Everyone has dreams of amassing wealth and fortune in their lifetimes but there are no cookie-cutter ways to do it. You will often find articles on the Internet about how millionaires and billionaires have made their fortunes but it’s not that easy to replicate their processes.
Let’s look at the top 10 ways that people have a fortune and you’ll see whether you have what it takes to be a part of the upper 1%.
Just because your ancestors weren’t Wall Street tycoons doesn’t mean that you can’t inherit millions. Let’s take Mort Zachter as an example. His parents were hardworking folks employed at a local bakery run by his uncle and his uncle’s wife. They were often compensated with leftover bread and pastries, despite working 119-hour weeks. His luck turned for the better in 1994 when he was told that he stood to inherit $6 million from his uncle.
Mort Zachter’s story is not uncommon. We even have an article about the most outrageous inheritance stories here. There have been many modern-day millionaires who owe their great fortune to parents and relatives who toiled for most of their life in order to leave a grand amount to their children.
Ever heard of the Slinky? This classic toy was created after its maker saw a spring coil fall from a workshop table and after developing the product for two years, it became a staple of childhoods from all over the world. The same thing happened for the inventors of the Koosh Ball and goo and slime toys. Sometimes, even the silliest invention can become a public hit. Just ask the inventor of the Pet Rock.
If you have a crazy idea for a product, run with it and who knows, it might be your golden ticket to riches.
Despite the horror stories of investments gone awry in the past decade, there are still success stories of humble folks who were able to amass millions through smart investment decisions. Whether it’s investing in a major financial institution or a local startup company, if you play your cards right, you can be rewarded with more than 100% return of your investment. The biggest consideration that you should remember is to invest smartly.
Do your due diligence and do your own research on an investment opportunity. Remember that if something is too good to be true, it probably is.
7 Executing Simple Ideas
This is especially true for tech companies. Most of the richest CEOs in Silicon Valley produced products or services that weren’t available yet. Take Facebook or Amazon.com for example. Both websites are now worth billions of dollars and both were created out of a need to provide those types of services.
If you have a simple idea, whether it’s Internet-based or not, pursue it. You’ll never know how successful your idea can become until you make it real.
6 Being a Master of One Thing
Athletes and musicians have made millions off their skills and talents. They may make it look easy but you best believe that a lot of hard work, dedication and sacrifices went into honing their skills. Even the best of them didn’t become rich or famous easily but having mastery over something is definitely an advantage. If you have a passion or one thing you love to do, dedicate your efforts in becoming the best at it. Seek out people who will be able to give you your big break.
5 Jumping on Opportunities
In Florida, a 14-year-old girl took advantage of the housing industry’s collapse and bought her first home. She then leased it and in less than two years, she was able to recoup her investment and slowly pay off her mother’s share of the home. She may not be a millionaire yet but you can be sure that she will be in the near future.
There are plenty of opportunities out there at any given time, just waiting for you to pounce on it. Be creative and you will be able to find ways to take advantage of your environment and prospects.
4 Pursuing Passions
Henry Ford was groomed by his father to take over the family farm. Two factors kept him from that destiny: his hate for farming and his love of automobiles. He pursued his passion and apprenticed as a machinist. Years later, he became an engineer in Thomas Edison’s company and his passion for creating automobiles led him to establish Ford Motors.
Your passion is the best motivation for you to work hard and do whatever’s necessary to succeed. Whether it’s baking cookies or carpentry, let your passion lead the way.
3 Winning the Lottery
Not everyone gets a chance to win the lottery but the lucky ones became millionaires overnight. Take your chances and buy a lottery ticket from your local gas station or convenience store. It never hurts to try, right? Especially if the payoff is millions of dollars.
2 Treasure Hunting
In these modern times, a treasure map won’t do you any good, unless if it’s a 17th century antique that you found in your basement. There have been a number of people who found gems in their basements, attics and garages and have sold it for thousands of dollars. Be on the lookout for old treasures that you may mistake for useless garbage. You can even spend a day combing the beach with a metal detector. Who knows, you may strike gold, literally.
1 Taking Risks
All of the people in the top 10 lists of the richest people in the world have one thing in common: their courage and ability to take risks. It’s never easy to put your heart and soul into one endeavor but it is your conviction that will make all the difference in the world. Don’t be afraid to fail. Many businessmen and enterprising individuals also faced failures at some point. What separated them from the rest was their ability to learn from those experiences and keep on trying to reach their goal.