Jan 12, 2021 03:57 AM EST
Elon Musk falls to second place in the most richest man in the world. The first place in the category is now back to Amazon CEO Jeff Bezos.
Despite the slight loss, Elon still stands with $209 billion net worth, as of January 10. Interestingly, he didn't get all these money from his salary income alone. Here's the secret to his success.
A lot of young people and even business minded-adults praise Elon Musk for his works in many companies he own. Not only does he have knowledge, expertise in technology and business, and dedication; this billionaire also serves as a model on how you should spend and invest your money for long-term goals.
In simple terms, Elon Musk didn't become the 'Elon Musk' in a day. But, of course, he has secret tools that he has done for over the years, that made him where he is right now.
According to Internal Revenue Service (IRS)'s "The 400 Individual Income Tax Returns Reporting the Largest Adjusted Gross Incomes Each Year," billionaires do not depend their riches in their salary income alone.
In fact, one of the major things that they does is to make sure to have their own businesses, and be your own boss.
As explained on the IRS report, people like Elon Musk gets their money in five different ways:
As we can see, the possible second lowest money source of Musk is through wages and salaries. Surprisingly, capital assets hold the highest source of income for billionaires.
ALSO READ: Can You Spend $1 Million in 60 Seconds? MrBeast Tests Fans in Viral Video
Capital assets are main properties such as homes, cars, investment properties, stocks, bonds, and even collectibles or art. This is where Musk probably invested most of his money.
In conclusion, if you want to have billions like Musk, be your own boss of yourself.
RELATED ARTICLE: Stock Investment 2021: 5 Clear Signs You're NOT Financially OK to Invest
And the world of NFTs expands far beyond art and collectibles. A new era of tokenized digital assets is being created using the blockchain. Here are seven unique NFT use cases that the interested investor should know.
However, there are some simple steps that anyone can take which will help to improve their performance when it comes to trading foreign exchange markets. Here are ten small things that can make a big difference in your FX trading success.
o prevent significant losses, risk management expertise is essential. His adage, "Rule No. 1: Never lose money," has become a stock market classic. Never forget Rule No. 1; this is Rule No. 2. This practice is followed by even the most successful investor, Warren Buffett, who advises others to follow suit.
One of the significant advancements is shifting the payment operations for remote workers. If the compliances are not met, it may lead to severe legal complications. The owner and organization may be held labially separately. The remote working lifestyle continuously grows and is a testament to becoming an endless working mode. Today we discuss components for payroll for remote workers
BRG International Founder Matias Alem had recognized this fact for a few years. So he remodeled his real estate brokerage into something completely new to solve the problem for his jet-setting international client base.
Ryan Early, hailed as 'Farmer Ryan' among sustainable agriculture experts, is a busy man. He has a laundry list of companies to his name, including Blue-Green Ventures, the company behind the revolutionary product, Blue MagicTM, a non-toxic and eco-sustainable pest preventative product using his patented BiomeMax TM Pheromonal Replication Technology.
Investor, financier, and expert in both cryptocurrencies and blockchain technology, Joy Mbanugo is the go-to in the sector. She has vast experience and knowledge across tax services, auditing, business operations, financial analysis, capital markets, and other specializations.
When Nick Collins was just 14 years old, he started his first business, which included around-the-clock phone calls and numerous questions from his parents. In fact, he began building his stout portfolio in the seventh grade by doing web design, incorporating creative content with brand strategies and plugging in a then-fledgling tech Flash.
Barry Gabster is the founder of InitiateU and is a leading proponent of the marketing mailer revolution, having already taken his company to 10x growth in 2021, alone. In fact, the exponential growth has seen the company rise from $800K-$8.5M just on word-of-mouth referrals.