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“Unveiling the Path to Wealth: How Ordinary Beginnings Can Lead to Extraordinary Fortunes Through Smart Investing and Risk Management" -SECTION -1

 

"Middle-Class to Millions: Unveiling Pathways to Wealth"


I came from a very ordinary background, and I have advised countless people who are very wealthy and grew up poor or middle-class.

Even if we look at larger studies, we find that most of the richest people in the world come from working and middle-class backgrounds.

Only in some places where inherited wealth dominated, like some parts of Europe, is it 50%-50%.

If you mean is it possible to get rich, or wealthy, on a middle-class income, then the simple answer is yes.

This man was a UPS driver for years. He made a maximum of $14,000-$15,000 a year:

Theodore Johnson died with $ 70 million monthly after a friend told him about investing, which is why he got into it.

Yes, you read that right. $70million. Now sure, when he started investing, 14k-15k a year was worth 50k-75k in today's money.

Yet it still wasn’t a huge salary. So, how did he manage it? Well, he invested very smart, long-term.

He wanted to make a difference when he died, so he gave it to charity.

He isn’t alone. This man was a janitor called Ronald Read who accumulated $ 8 million:

This lady was a secretary and accumulated $9m:

You might think these are one-offs. However, stats show that 14% of the world’s millionaires are teachers, and about 50% are middle-income professionals.

The reason is simple. Income doesn’t always rise exponentially with time. Wealth can.

What is more, there are always investment opportunities out there, as I mentioned in a recent CNBC interview:

As a final comment, I will speak about risk, as it is the most misunderstood subject.

Do you assume that you are playing it safe with money in the bank?

You are fooling yourself 👉🏼 and here is exactly why:

1. If you save money in the bank you're buying into the sure risk of inflation.

2. If you only rely on your savings for retirement, you're risking everything on the assumption that things will go to plan.

But life doesn’t always go to plan. Some sort of risk is inevitable, it's everywhere.

It is far better to:

  1. Put your eggs in numerous baskets and not just the bank or property
  2. Pick the risks you will take. It gives you more control.
  3. Take action, rather than setting New Year's resolutions to save/invest more money + lose weight and forget about it!


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