How I Got Rich Without an Inheritance

How I Got Rich Without an Inheritance

Jacob Wade   Mon, May 8, 2023

Have you ever dreamed of becoming rich?

While it can seem like an impossible task, becoming a millionaire isn’t just a dream, but a reality for everyday Americans, even without an inheritance. And while having a rich uncle is nice, learning what it takes to build a high net worth is much more valuable.

Nate Nead, Principal at Invest.net, shares with us five tips on how to grow your net worth from nothing to millionaire status before you retire. And while some things in this list might feel like common sense, Nate has actually walked the walk to show that these tips work. Here’s how to get rich without an inheritance.

Start a Business

Starting a business is challenging, but it is one of the few ways to earn money that has unlimited income potential. If you want to build real wealth, a business can help you get there quicker than other paths.

“As someone with more than ten years of experience in the business world, I can tell you with confidence that starting and running your own successful business is one of the most reliable ways to build wealth,” says Nead. “With my company bringing in seven figures annually, it’s given me ample opportunities to explore investments such as stocks, cryptocurrency, and real estate.”

Building a business from scratch takes quite a bit of time and effort, but it can be worth it in the long run.

Invest in Stocks (and Diversify)

Once you have locked in a career or built a business that brings in ample income, you need to put any extra funds you have to work. One of the best (and easiest) ways to do this is to invest in the stock market.

Investing in low-cost index funds can help you access the entire market in a single fund, and can grow your money over the long-term. But to speed up the process, taking time to research individual stocks can also result in larger gains.

“When it comes to investing in stocks” says Nead, “I’ve been very meticulous about researching different companies carefully while spreading out my portfolio strategically so as not to expose myself too much to risks.”

Investing in individual stocks can lead to larger gains, but as Nead mentions, you need to be careful to diversify your portfolio into multiple investments and asset classes to lower your overall risk.

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https://finance.yahoo.com/news/got-rich-without-inheritance-183006813.html