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Sep 30, SiteSell Services For Small Business Web Site Development
The title to this post is a little off in that most times people invest in things in order to get wealthy. Either way you look at it, there is much research on this subject. Funny thing, it is not primarily mutual funds or even individual stocks that make up the portfolios of the wealthy.
First, lets define wealthy.
There are three generally agreed upon categories. The mass affluent which has a net worth outside of their primary home of $100,000- $999,999. The wealthy which has a net worth outside of their primary home of $1,000,000- $9,999,999. And the super wealthy which has a net worth outside of their primary home above $10,000,000.
Interestingly, the investment strategy is basically the same between the wealthy and the super wealthy. And the higher you go in net worth for the mass affluent the more they look like the other two classes.
So how do they invest? What financial instruments do they use? Well, the truth is they use all sorts of financial instruments, but there are two main strategies which set them apart from those that have less than them.
First, is real estate. The largest categories of investments for the wealthy is real estate and it only gets larger as you go up the wealth ladder. Of course they all own a primary home. But a second home is the next largest category of real estate investment. And as you go up the scale they own 3,4 or more homes.
Next category is income producing real estate. The wealthy own apartment buildings, commercial buildings, duplexes, etc. that will produce income for multiple generations. REIT’s (real estate investment trusts) are favored by the wealthy. Raw land is bought and sat on until the investment blooms.
The next largest category is businesses. Usually they control or own large blocks of a business that can be best called creative or niche businesses. The wealthy have been able to identify unique ways to satisfy needs. Many times the discovery has come out of a industry that they worked in for years, first as a employee.
They also own some of the traditional investment classes like stocks, bonds, mutual funds. However, it is at much smaller percentages than the non-wealthy. For example, the super wealthy own individual stock and mutual funds, but the median ownership is around $1,000,000 for individual stocks and $500,000 for mutual funds.
Now remember, the super wealthy category starts at $10,000,000. So their stock ownership percentage is very small compared to their overall assets. They own cash value life insurance at about the same percentages as their stock ownership.
Their overall startegies suggest an understanding of the tax laws, so that they legally avoid high outlays to government. It also tells us they understand history. The greatest investments, those that last for generations until someone forgets why they were purcashed in the first place, are income producing real estate.
Imagine if your great grandfather purchased apartment buildings in Manhatton or Miami Beach or Chicago. What would they be worth now? How much income might they be producing for you? The truth is, businesses come and go and our needs change, but we always need a place to live or a place to shop.
Maybe you are not the landlord type, like me. The thought of having renters calling me all hours of the day and night to have the plumbing fixed is my nightmare. But there are many ways to own real estate that don’t have that nightmare.
Think about starting a business that fills a niche. Think about investing in real estate. If you can find success in these two areas, then you are likely to join the wealthy or even the super wealthy!
source: shaferfinancial.wordpress.com
Read more:
What do the wealthy invest in?
If you’re a bit financially strapped at the moment, consider it a temporary situation and focus on the future. If you have a job and are making enough money to support yourself, you’re off to a great start. Sure, there’ll be things you’d like to have that you can’t afford-but that’s okay. Keep telling yourself that you’ll be in better financial shape next year and enjoy the experience of being out on your own.
To stay on the right financial track, remember these two things:
1. Resist the temptation to use credit cards to buy what you want, but can’t afford. You’ll get yourself in a huge rut if you do this and end up with less in the future.
Be patient and know that eventually, you’ll have more buying power.
2. Be aware of financial opportunities, and take advantage of them when they’re available.
Many people miss chances to improve their financial positions because they don’t know what’s available to help them do so. By reading this series, you’ve shown that you’re interested in your personal finances and are willing to take the initiative to learn how to get, and keep, your finances healthy.
We’ll look closer at these areas of financial opportunity later in this series, but it’s important that you know what opportunities to look for. The sooner you start making the most of your money, the more money you’ll have later.
These two steps, resisting credit card debt and taking advantage of financial opportunities, will go a long way in moving you toward your financial goals. Ask for help if you’re confused about a financial matter. Many issues concerning money, investments, and so on can be confusing, even to people who study them on a daily basis, so don’t be discouraged if some financial issues seem confusing at first. They’ll become clearer as you learn more.
But be sure you take all the financial advice you’ll get with a large grain of salt. If you follow the advice of every financial guru who comes along, promising on one talk show or another to quadruple your investment in six months or less, you’re likely to end up losing some serious money along the way.
Remember that if you seek advice from a friend or family member, you’re likely to hear what’s worked best for him. What worked best for him, however, just might not be what will work best for you. Nobody wants to sound like a dummy (or a complete idiot), so you’re likely to hear about the good financial move your brother made back in ‘96, while he completely skips over the bonehead deal he struck in ‘97.
Once you start looking, you’ll see financial advice all over the place. Check out the number of financial magazines sometime; you’ll be surprised at how many there are. Financial columns run daily in many newspapers, and there are newspapers that deal solely with business and finance. Take a look at the financial section the next time you hit Barnes & Noble, or tune into a financial show on TV or radio such as Wall Street Week or Moneyline, both popular TV shows aired nationally. Personal finance is a hot topic among Americans these days.
Excerpted from:
Balance between Lifestyle and Finances
~ David Shafer ~
The hardest thing for some folks to understand is why taking advice from or turning your money over to experts doesn’t work. After all, that is what we have been trained to do, listen to experts!
There are two problems with this strategy.
First, is the problem of our own emotional/mental structures.
Taking advice from experts doesn’t change our own mental structures. If we don’t change the way we think about money, if we don’t change our understanding about money, if we don’t create a wealth creating environment in our lives, then we will fail to create wealth. It is as simple as that.
By going to a “financial expert” we are demonstrating an unwillingness to take control of our own lives and that is what needs to be done in order to create wealth. Study after study demonstrates this. We can not outsource control and expect to have above average results.
Secondly, the masses of “financial experts” out there are mostly folks just like you, that haven’t taken control of their own finances, or turn themselves into active participants in their own financial lives.
What, you say? Yes, that’s right how many folks in the financial expert category are actually wealthy? How many have made their wealth through investing? Most, if they have acquired any wealth, do it by having superior sales abilities that turns into superior income.
But as a class, they are wealth underachievers, meaning they have less wealth given their income, than the average. I read that the average “financial expert” has an income of $80,000, in which they aren’t very good, at least below average, at turning into wealth.
Original post:
Why Financial Experts Don’t Work
Millionaire lesson No. 1
Build a strong brand, and don’t be afraid to promote your product with passion.
Millionaire lesson No. 2
Don’t be afraid to go out on your own if you possess the competence and know people who can help you reach your goal.
Millionaire Lesson No. 3
Identify trends and be patient, even if it means waiting a decade to make an investment.
Millionaire Lesson No. 4
Success on the Internet isn’t serendipitous. Don’t court investors until you have adequate traffic and initial revenue.
Millionaire Lesson No. 5
Plan for the very long term. Gary Gardelli waited two years to get the job he wanted and more than 30 years for the payoff.
Millionaire Lesson No. 6
Combining an old way of doing things with a popular new trend will resonate with customers and clients.
Millionaire Lesson No. 7
It doesn’t take a fortune to build one. Saving a little at a time is an established path to accumulating wealth.
Millionaire Lesson No. 8
Forgo the safe route and find an employer who will help you live up to your potential.
See the original post here:
8 Millionaire Lessons
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