and growing trees.
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