Do you know about - Similarity Of The Wealthy
State Farm Insurance Quote! Again, for I know. Ready to share new things that are useful. You and your friends.In all of the studies of the wealthiest individuals in history, scholars, researchers and even casual readers continue to find One major similarity among all those who built great fortunes. Do you know what it is?
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Every singular billionaire you could ever read about has used the exact same strategy at some point. They bought when everyone else was selling, and they sold when everyone else was buying. They have invested heavily into assets at deflated prices. They have gone against social sentiment.
Buy low and sell high. It worked for the world's first billionaires, and it's working for today's billionaires ... Together with those in real estate, the shop the media seem to be trying to scare everyone out of. But the time to be scared of the real estate shop is past, real estate billionaire Donald Trump said recently in an interview with Larry King:
"It's an remarkable situation. There are astronomical opportunities. You know what's interesting? I was begging people not to buy real estate two years ago and everyone was buying. And now they are less interested when this is the time they should be negotiating to buy. This is the time."
In order to gain wealth, you have to think like a wealthy person. Even more important, you have to do what wealthy people do. And wealth people are buyers when times seem the worst. Here is another example of the one major similarity, described in the autobiography of J. Paul Getty, the billionaire who built much of his fortune while the Great Depression - the worst economic time ever in this country.
In his autobiography, Getty wrote: "In business, as in politics, it is never easy to go against the beliefs and attitudes held by the majority. The businessman who moves counter to the tide of prevailing belief must expect to be obstructed, derided and damned."
Getty saw the Great Depression as an opportunity to gain assets for his businesses at discounted prices. Getty didn't listen to the press. He made independent decisions based upon his own beliefs about the market. In fact, he did the exact opposite of what everyone else was doing. Here is an example of this as quoted from his book.
"When I purchased the Hotel Pierre, placed on Manhattan's swank Fifth Avenue at 61st street for ,350,000, it was New York's most contemporary hotel. No crystal ball was needed to show that this was an excellent buy. The country was rapidly emerging from the Depression; business conditions were enhancing steadily. business and personal travel were bound to increase greatly. There had been very petite hotel construction in New York for some years, and none was planned for the immediate future. The Pierre was a business agreement and a hotel with a great potential. But the gloom-and-doom chaps were too busy titillating their masochistic streaks with pessimistic predictions of worse times to come to recognize such bargains as this when they saw them.
I began negotiations for the buy of the Hotel Pierre in October of 1938 and took rights the following May. At today's (1965) land and construction costs, in the middle of 25 million and 35 million dollars would be needed to double the Pierre in New York City.
I'm not crowing; I'm merely trying to show that there are always opportunities through which businessmen can profit handsomely if they will only recognize and seize them - and if they will disregard the pessimistic auguries of self-appointed prophets of doom."
To understand this commonality further, also reconsider the following fortune-builders:
Steve Ballmer
In March 1989, Microsoft received an unfavorable ruling in its ongoing litigation with Apple Computer. The software company's stock plummeted as investors fretted that Microsoft would be blocked from using definite Macintosh-like features in future versions of its Windows operating system. Ballmer didn't buy into this thinking. Instead, he invested million into Microsoft stock. Three years later, he was a billionaire because he bought when everyone else was selling.
Walton's Father, Thomas Walton
The elder Mr. Walton went bust in the assurance and mortgage businesses at the beginning of the depression, but ended up getting a job handling repossessions for a mortgage company. He used this opportunity to pick up real estate at principal discounts off its value. As a result of foreclosures, as well as land purchases he made with his savings, Walton's father finally became a millionaire. At his death in 1984, his holdings included 23 farms and ranches spread over four states.
Ross Perot
When Ross Perot sold his Gm stock for triple its value, he then began purchasing Texas real estate, where he saw great bargains as a result of the mid-1980s plunge in oil and gas prices.
John D. Rockefeller
In the 1890s, the Merritt house made an effort to exploit the Mesabi Range for iron ore. They borrowed aggressively to gain huge tracts of land. In 1893, iron prices plummeted and they turned to Rockefeller. He finally obtained perfect control of their business. He had the wherewithal to ride out the pricing slump. Some of the stock that he acquired from the Merritts for 0,000 in 1894 increased in value to ,000,000 in 1901.
Russell Sage
You probably haven't heard of Mr. Sage. However, he left an estate with an estimated value of 0 million when he died in 1906. Mr. Sage was a contrarian investor, advising "Buy straw hats in the winter when nobody wants them, and sell them in the summer when everyone needs them." Guess what? It is now winter in our real estate market. To copy Mr. Sage's strategy, we should be buying real estate now and selling it when the shop rebounds.
