Everyone would like to own more wealth, but very few know what to do for it or are not ready to take the appropriate steps. If you are reading this article, you will be one of the few people who is at least looking for a way to make more wealth. This is the right first step.
Nowadays there are many advantages. There are countless books available about wealthy people and their path to success. Use them because they usually only cost a few euros. The second big advantage is the freedom to go your own way. Here are three examples of how we can build up € 1 million.
1. With shares to more wealth
When we invest in stocks, we are getting involved in companies. We therefore own a small part of a large company and benefit from its success as much as the owners. Equity investments are often described as the smartest way to make more wealth because we don’t have to run the company like the owners and contribute to its success.
Yet we have to do a lot of work in a different way. We cannot avoid analyzing, evaluating and continuously monitoring our investments. Investing is therefore not an easy path to success, but when we achieve a high average return, our wealth grows faster than we would have thought. The best practices are certainly to emulate Warren Buffett or Peter Lynch.
2. Invest in real estate
Many ways can lead to 1 million euros. Real estate is another way of building more and more wealth, step by step. Many very wealthy people who now own 100 or more apartments initially only worked and bought their first apartment with a loan.
In this business, too, it is advisable to obtain information beforehand, read a lot of books and, above all, buy real estate that is not too expensive. Only those who buy cheaply can achieve a high return. With the rental income, we can repay the loan and at the same time accumulate assets to buy the next property.
3. Build a fortune with your own company
Many people have become millionaires with their own companies. Often they didn’t plan it at all and just followed their passion. Almost every area is suitable for this. First of all, we have to complete an apprenticeship and acquire a lot of knowledge through books.
In the second step we work in our sector until we are ready for our own company. Now, depending on how much wealth we want to build, we need to build it over time.
These were just three examples of the path to 1 million euros. Together they all show that the path is not easy. We have to find a passion, constantly expand our knowledge and finally be ready to work more than many other people.
The article 3 ways to a fortune of 1,000,000 euros was first published on The Motley Fool Germany.
Buffett’s mega-billion bets to imitate
Investor legend Warren Buffett invests up to USD 108 billion in just one company. This shows that there is enormous confidence in the future potential.
Buffett has several billion dollar investments in his portfolio. We have analyzed them more closely and looked at to what extent they are suitable for imitation.
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Motley Fool Deutschland 2021
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