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The easiest way to be a millionaire is to be born into money. Since most of us haven’t had that luxury, we have to earn our own way – and our own millions.
Sound impossible? It isn’t.
The average person has a good chance at earning that mythic million, or multiple mythic millions. It’s actually fairly simple.
First, observe tried-and-true financial practices, such as “never spend more than you earn” and “invest regularly and wisely.”
Then, combine those old-school tactics with modern money marvels, such as online financial counseling and fractional investing.
Just because you weren’t born into wealth doesn’t mean you’ll never be rich. Get your million(s) the old-fashioned way: by combining hard work with savvy choices. The following strategies can help.
1. Invest in iconic paintings by Banksy, Warhol and Basquiat
Fine art investing was once the sole province of the wealthy. Now a company called Masterworks lets ordinary folks become part of the global art market.
For as little as $20 per share (“slice”) plus fees, you can own a portion of a blue-chip artwork. It’s like the way you can own a piece of Apple or Amazon: by buying in at an amount you can afford.
Like stocks, art won’t necessarily soar in value and stay there; past performance doesn’t imply future results. Yet when it does appreciate, the returns can be startling. Here are a few examples from a November 2021 auction in New York:
- Still-life by Claude Monet: Purchased for $6.7 million in the late 1990s, sold for $50.8 million
- Mobile by Alexander Calder: Purchased for $1 million in the early 2000s, sold for $16.9 million
- Portrait of a child by Tamara de Lempicka: Purchased for $2.9 million in 2009, sold for $7.8 million
Want to buy a slice of art history — and get one step closer to your first million? Request your invitation to join now.
2. Add $1.7 million by hiring an adviser
Let’s face it: Most of us aren’t financial experts. And it shows.
A recent Vanguard study indicates that, on average, a self-managed $500,000 investment will grow into $1.69 million in 25 years. Not bad, huh?
Except that the same money, under the care of an adviser, would turn into $3.4 million. That’s 50%, and $1.7 million, more!
If you’ve been going it alone, at least consider talking to a pro. Fortunately, finding the right one for you has never been easier.
A free matching service called SmartAsset can match you with an adviser who can make your dollars …….