Nicholas Longworth
Nicholas was known as "The Man Who Owned Cincinnati." He was also called "the Western millionaire" because he was the largest landowner in Cincinnati, Ohio. His underground to wealth was purchasing worthless farmland and holding on to it until it became principal city asset in the bustling metropolis. At one time, Cincinnati was petite more than a village, but Longworth was definite in its future. Agreeing to a cover story printed in the Harper's Weekly in 1863, he bought for "trifling sums whatever was rejected by everyone else ... Acquiring some of the most principal portions of the present city and its immediate suburbs." He invested into the population's increase and became very wealth.
Hetty Green
Hetty Green died in 1916 with an estate estimated at 0 million. She often bought low and sold high. In fact, she invested into shop panics and bought stocks at very arresting prices. In addition, she lent money to other stock traders while the Panic of 1906, earning interest off of their misfortune. By the way, she also invested million into Chicago real estate.
Marshall Field
Mr. Field is primarily known for his retailing business; however, the majority of his wealth came from the appreciation of Chicago real estate. He purchased principal amounts of land in Chicago for as petite as per quarter acre in 1830. By 1894, the same piece of land was worth .25 million. This increase came from the people increase in Chicago.
John Jacob Astor
Mr. Astor was one of the first multi-millionaires in North America. He was known for his final words, which were reported to be "Could I begin life all over again, knowing what I do now, and had money to invest, I would buy every foot of Manhattan Island." Astor invested 4,000 in Manhattan real estate at the bottom of the 1837 financial crash. Many people believed the shop would never recover and regarded him as mad for throwing his capital into a "bottomless pit." When interest rates climbed to 7 percent and owners with properties mortgaged to the Astors could no longer assistance their debt, Astor foreclosed on 70 properties. For ,000, Actor acquired a section of Harlem said to be worth million
Andrew Carnegie
Mr. Carnegie is supreme for his charity. He built one of the largest steel manufacturing companies in the world. while economic depressions, he invested heavily into his plants, definite of a recovery. while times of prosperity, these investments allowed him to expand to meet new demands. As the economy rebounded, he prospered. He finally sold his steel empire for more than 0,000,000 in 1901.
What chapter can we passage from these wealthy individuals?
Buy when everyone else is selling. Lock in principal assets at discounted prices. Sell these principal assets when the shop rebounds for principal profits.
What is Trump doing today, buying or standing idle? What would Getty do if he was in your shoes today? What would Rockefeller do? Would these multi-millionaires sit on the sidelines, or would they get busy buying homes at discounted prices? Smart Real Estate Investors are going to use the unique real estate shop as an opportunity lock in a fortune.
Today's real estate shop opens the door for the plump few to accomplish financial independence very quickly. This in effect is the time. The media would have you believe you should be scared of real estate right now, but as some of the richest people in history have shown, buying when everyone else is scared is a common strategy to gain weighty wealth.
And while everyone wants to tell you how bad the shop is, nobody is talking about what will finally be the biggest truth ...
This shop will rebound
Another commonality of all the richest men in history is they invested into demand. Right now, real estate prices are dipping - it's a correction from the real estate boom in new years - but every other time the housing shop dipped, it has come back strong. This is because there is, was, and always will be a demand for affordable housing. The subprime mortgage emergency has made it tougher to get housing, but the demand is still there. And ...
This demand is estimated to grow by 30% over the next 40 years.
At a new meeting I attended with prominent Real Estate Professionals and Investors from around the country, one of them said:
"The need for affordable housing has not changed. The only thing that has changed is the financing for affordable housing."
He is 100 percent correct. To take the point further, we should step back and look at the projected increase of our people through the year 2050. The people is projected to grow from 6 billion to 9 billion in the middle of now and 2050.
Many people think that they missed their big opportunity to buy real estate. Well, this is not the case. Sellers are motivated to sell their homes right now. Home prices have dropped significantly from former years, and the people is projected to grow dramatically over the next few decades. The opportunity to invest is right now. Now, if our projected people increase were to be declining, I might have a distinct feeling about the real estate market. The people increase chart gives us a crystal ball for our real estate investments. This crystal ball is not available with any other investing opportunity.
It is very easy to see that demand for housing will be increasing. As demand increases over time, so will housing prices and/or rents. Real estate is unlike so many other investments because its value is based upon need. Humans Need housing. The key point is that people Need housing. people don't Need stocks and/or mutual funds. There is a Big difference.
Always invest into demand.
Demand is always fueled by need.
You don't have to be rich to invest in real estate right now, but it never hurts to learn the lessons taught by those who have already come to be rich. And the richest men in history would be - and are - investing into the demand of real estate at business agreement prices right now. Shouldn't you be investing now too?
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