Below is a nice set of infographics, where you can see how some famous billionaires made their first billion dollars. Most of the richest people in the world were actually poor at the beginning of their lives, they are self-made billionaires. But how did they make their first billion dollars? Here is how Warren Buffett, Elon Musk, Lilliane Bettencourt, Oprah Winfrey, and Li-Ka-Shing did it. Below are the early stories of these people and the steps they made to their wealth.
Buffett realized from a very young age that he will become an investor. He bought his first stock at 11 and was business oriented even earlier. Musk was already a self-taught programmer when he was just 12. He always knew that technology would become his destiny. Lilliane Bettencourt began working for L’Oreal when she was 15 and today she is the biggest shareholder of her father’s company. Her first job was putting labels on the bottles with cosmetics. Li-Ka-Shing’s family was really poor when he was a little boy. He had to drop out of school after his father’s death because he had to earn money for his family. He started working in a factory for 16 hours every day.
These and many more interesting facts you can see on the infographics below, created by eBay Deals (https://deals.ebay.com)
Some additional tips that can help you grow rich
1. Create a Financial Plan: The first step in becoming rich is creating a solid financial plan. This should include your income and expenses, goals, budgeting strategies, and any strategies you plan to use to increase your wealth. To develop an effective plan, start by doing research and reading investment books, websites, and magazines. Seek out financial advice from people who have achieved success in the area you’re interested in.
2. Invest Wisely: Investing is the key to becoming wealthy in the long term. For most people, this means investing in stocks and mutual funds, but there are other options as well. Before investing any money, research the different investment vehicles and understand each one’s potential benefits and risks. Also, be sure to diversify your investments across different asset classes so that if one of them performs poorly, it won’t have a negative effect on your entire portfolio.
3. Save Automatically: One of the best ways to become rich is to save automatically on a regular basis—even if it’s just $20 per week or $50 per month. Setting up an automatic transfer ensures you don’t forget or overlook putting money aside into savings or investments each month. However much you decide to save will depend on your income level and living expenses but be sure not to go below 10% if possible; 20-30% is even better!
4. Build Multiple Streams of Income: Many people who become wealthy build multiple streams of income by launching businesses or side hustles that generate revenue alongside their regular job or as passive investments that provide an ongoing stream of income even after they stop working full-time. Diversifying your income sources will help ensure that no matter what happens in one market, at least some of your income will remain steady each month and this will help build wealth over time.
5 Live Below Your Means: Living below your means comes down to sticking with a budget that outlines exactly how much money comes in each month and how much goes out for living expenses such as rent or mortgage payments, food costs, entertainment/leisure activities, retirement savings/investments, etc. manage money wisely helps ensure that any extra money can be put towards savings and investments which are essential components of building wealth over time.
Becoming wealthy takes planning and discipline but these simple steps can help you put yourself on the path toward building wealth if done consistently over time! If you apply these steps consistently each month while learning more about investing along the way it’s very likely that within a few years (or even less!) you could find yourself on track toward reaching your financial goals!
See some advice from 18 super billionaires: Advice for Success From 18 Top Entrepreneurs and Billionaires. Please share the post if you like it!
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World Wealth Distribution And Income Inequality In The World
The Habits Of The Wealthiest People – How To Get Rich Habits
Money For Nothing – The I Am Rich Mobile App Or How To Think Out Of The Box
The Habits Of Successful People vs Unsuccessful People’s Ones
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