The famous quote from Andrew Carnegie, one of the wealthiest businessmen of all time, is still applicable today. Many of the world's most successful entrepreneurs have built their fortunes through real estate investments. Studies show that 90% of millionaires become wealthy by owning real estate, and more money has been made in this sector than in all industrial investments combined. Today's wise or salaried young person should consider investing in real estate.
While it's interesting to see how most people became billionaires, the average person may not have much of a chance of becoming a billionaire or may not even want to be. There are articles that claim that 80% of millionaires made money with real estate, but the sources of these studies are not available. It is not surprising that most people become millionaires thanks to real estate. However, for those who have become millionaires on their own, getting rich is not always a straightforward process: many of them worked hard to achieve financial success and then had the intelligence and shrewdness to invest their newfound wealth in the right places.
For example, one woman was able to retire from her 6-figure engineering job last year and spend more time with her young son due to the passive income she had generated from her real estate investments. When it comes to investment strategies, self-made millionaires are more likely to add capital investments, while those born into wealth tend to have more real estate investments, according to one study. There are so many different paths and strategies you could take to become a millionaire through real estate that it would be impossible to cover them all in one book. You don't have to use real estate to become a millionaire, but you do need the right perspective and attitude.
Most millionaires deposit their money where it will grow, usually in stocks, bonds, and other types of stable investments. In addition to investing and being a real estate agent, there are other ways to make a lot of money with real estate. It is interesting to note that more and more people are becoming millionaires due to inflation and a strong economy. You don't have to use real estate to get rich, but it is one of the easiest ways to make a lot of money.
Self-made millionaires often receive money from various sources such as salaries, investment dividends, rental properties income, and investments they have made in other business ventures. Studies also show that first-generation Americans are more likely than those who have lived in the country for several generations to become millionaires. We just discussed how rental properties can make you a millionaire, but there are plenty of other ways to make a lot of money with real estate. When I talk about investing in real estate, I'm not referring to buying a home for personal use.
If you can purchase multiple properties at great prices over time, you can become a millionaire quickly. A second study conducted by Fidelity Investments revealed that 88% of all millionaires are self-made; they did not inherit their wealth. Millionaires deposit their money in various places such as their primary residence, mutual funds, stocks, and retirement accounts.