The cover was edited to remove five billionaires that most people were familiar with, such as Gates and Winfrey, in order to eliminate any positive or negative biases people might have toward them. It included only the seven billionaires that most people would either know nothing about or not feel strongly about. The other half were shown a cover with only one of the seven billionaires. After reading a brief description of the person or persons on the cover, participants were asked to write a few sentences conveying how they felt about the person or persons, and rate how much the person or persons deserved their wealth and how they thought they earned those riches.
And there was more. People who saw the seven billionaires pictured together were more in favor of an inheritance tax to close the gap between the wealthy and poor than were those who saw only one billionaire. The issue of how we think about policy regarding inequality is important, Walker said. Economic inequality has grown substantially over the past decades , particularly during the COVID pandemic.
Granted there are exceptions. Clearly, Ambani is willing to spend a little money. I would love for my home to only make up 1. Compared with Buffett and Zuckerberg, Spiegel is clearly a spendthrift. According to Sarah Stanley Fallaw, author of the best-selling The Next Millionaire Next Door , the vast majority of the wealthy people she studied lived in homes that cost much less than they could "afford.
And, in a broader sense, lived below their means -- which then allowed them to save, and invest, and build wealth over time. Bitcoin millionaires aside, building substantial wealth typically takes decades. If you make money to spend money -- if spending money is more fun than making money -- then you will probably never get rich, at least in financial terms.
If you borrow money that doesn't tend to generate a return, you will probably never get rich. Perhaps one of the most famous and richest people in the world — and technically a billionaire and not a millionaire -- Warren Buffett still merits a mention in this list because he is well known for being self-made.
The Berkshire Hathaway chairman and CEO made his first millions by running a hedge fund and is known for his principled and sensible approach to investing.
What are the best ways to become a millionaire? Here are a few that you can learn from yourself: Invest in different places and avenues Don't put your eggs in one basket. Have multiple streams of income Many self-made millionaires have money coming in from several places, including their salaries , dividends from investments , income from rental properties, and investments they have made in other business enterprises, to name a few examples.
Save, save, save One common theme you'll hear from self-made millionaires is to hold on to your money. Business News Daily Contributing Writer. Stella Morrison is an award-winning writer who focuses on marketing for small businesses, including useful tools and best practices that help business owners introduce their products and services to new audiences.
She is also a digital marketing professional who has worked with leading brands in the tech industry. Lead Your Team. Updated Getting sued is a small business owner's worst nightmare.
Looking for funding? Find out how to finance your startup without A universal basic income would provide cash payments to every What Is Dividend Investing?
Dividend investing can be a great way for small business owners to What does it mean to be an entrepreneur? Just 5. A mere 5. According to Wealth-X , 7. Industrial conglomerates have minted More ultrawealthy people work in banking and finance than any other industry, according to Wealth-X. For you. World globe An icon of the world globe, indicating different international options.
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