What the Richest Americans All Have In Common

“Let me tell you about the very rich. They are different from you and me.” – F. Scott Fitzgerald

It’s never been a better time to be growing your wealth in America. That’s one of the biggest takeaways from the latest Forbes list of the 400 Richest Americans.

There are so many wealthy Americans nowadays that 113 billionaires couldn’t even crack the rankings. Just getting on the iconic list is now harder than it’s ever been since it was introduced in 1982.

In a moment, I’ll share with you a common trait of the wealthiest leaders. Ordinary investors – like you and me – will discover one key lesson that’ll allow us to grow our portfolios just like the super-rich.

Invest like Buffett, Gates, and Zuckerberg
One of the first things you notice from examining the list is that there isn’t anyone on there who made their billions by working a 9-to-5 job.

You also won’t find anyone on there who won the lottery or made a killing in Vegas. Sadly, those earnings just won’t compound like those of the truly wealthy.

What, then, do you need to do to get on the list?

There’s actually one undeniably common trait. Each individual owns business assets that have become “compounding machines” as Warren Buffett likes to say.

The most obvious way, of course, to own assets is to become an entrepreneur like Bill Gates or Mark Zuckerberg. They put capital to risk over the long term, and are eventually rewarded tremendously for their vision and patience. Allowing their creations to compound for decades is the essential piece for creating a massive fortune.

Of course, most of us will never be Mark Zuckerberg or Bill Gates.

So, how can we create a fortune without moving to Silicon Valley and creating the next big thing?

An easier way to create massive wealth
One effective strategy is to invest in outstanding businesses for the long term. Identifying an Apple or Amazon early on could result in growing your initial investment by ten, twenty, even one-hundred times the original amount.

That leads us to the key insight one learns from the wealthiest Americans. They have taken a different mindset than investors who trade in and out stocks daily. Having a long-term mindset is required and letting their assets compound for decades is why many are atop the list.

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Warren Buffett’s Worst Nightmare Revealed
It all started 62 years ago… when a young Warren Buffett staked half his net worth on a single stock. But a new threat from Silicon Valley may spell the end for Buffett’s favorite investment.

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Turning $40 Into $10 Million Warren Buffett Tells You How.

Warren Buffett is perhaps the greatest investor of all time, and he has a simple solution that could help an individual turn $40 into $10 million.

A few years ago, Berkshire Hathaway CEO and Chairman Warren Buffett spoke about one of his favorite companies, Coca-Cola, and how after dividends, stock splits, and patient reinvestment, someone who bought just $40 worth of the company’s stock when it went public in 1919 would now have more than $5 million.  

Yet in April 2012, when the board of directors proposed a stock split of the beloved soft-drink manufacturer, that figure was updated and the company noted that original $40 would now be worth $9.8 million. A little back-of-the-envelope math of the total return of Coke since May 2012 would mean that $9.8 million is now worth about $10.8 million.

The power of patience
I know that $40 in 1919 is very different from $40 today. However, even after factoring for inflation, it turns out to be $540 in today’s money. Put differently, would you rather have an Xbox One, or almost $11 million?

But the thing is, it isn’t even as though an investment in Coca-Cola was a no-brainer at that point, or in the near century since then. Sugar prices were rising. World War I had just ended a year prior. The Great Depression happened a few years later. World War II resulted in sugar rationing. And there have been countless other things over the past 100 years that would cause someone to question whether their money should be in stocks, much less one of a consumer-goods company like Coca-Cola.

The dangers of timing
Yet as Buffett has noted continually, it’s terribly dangerous to attempt to time the market:

“With a wonderful business, you can figure out what will happen; you can’t figure out when it will happen. You don’t want to focus on when, you want to focus on what. If you’re right about what, you don’t have to worry about when.” 

So often investors are told they must attempt to time the market and begin investing when the market is on the rise — and sell when the market is falling.

This type of technical analysis of watching stock movements and buying based on how the prices fluctuate over 200-day moving averages or other seemingly arbitrary fluctuations often receives a lot of media attention, but it has been proved to simply be no better than random chance. 

Investing for the long term
Individuals need to see that investing is not like placing a wager on the Cavs to cover the spread against the Warriors, but instead it’s buying a tangible piece of a business.

It is absolutely important to understand the relative price you are paying for that business, but what isn’t important is attempting to understand whether you’re buying in at the “right time,” as that is so often just an arbitrary imagination.

In Buffett’s own words, “if you’re right about the business, you’ll make a lot of money,” so don’t bother about attempting to buy stocks based on how their stock charts have looked over the past 200 days. Instead always remember that “it’s far better to buy a wonderful company at a fair price.”

Gari Akpos

JAZZ HEAVENS

Jazz heavens is a christian rap artiste born and raised in warri delta state nigeria, started loving hiphop from the year 1999 when his elder brother handed him an hiphop mixtape as a gift. He fell in love with the sound and pattern of the genre . The year 2003 , Jazz heavens step on his first stage on a friend birthday and the crowd was surprise a kid could spit so tight. He start writing and going to studios the year 2008 but then he didn’t kw christ so it was secular music he was into. He gave his life to christ but his rap he couldn’t until 2013 when he notice he will only make his city worse with the kind of lines he was dropping so he surrender all. Now he is working on is first ever christian mixtape titled Hiphop Is Born Again. You can follow him on twitter @jazzheavens