iCrowdNewswire Jan 14, 2021 9:03 AM ET
For many wealthy people, wealth preservation means that they save their money as best and as quickly as possible. Some wealthy people have done a business out of providing specialized financial advice to individuals of all income levels. Others who have a more traditional business, such as investing, also have specific techniques for wealthy person wealth preservation. These techniques include reducing expenses, increasing savings and budgeting, educating fund managers, and diversifying investments. All of these techniques help wealthy people to keep their wealth and their money as long as possible. Below is some advice from Pillarwm on how to create a plan for wealth preservation from a billionaire.
What assets do billionaires have?
No one can answer that for sure, but you can ask people who are members in good standing of the American elite to define their net worth, and some of them might have a lot of those things, and some of them not so much.
For the average person, the value of the average person’s assets is in the neighborhood of what their annual salary is. If you are rich or poor, you probably have some real estate and a car or two, but if you don’t have a lot of assets, then you probably don’t have a lot of money, either. Many wealthy people do have a lot of money, but it is probably accumulated through investments and business endeavors that do not include real estate, business aircraft, or costly automobiles. And even if you do have some of those things, you probably did not accumulate them overnight, and they most likely won’t become as valuable as they will to a rich person who started with nothing.
But when you ask the question “what assets do billionaires have?” you are asking yourself a series of questions because there are so many assets that would be considered wealthy by any standard. It may be true that most American citizens fall into the ranks of the wealthy, but this does not mean that all of them are rich. Many successful people in America, on the whole, are just average to slightly above average in wealth, although they do vary from year to year.
Where do millionaires store their money?
It is one of the most common questions that most people would ask about millionaires, but most never answer this. Here are a few reasons why most millionaires never seem to have enough money:
One of the most important reasons that most millionaires never seem to have enough cash is because they never seem to know where to get started in life. Millionaires never seem to have any idea as to what to do in their lives, and most times, it is because they are not willing to do the research necessary to find out what opportunities are available for them. If you want to become a millionaire, you should spend some time doing research and opening your eyes to all the opportunities out there.
The next thing that most millionaires never seem to know is how to develop some kind of system or plan for themselves to succeed at something. It’s amazing that, for the most part, people have no clue as to what makes a successful person achieve success. Most just basically try to read off the marketing book or go on a venture and pray that it will work. If you want to become successful, you have to have a game plan and follow through until you achieve your goals.
What is the safest asset to own?
I’m often asked by people what is the safest asset to own, and I always try to steer them away from stocks, bonds, commodities, and real estate. In fact, in my opinion, the most dangerous thing you can buy is the stock market. The reason is that many people make money on the market and then drop it, and they end up out of business because they bought low and lost high. Another reason is that many people just like to gamble, and you can bet on anything anytime. If you’re a gambler, then I would suggest staying far away from the stock market, but if you’re a person who wants to build a savings account and be independent, then stocks and bonds may be the thing for you.
What is the safest asset to own? If you are a business person, you will want to invest your money in equipment, and you will want to invest in franchises or start-up companies. These are some of the safest investments you could ever make, as the capital is relatively low, and because it’s a private investment, you don’t have to worry about your assets getting wiped out if you lose the company. This is a great way to build a business and create jobs and make your money grow.
If you are a mom, a retiree, or any senior citizen, then real estate is a safe investment for you, as you can live on the property until you die. There are so many different properties out there to choose from, and if you play it right, you can make a lot of money in no time. Some of the best neighborhoods are located in California, New York, and Florida. Anywhere you live, you can be sure to have some sort of investment property. You may not even need it right now, but it never hurts to have some assets in case you run into financial trouble. As long as you stay cautious and protect your money, you will do just fine.