Becoming a millionaire seems like a dream for many. Becoming a trillionaire seems like something out of this world. Well, there’s one man who could be on track to do just that.
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According to Forbes, Elon Musk, CEO of Tesla and owner of X, has a real-time net worth of $252.3 billion as of Sept. 12, 2024. He is currently the wealthiest billionaire in the world.
While there are a select number of billionaires on Earth, there are presently no trillionaires. However, Informa Connect recently reported that Musk has the highest odds of becoming a trillionaire in the not-so-distant future. It’s indicated that his average net worth typically grows at a rate of 109.88% every year. If this trend continues, he’ll become the world’s first trillionaire by 2027.
Becoming a trillionaire might be out of reach for most people. But Musk has some money tips to follow each day that can help put you on a path to grow your wealth.
Invest In Yourself
Investing in yourself is one of the smartest things you can do to grow your wealth. Whether it’s pursuing higher education, getting a certification, sharpening your existing skills or learning new skills through research or networking, you’ll be sure to grow your knowledge.
As they say, knowledge is power, which plays a role in wealth accumulation.
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It’s Not Just About the Money
Growing your wealth isn’t only about the money. While it’s nice to be rich, think about the impact you can make at the same time.
For example, say you start a company that focuses on renewable and green energy solutions. If successful, you can earn a great deal of money, plus grow a venture that’s innovative and doing some good. It’s important to focus on the difference you want to make, not only for yourself but for the world.
Be Persistent and Work Hard
Nothing comes easy. Persistence and hard work are necessary to grow your wealth, there’s no question about that. Take steps to advance your career, save and invest your money early and often, get a side hustle to earn extra cash, and pursue your goals.
Slowly but surely, your efforts should help grow your wealth.
Don’t Be Afraid of Failure
Some people might avoid pursuing a job or business idea because they’re afraid to fail. However, you can learn and grow from experiencing failure. If you fail the first time, your experience can help you succeed the second time.
So, if you have an idea, take action to make it a reality. You might end up being very successful and wealthy in the end.
Don’t Be Afraid of Out-of-the-Box Ideas
Don’t be afraid to start something that others might consider irrelevant, pointless or even crazy. Sometimes the best ideas are the ones that nobody has come up with yet. Even if you have little to no experience, capitalizing on an out-of-the-box idea can lead to riches.
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This article originally appeared on GOBankingRates.com: Elon Musk Has the Highest Odds of Becoming a Trillionaire: His 5 Top Money Tips To Follow Each Day
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
