How to be a millionaire
Becoming a millionaire is a popular wish. Do you want to have a million dollar net worth? Only those readers who are already there would say no, I bet.
It is entirely possible to become a millionaire. Some ways are faster and less likely, others are slower and surer. Here are 6 proven ways to become a millionaire, meaning that people actually have gotten to a million in net worth using these methods. Continue reading
There is a very old saying, “Hindsight is 20/20” which means that after events have happened, you have a clearer vision of them than before or while they occur.
If you are consciously seeking to live an intentional life, to become wealthy – or to at least be comfortable financially, perhaps you can use some of the below reflections on what I might have done differently to accumulate wealth.
Letter to my younger self
Here are my reflections on a faster path to wealth. Here is what I would tell my younger self to do, knowing what I now know.
Part of our mission here at Family Money Values is to research and share information about tools and techniques used by multi millionaire and billionaire families – so that the rest of us are aware of those and can consider ways to modify those tools and techniques for our use.
Today, we will explore the family office.
One book changed my thinking about wealth and the direction in which I am trying to guide my family. That book is Strategy for the Wealthy Family by Mark Haynes Daniell.
In his book, Strategy for the Wealthy Family, Mark Haynes Daniell claims that ‘There is a discreet world of the respected super-rich, where family legacies, high-return portfolio investments, successful family businesses, philanthropic endeavors, and protective trust practices have been refined and have evolved to reach the highest levels of excellence in private wealth management. These practices and strategies have been employed to build and protect great family fortunes across generations in many countries around the world.”
“Until today”, he says, “the benefits and wisdom of that world have been inaccessible to most of us.”
In Riches to Rags, I reviewed three of the seven ‘principles’ which Daniells believes are involved in his strategy. He refers to these principles as elements in the family strategy and says that the very most successful families integrate all 7 of them into their family strategy.
As a refresher, the first three principles were:
Here are the remaining four principles.
Mom used to like to see ‘how the better half’ lived – meaning that she liked to understand how rich people are different than the rest. She suspected, and you know for a fact, that there are many venues open to the ultra wealthy (those with upwards of 10 million dollars) about which the mere middle class or affluent folks never know.
In his book, Strategy for the Wealthy Family: Seven Principles to Assure Riches to Riches Across Generations
“Until today”, he says, “the benefits and wisdom of that world have been inaccessible to most of us.”
There is a lot of advice out in the world for folks trying to get out of debt, or trying to save enough to retire, put their kids through college, or even take that next family vacation. There isn’t much around to help people like you, who have made (or are working on it) their first million or two and are wondering how best to manage their money and their families to enable a lasting wealth effect for a few generations, instead of going from Riches to Rags in three generations.
There is a new theory floating around that a group called High Beta Wealthy exist. The idea is that folks in the top 1% of the wealthy don’t stay there – they are ‘high beta’. Beta – as you probably know – is a measure of a stock’s volatility. A stock is said to be high beta if the price jumps around a lot more that the rest of the market.