The majority of millionaires make their fortune in one or more of the following ways (most common):
- Real Estate – One of the hottest markets where the wealthies make their wealth. Many friends of mine who bought even 20 years ago have seen their homes quadruple in value. So if you had $250k a few years back, you’d be a millionaire by now. Much more common than you think. Most millionaires don’t buy million-dollar homes. They live in million-dollar homes.
- Inheritance – Of course, it is one of the major chunks of those filthy. Many millionaires are millionaires just because of inheritance. Read up about generational wealth and the great wealth transfer. Even if you’re worth $500k and then inherit $500k, you’re still a millionaire (now).
- Entrepreneurship – The most admired way millionaires get their money. Business ownership provides you with passive income and unlimited profit potential, something working for someone else usually doesn’t provide. I have a friend running a $60k per month drop shipping business and is making $20k per month in affiliate marketing on average. Maybe spent $50k upfront to get things going, and then another $25k altogether. Not bad for investing less than $100k. And yes, he’s a multimillionaire today from this.
- Saving and investing – sure this is the most boring way but also one of the most common ways millionaires also get their money from. If you have a good salary and save just 10% of it per year, invest that over enough time, and you’ll likely retire a millionaire. Probably somewhere between $1 and $10 million. This is how most single-digit millionaires probably got to where they are today.
- There are other ways, but these 4 are very common ways from what I have heard. I got my money mainly from the entrepreneurship part along with real estate and saving/investing. Some millionaires got their money from using all 4 of what I said, some only 1, some even none. It all depends on the person as everyone’s story is unique.
Millionaires stay millionaires through proper investment plans as Investment is the key. When you earn you’ll need to invest your earnings so that your money makes money for you.