Guest Author - Sharon Michaels
The most recent 2008 Forbes Magazine list of the richest people in the world is now available. Letís look at some of the interesting facts and figures about wealth and the people who are the million and billionaires. Success leaves clues and there are lessons we can all learn about creating, keeping and enjoying wealth.
Are you wealthy?
*Over 1,140,000 Americans have a net worth of over 5 million dollars, not including the equity in their home. These are known as the mega-millionaires. On average they are 65 years old.
*Over 7,000,000 Americans have a net worth 1 million dollars or more, not including the equity in their home. These are the millionaires. On average they are 56 years old.
*Over 33,400,000 American households have a net worth of between $100,000 and 1 million dollars. This is known as mass affluent. On average they are 54 years old.
Source: Get Rich, Stay Rich, Pass It On by Catherine S. McBreen and George H. Walper, Jr,
Who are the wealthiest?
~The number of recorded billionaires worldwide has reached a record high of 1, 125. The total net worth of this billionaire group is $4.4 trillion dollars. Two-thirds of the billionaires on this list are self-made.
~The youngest self-made billionaire is 23 years old and from the technology field.
~Forbes first began ranking the millionaires and billionaires in 1982. In that year, oil was the number one source of fortunes. Today most fortunes are made in the finance sector, followed by technology.
~Interestingly, in 2006 the average net worth of the top 400 richest people in the world who did not hold a college degree averaged $5.96 billion. The average net worth with a college degree averaged $3.14 billion.
~According to 2006 figures, out of the seventy-eight women who made the Top 400 list, only six were self-made including Oprah Winfrey, Harry Potter author J.K. Rowling and Meg Whitman of Ebay.
~Age, education and nationality donít seem to enter into the wealth equation. Billionaires on the 2008 list are from all over the world and all types of backgrounds. Some of the youngest new billionaires are from Russia.
~This yearsí Forbes list comprised of entrepreneurs, financial savvy investors, real estate moguls, and inventors.
What are the lessons to be learned?
Just looking at Oprah, J.K. Rowling and Meg Whitman we can learn that it takes a vision, a belief and unstoppable persistence. Being a woman and looking at the Forbes list filled with men, you might feel that following your passion canít possibly pay off in money, riches and wealth. More and more women are becoming wealthy. Theyíre showing all of us that we too can become self-made wealthy women.
Wealth is about investing your money so your money turns into more money. Itís having an investment and saving plan that works for you and then having the commitment to stick to that plan. Why? Research has found that in America, over 43 percent of the annual income of the ďmega-millionairesĒ came from their investments.
Investments are a source of passive income. Having multiple streams of income is another wealth lesson. Passive income is an important part of wealth. Itís literally about making money while youíre sleeping. Youíll want to read the article Creating Passive Income Ė the link is at the bottom of the page.
So whatís the biggest lesson we can all learn? Take action! Begin growing your money and your financial future. Surround yourself with positive knowledgeable people. Ask questions of the people who have accomplished what you are striving to accomplish. Read, learn and grow. Make a financial plan and work that plan faithfully. And never, ever give up before payday.
You may want to take a few minutes to visit my website www.SharonMichaels.com for more empowering suggestions, tools and tips.